Aldebaran Resources, a Canadian exploration company, has entered into an option agreement to form a joint venture with Nuton Holdings, a Rio Tinto subsidiary, for the Altar copper/gold project in Argentina. The Altar project is presently owned by Peregrine Metals, with Aldebaran holding a 60% interest and Sibanye-Stillwater owning the remaining 40%. Aldebaran is in the process of acquiring an additional 20% interest, which will increase its share to 80%, while Sibanye-Stillwater's ownership will be reduced to 20%.

As part of the agreement, Aldebaran has granted Nuton an exclusive option to acquire 20% of Peregrine for up to $250 million. This payment will be made in stages, culminating in 2026 upon completion of a prefeasibility study (PFS). By that time, the ownership structure of the Altar project will be divided as follows: Aldebaran (60%), Sibanye-Stillwater (20%), and Nuton (20%).

Aldebaran CEO John Black emphasized that this agreement guarantees non-dilutive capital injections to support future work on the Altar project until the completion of the PFS. He added that Nuton’s proprietary sulphide leaching technologies could significantly reduce both costs and capital requirements for project development. Aldebaran plans to present both Nuton and non-Nuton scenarios in its preliminary economic assessment and PFS.

Nuton CEO Adam Burley emphasized the value of the option, noting that it provides Nuton with the potential for a stake in the large Altar copper project. He also pointed out that successful implementation of Nuton Technologies at Altar could enhance both the economic and environmental performance of the project.

Nuton’s portfolio includes innovative copper leaching technologies aimed at improving copper recovery and environmental outcomes, which could offer substantial benefits for the Altar project. The Altar project, situated in San Juan, Argentina, has a 2021 pit-constrained resource estimate that includes 11.4 billion pounds of copper and 3.4 million ounces of gold in the measured and indicated categories, as well as 1.7 billion pounds of copper and 0.4 million ounces of gold in inferred resources.

Since the most recent resource update, Aldebaran has drilled over 63,000 meters and identified a new porphyry center, named Altar United. The company is currently updating its resource estimate, with results expected to be released in November. This collaboration with Nuton marks an important step in advancing the Altar project and enhancing its development prospects.

Aldebaran, a mineral exploration company established in 2018 after being spun out of Regulus Resources Inc., shares the same core management team. The company holds a 60% stake in the Altar copper-gold project located in San Juan Province, Argentina. Aldebaran has the opportunity to increase its interest by an additional 20% by investing $25 million in the project over the next three years. The Altar project features multiple porphyry copper-gold deposits and offers significant potential for further discoveries.