Castillo Copper finalizes sale of exploration licences to Rimfire Pacific Mining

In a significant move in the mining and exploration sector, Castillo Copper Limited, a base metal explorer with a strong focus on copper in Australia and Zambia, has successfully completed the sale of two of its wholly-owned Exploration Licences, EL 8572 and EL 8599, at the Broken Hill Project to Rimfire Pacific Mining LTD. This transaction, initially announced on 11 January 2024, marks a pivotal step forward for both companies, showcasing the dynamic nature of the mining industry and the strategic realignments taking place within it.

Under the terms of the agreement, Rimfire Pacific Mining LTD will issue several tranches of shares to Castillo Copper Limited and individual Royalty holders, totaling a significant investment that underscores the value and potential of the Broken Hill Project. The arrangement includes both Consideration Shares and Subsequent Shares, alongside shares allocated to Royalty holders, all of which are subject to a 6-month escrow period. This structured approach to the transaction highlights the careful planning and mutual benefits envisioned by both parties involved.

Castillo Copper Limited’s strategic disposition of these licences aligns with its broader vision to transition into a mid-tier copper group, leveraging its substantial assets across the copper-rich regions of Australia and Zambia. The company’s expansive footprint in areas known for high-grade copper targets and its proximity to Broken Hill’s world-class deposit exemplify its potential for significant contributions to the global copper supply.

Rimfire Pacific Mining LTD’s acquisition of the Exploration Licences at Broken Hill represents a strategic enhancement of its portfolio, positioning the company to capitalize on the rich mineral resources in the region. This transaction not only signifies confidence in the potential of the Broken Hill Project but also highlights the ongoing vibrancy and strategic maneuvers within the mining and exploration sector.

As the industry continues to evolve, the completion of this transaction between Castillo Copper Limited and Rimfire Pacific Mining LTD marks a noteworthy moment, reflecting the strategic alignments and investments that are shaping the future of mining and exploration worldwide.