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The target of the acquisition is the North Queensland copper project in the Mt Isa region, which Dingo Minerals will acquire from Aeris Resources (ASX:AIS). According to the agreement, Breakthrough will pay AU$5 million in cash once the deal is completed, alongside 41.5 million ordinary shares (worth AU$7.9 million).
Its offer also includes a 1.8 percent net smelter return royalty, up to 15 million performance rights and an additional cash payment of AU$3 million once commercial production starts.
North Queensland holds a global mineral resource of 18.8 million tonnes at 1.07 percent copper equivalent, representing 200,000 tonnes of contained copper equivalent metal across the measured (3 percent), indicated (31 percent) and inferred (66 percent) resources.
“(We believe) the project hosts significant potential to expand on current mineral resources, convert advanced exploration plays into resource and discover new areas of copper and gold mineralisation,” Breakthrough said on its website.
The company added that the acquisition will be funded through a capital raising, wherein it has received firm commitments to raise AU$8.15 million for 54 million fully paid ordinary shares valued at AU$0.15 each.
Breakthrough is also currently exploring its Errolls gold project in Western Australia, which holds a historical production record of 5,230 ounces at 17.6 grams per tonne gold.
The transaction with Dingo remains subject to shareholder approval. A shareholder meeting is scheduled in December 2025.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
