Canterbury Resources Expands Copper Portfolio with Monto Acquisition and Drilling Plans

Strategic Acquisition Near Briggs Copper Project

Canterbury Resources (ASX:CBY) has secured a binding Term Sheet to acquire six exploration tenements in central Queensland’s Monto region, located roughly 80km south of its flagship Briggs Copper Project. The $400,000 cash deal, supplemented by 5 million fully paid Canterbury shares escrowed for 12 months, marks a significant expansion of the company’s copper exploration footprint in a jurisdiction with a global shortage of major copper development opportunities.

The Monto Project, covering a 20km corridor of porphyry copper-molybdenum mineralisation, includes the John Hill deposit, a large-scale porphyry system with historical drilling and resource estimates that bear close resemblance to the Briggs deposit. Canterbury’s Managing Director Grant Craighead highlighted the strategic fit, noting the potential for Monto and Briggs to become key contributors to future copper supply.

John Hill Deposit: A Copper-Molybdenum Analog to Briggs

John Hill boasts an inferred mineral resource of 254 million tonnes grading 0.21% copper and 100ppm molybdenum at a 0.15% copper cut-off, according to historical estimates compiled by Aeon Metals Ltd. This compares closely with the Briggs resource, which holds indicated and inferred resources totalling over 900 million tonnes at similar grades. The deposit remains open laterally and at depth, with previous drilling intersecting broad zones of copper-molybdenum mineralisation extending beyond 555 metres downhole.

Canterbury’s geological team is leveraging insights gained from the Briggs project to reassess historical data and plan a ~2,000m deep diamond drilling campaign targeting the northeast portion of John Hill in the second half of 2026. This program aims to test high-priority targets where strong mineralisation intervals have been recorded, such as drillhole 12KC055 which intersected 464 metres at 0.20% copper and 170ppm molybdenum from 91 metres.

Building on a Robust Copper Portfolio Amid Positive Momentum

The Monto acquisition complements Canterbury’s ongoing efforts at Briggs, where a recent robust Scoping Study outlined a large-scale, long-life open pit mining operation producing copper concentrate for smelters. The company is currently advancing a Prefeasibility Study at Briggs, supported by promising drilling results including a record 620-metre copper zone earlier this year. This drilling success has bolstered confidence in the resource base and underpinned plans for further expansion and development Briggs Copper Project with Robust Scoping Study.

While the Monto Project has seen limited exploration since 2013, Canterbury’s acquisition and planned drilling program signal renewed focus on unlocking value from this underexplored porphyry system. The company’s approach reflects a broader strategy of acquiring and advancing Tier-1 copper projects in favourable jurisdictions, supported by partnerships with major industry players such as Rio Tinto and Alma Metals.

Transaction Details and Next Steps

The purchase price for the Monto Project is split into two tranches: half payable on completion and the remainder following renewal of a key exploration permit. Due diligence and approvals are well advanced, with completion expected by early June 2026. Following completion, Canterbury will prioritise deep drilling at John Hill to explore extensions of the mineralised envelope and refine the geological model.

Given the inferred status of the John Hill resource and the early stage of renewed exploration, the economic viability and scale of any future mine remain subject to further drilling results and technical studies. However, the acquisition strategically positions Canterbury to capitalise on rising copper demand and supply constraints in the global market.