Infinity Mining acquisition of Cangai Copper Mine

Infinity Mining (ASX:IMI) has received shareholder approval to acquire the Cangai Copper Mine Project from Castillo Copper (ASX/LSE:CCZ). The approval was granted at a General Meeting on 28 November 2024. As part of the acquisition, Infinity Mining will issue Castillo Copper 40 million shares and 20 million options, with a five-year term and an exercise price of $0.07. This transaction positions Castillo Copper as a significant shareholder in Infinity Mining.

Overview and future outlook of the acquisition

Infinity Mining's acquisition of the Cangai Copper Mine Project represents a strategic move to expand its exploration activities. By issuing 40 million shares and 20 million options to Castillo Copper, Infinity Mining enables Castillo Copper to become a significant shareholder. Castillo Copper's divestment of non-core assets, including the Cangai Copper Mine and the Broken Hill West Project, is part of its strategy to focus on its core Harts Range Niobium-Uranium Project in Northern Territory. The company plans to accelerate exploration in 2025 and is seeking a strategic partner for its NWQ Copper Project. Additionally, Castillo Copper is set to change its name to New Frontier Minerals, reflecting its strategic shift. The divestment proceeds will be reinvested into advancing core projects, highlighting Castillo Copper's commitment to unlocking value and growth potential in the mining sector.

Executive insights on the strategic acquisition

This transaction allows Castillo Copper to potentially benefit from the value created through Infinity's exploration campaign on the Cangai Copper Mine Project.