Aruma Resources Completes Copper-Uranium Acquisition

Aruma Resources Limited (ASX:AAJ) has successfully completed the acquisition of a substantial portfolio of copper and uranium exploration assets strategically located in South Australia and Queensland. This strategic move positions the company for growth in the critical minerals sector.

Aruma has successfully executed a share acquisition agreement to acquire key mining assets from NHM Holdings (Australia) Pty Ltd (NMHA), specifically the Wilan IOCG-Uranium Project located in the Olympic Dam precinct of South Australia, along with the Fiery Creek Copper Project and the Bortala Copper Project situated in the Mt Isa region of Queensland.

The completion of this acquisition was contingent upon receiving the approval of Aruma’s shareholders, which was secured at the shareholder meeting held on 1 August. Following this approval, the settlement process has been finalized. As per the terms outlined in the share acquisition agreement, Aruma has issued 26.5 million fully paid ordinary shares to the shareholders of NMHA, alongside 52.5 million options.

It is important to note that the shares issued to NMHA shareholders will be subject to a voluntary escrow period of six months from the date of issuance. This ensures stability and alignment of interests between Aruma and the new stakeholders from NMHA.

This acquisition marks a significant milestone for Aruma, enhancing its portfolio with strategically located, high-potential mining projects and reinforcing its commitment to expanding its resource base and driving long-term shareholder value.

Aruma has finalized an initial assessment of its newly acquired projects, yielding encouraging results. At the Fiery Creek Project, previous exploration efforts have reported copper assays as high as 36% in rock chip samples. Additionally, the Bortala Project has shown promise with multiple initial exploration targets identified. These positive outcomes underline the potential of these assets.

The projects acquired by Aruma are situated in premier mineral regions within South Australia and Queensland. Specifically, the Wilan IOCG-Uranium Project is located in the highly prospective Olympic Dam precinct of South Australia, while the Fiery Creek Copper Project and the Bortala Copper Project are positioned in the prolific Mt Isa region of Queensland. All three projects exhibit significant discovery potential, encompassing both copper-gold (stratiform and IOCG) opportunities and a playa lake uranium target at the Wilan Project. These locations are renowned for their rich mineral deposits and offer substantial exploration upside.

Aruma Resources Managing Director Glenn Grayson expressed enthusiasm about the recent acquisition, emphasizing its strategic importance in expanding the company's focus into high-demand commodities such as copper and uranium. Located in two of Australia's leading mineral precincts, this acquisition enables Aruma to embark on targeted and systematic fieldwork programs to identify drill targets. Grayson highlighted the company's intention to progressively test these priority targets to unlock the full value of each project. He also mentioned that updates on the progress and work programs across the project portfolio would be shared in the coming months, underscoring Aruma's commitment to advancing these new ventures.