Narryer’s Chile copper pivot gains momentum with 29Metals backing

Redhill acquisition approaches completion

Narryer Metals Limited (ASX:NYM) is preparing to add a Chilean copper project to its portfolio, with the Redhill transaction expected to complete in early November once procedural conditions are satisfied. The acquisition remains conditional on regulatory requirements being met by 31 December 2026.

“Redhill Project location, southern Chile, showing location of Cutters Cove Deposit and other key prospect areas.”

The deal gives Narryer 100% of Redhill, a historic high-grade copper and precious metals project on Chile’s Brunswick Peninsula, about 110 kilometres southwest of Punta Arenas. The project includes 1,620 hectares of mining concessions around Cutters Cove and a further 14,600 hectares of exploration concessions along the Rocas Verdas belt. Narryer’s Redhill acquisition announcement previously outlined the same transaction and proposed strategic investment.

An established resource sits beside a larger exploration target

Cutters Cove has a historic inferred Mineral Resource estimate of 4.3 million tonnes grading 1.7% copper, 33 grams per tonne silver and 0.3 grams per tonne gold. The resource contains an estimated 71,249 tonnes of copper, 39,809 ounces of gold and 4.611 million ounces of silver.

Alongside that resource, Narryer reports a 16.1Mt to 48.9Mt Exploration Target grading between 1.2% and 2.6% copper, 0.4g/t gold and 34g/t to 55g/t silver. That target is conceptual, not a Mineral Resource, and the company cautions that further exploration may not result in a resource being established. The figures include copper-equivalent calculations based on assumed metal prices and recoveries, so they should not be treated as recoverable copper grades.

29Metals placement provides planned transaction funding

As part of the acquisition, Narryer will issue 20 million shares as upfront consideration, subject to a 12-month escrow. 29Metals will also subscribe for 10 million new Narryer shares at A$0.10 each, providing A$1 million for Redhill exploration and working capital once the arrangement proceeds.

A further A$1 million milestone payment, payable in cash or Narryer shares, would be triggered if the company delineates a 12Mt JORC Resource grading at least 2% copper equivalent. Any milestone shares would require shareholder approval. The proposed 29Metals funding is not reflected in Narryer’s quarter-end cash balance because it had not completed by 30 September.

Drilling approvals now become the immediate test

Narryer plans to prepare regulatory drilling applications, revisit earlier conceptual mine and metallurgical studies, and conduct short-hole drilling around the Ingleses and Franceses prospects. Structural mapping is also planned along the boundary fault and sedimentary contact zone, including a target that extends for roughly five kilometres and has seen limited exploration.

“Map of Cutters Cove Exploitation Concessions, with outline prospects / mines, as well as exploration focus.”

“PTR Map highlighting Narryer JV Tenement (EL6715) and outline of the New Rosewood Resource outline.”

Caption and image © Narryer Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

Elsewhere, studies continued at the Rosewood heavy mineral sands project in South Australia, where joint venture partner PTR Minerals is examining processing, mining, marketing, environmental and hydrology matters. The Rosewood resource stands at 463Mt grading 8.8% heavy minerals, while the Rosewood West portion largely within Narryer’s joint venture tenement totals 169Mt at 7.1% heavy minerals.

Pingrup adds a shallow scandium exploration thread

“Greenfire Prospect A-A’ drill section”

Narryer also highlighted 31 historic drilling intersections at Pingrup grading more than 100 parts per million Sc2O3. The mineralisation occurs mainly in saprolitic clays at depths of about 12 to 42 metres across roughly 1.7 kilometres of strike, with reported grades reaching 765 ppm Sc2O3. Planned aircore drilling is intended to define higher-grade zones. The results build on the company’s Pingrup scandium results, which identified shallow mineralisation and potential synergies with Rocky Gully.

The quarter-end financial position is less expansive than the project list. Narryer held A$927,000 in cash, down from A$1.36 million at the start of the quarter, after net operating and investing outflows of A$433,000. The company estimates 2.41 quarters of funding based on reported relevant outgoings, before any proceeds from the proposed 29Metals placement. That makes transaction completion and the timing of Redhill exploration approvals important practical milestones, not just administrative ones.