Norfolk Metals Funds A$3M Exploration, Confirms US$250K Option Payment for Chile Copper Project

Norfolk Metals Secures Key Milestone Payment

Norfolk Metals Ltd has reaffirmed its commitment to the Carmen Copper Project in Chile by making the US$250,000 option payment to the project owners. This payment, due in February 2026, is a crucial step in Norfolk’s binding earn-in agreement that ultimately aims to secure 100% ownership of the project through staged exploration expenditure and option payments.

The Carmen Copper Project, located in Chile’s Huasco Province within the prolific Atacama Region, covers 46.6 square kilometres of contiguous exploration and exploitation licences. Norfolk’s strategy is to develop a low-cost, high-margin copper operation leveraging both oxide and sulphide mineralisation identified at surface and through historical drilling.

Environmental Impact Report Nears Submission

Alongside financial commitments, Norfolk has completed the comprehensive Declaracion de Impacto Ambiental (DIA) report, a mandatory environmental impact statement required by Chilean regulators. The report, which includes multi-season baseline surveys covering flora, fauna, palaeontology, and archaeology, is scheduled for final submission to SERNAGEOMIN later this month.

Approval of the DIA is a critical regulatory milestone, enabling the project to advance through exploration and feasibility stages. While no major environmental issues have been flagged, the approval process will include inspections and further regulatory scrutiny throughout 2026.

Exploration Progress and Upcoming Drilling

Norfolk’s maiden drilling campaign in the second half of 2025 significantly enhanced the understanding of the geological structures controlling copper mineralisation at Carmen. The company has identified a 750-metre mineralised strike zone with potential to extend along a 7.5-kilometre prospective corridor.

Building on this, Norfolk plans a Phase 2 diamond drilling program targeting three induced polarization (IP) geophysical anomalies located within a few kilometres of the main Carmen area. This next phase will refine the structural model and aim to delineate a JORC-compliant resource, a prerequisite for advancing the project towards development.

Transaction and Corporate Developments

Having funded A$3 million in exploration expenditure ahead of schedule, Norfolk is preparing for a shareholder meeting in the second quarter of 2026 to approve the issue of shares and performance rights that will complete the acquisition of Transcendentia Mining Pty Ltd, the vehicle holding the project option. The performance rights are tied to key milestones including resource definition, scoping study outcomes, investment decisions, and commercial production.

Board appointments linked to the transaction are also anticipated, with representatives from Transcendence Mining expected to join Norfolk’s board, reflecting the strategic partnership underpinning the project’s advancement.

Strategic Positioning in a Copper Hotspot

The Carmen Copper Project’s proximity to the Nueva Unión joint venture, operated by industry heavyweights Teck and Newmont, underscores the region’s copper potential. Norfolk’s focus on heap leaching of copper oxide mineralisation aims to deliver a cost-effective production pathway, while ongoing exploration targets sulphide mineralisation that could add significant value.

As the project progresses through regulatory and technical milestones, Norfolk Metals is positioning itself to become a notable player in Chile’s copper sector, with the potential to contribute meaningfully to the global copper supply chain amid rising demand.