Megado Minerals expands into European copper

Megado Minerals (ASX:MEG) has announced its agreement to acquire an 80% interest in a significant copper project located in Northern Spain. This acquisition involves the purchase of Iberian Copper Pty Ltd, granting Megado access to 956 square kilometers of copper-rich land across 12 permits. Historical data reveals substantial copper and silver content in the area, with one sample showing up to 9.66% copper. This move supports the EU's Critical Raw Materials Act, promoting strategic mineral sourcing within Europe.

Strategic acquisition and financing plans

Megado Minerals' acquisition of the Iberian Copper Project marks a strategic expansion into a region with historical copper production. Aligning with the EU's 2024 Critical Raw Materials Act, the project benefits from regulatory support aimed at enhancing internal sourcing of strategic minerals. To finance the acquisition and exploration, Megado plans to issue 175 million ordinary shares and performance rights, contingent on shareholder approval. Additional funds will be raised through a non-renounceable rights issue and a non-brokered placement. This strategic move complements Megado's existing projects and underscores its growth ambitions in the critical minerals sector, with a focus on copper, lithium, and rare earth elements.

Executive insights on strategic acquisition

The acquisition of the Iberian Copper Project is a pivotal step for Megado Minerals. It aligns with our strategic focus on critical minerals and positions us to leverage the EU's supportive regulatory framework. The project's historical copper production and favorable assay results provide a strong foundation for future exploration and development.