Breakthrough Minerals Ltd. has secured a binding agreement to acquire 100 per cent of Dingo Minerals Pty Ltd. and with it the North Queensland Copper Project in the Mt Isa Region.
The company will offer a total of AU$8 million in cash and 41.5 million of its shares as consideration. It is also offering 1.8 per cent smelter return royalty and up to 15 million performance rights.
Dingo has a conditional binding agreement to buy the copper project from Aeris Resources Ltd.
The North Queensland Copper Project has a global mineral resource estimate of 18.8 million tonnes, with an average grading of 1.07 per cent copper equivalent.
Breakthrough has calculated that the project contains 200,000 tonnes of contained copper equivalent metal across the measured, indicated and inferred resource categories.
The company believes there is significant resource and exploration upside in the copper project with numerous untested copper and gold targets across four projects, including: Turpentine Project, Barbara Mine, Lillymay Prospect and Cloncurry Project.
Breakthrough plans to fund the acquisition by raising AU$8.15 million through the issuance of 54,333,333 ordinary shares at an issue price of 15 cents per share.
The acquisition and the placement are subject to shareholder approval at a meeting to be held in December.
The company is eyeing more drilling to expand the resource at Turpentine and Barbara by March 2026 and exploration drilling targeting copper and gold targets.
There will be ongoing exploration drilling and new resource estimates by the third quarter of 2026.