Buxton Resources Ltd. has agreed to sell its remaining 49 per cent joint venture interest in the Copper Wolf project in Arizona, US to IGO Ltd.
Under a binding asset sale agreement, IGO will pay a total cash consideration of approximately AU$6.15 million to assume 100 per cent ownership and operational control of the project area.
The move allows Buxton to crystallise significant value from the asset while retaining exploration upside across its tenements in Arizona.
More importantly for Buxton, the deal involves the termination of the existing joint venture and farm-in agreement, as well as the surrender of IGO’s ‘Right of First Refusal’ over Buxton’s other copper projects in Arizona.
This decoupling grants Buxton total autonomy to advance or transact on its remaining US tenure without restriction.
Buxton Managing Director Martin Moloney described the transaction as a major milestone for the company’s strategic agility.
“This is a transformational deal for Buxton,” Moloney said.
“Equally important is the termination of IGO’s Right of First Refusal contained in the Copper Wolf joint venture agreement.
“This restores our strategic agility, allowing us to acquire, advance or transact on our Arizona projects with total autonomy.”
Despite the sale, Buxton is not exiting from the region. The company will retain a 100 per cent unencumbered interest in 30.5 square kilometres of highly prospective ground surrounding the Copper Wolf site.
This includes the undrilled Wolverine porphyry extension and the high-priority Sun Devil and Aztecs targets, which Buxton intends to progress independently.
The sale encompasses all mining tenements, physical assets, including a surface property parcel and water rights, and technical data from the 2023 drilling campaign.
Buxton will also be released from all future liabilities associated with the joint venture area, such as rehabilitation costs.
Completion of the sale is subject to standard conditions, including an Independent Expert’s Report and shareholder approval.