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Arizona Sonoran and Nuton LLC Announce Option to Joint Venture on Cactus Project in Arizona
US$33 million in non-dilutive financing to ASCU
Global Mining and Innovation Industry partner validates scalability of Cactus Project and Nuton’s confidence in enhancing project economics
Company Website: https://www.arizonasonoran.comCASA GRANDE, Ariz. & TORONTO -- (Business Wire)
Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) is pleased to announce today that it has entered into an option to joint venture agreement with Nuton LLC (“Nuton”), a wholly-owned subsidiary of Rio Tinto, to establish a strategic alliance for deployment of the Nuton technologies at its Cactus Mine and the Parks/Salyer Project (collectively, the “Cactus Project”), in Arizona, USA. All dollar figures herein are in United States dollars unless otherwise indicated.
Management will host an interactive webinar on Friday, December 15 at 9 am ET. Please register with https://www.bigmarker.com/vid-conferences/ASCU-TownHallForum to join.
Transaction Highlights
Creating a Straightforward Mechanism for Significant Project Funding
Mr. Ogilvie continued, “The proposed heap leach and SXEW flowsheet utilizing Nuton is intended to build upon the strength of our standalone base case, utilizing the same infrastructure proving economies of scale. Nuton has indicated the potential to significantly increase copper cathode output from our current 45-50 ktpa target which could materially enhance project economics. Furthermore, we see this as a significant de-risking event for ASCU shareholders with up to US$33 million in non-dilutive near-term financing and the addition of a strong project partner for future financing and development.”
Adam Burley, CEO of Nuton LLC commented, “We are pleased to be advancing our strategic partnership with ASCU. Successful deployment of Nuton Technologies at Cactus and Park/Salyer has the potential to materially enhance the economic and environmental performance of the projects.”
Transaction Details
....
https://www.stockwatch.com/News/Item/Z-C!ASCU-3493076/C/ASCU
2023-12-14 13:15 ET - News ReleaseUS$33 million in non-dilutive financing to ASCU
Global Mining and Innovation Industry partner validates scalability of Cactus Project and Nuton’s confidence in enhancing project economics
Company Website: https://www.arizonasonoran.comCASA GRANDE, Ariz. & TORONTO -- (Business Wire)
Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) is pleased to announce today that it has entered into an option to joint venture agreement with Nuton LLC (“Nuton”), a wholly-owned subsidiary of Rio Tinto, to establish a strategic alliance for deployment of the Nuton technologies at its Cactus Mine and the Parks/Salyer Project (collectively, the “Cactus Project”), in Arizona, USA. All dollar figures herein are in United States dollars unless otherwise indicated.
Management will host an interactive webinar on Friday, December 15 at 9 am ET. Please register with https://www.bigmarker.com/vid-conferences/ASCU-TownHallForum to join.
Transaction Highlights
Creating a Straightforward Mechanism for Significant Project Funding
- Endorses the Cactus Project through up to US$33 million in non-dilutive financing
- Creates a straightforward mechanism for significant project funding, designed to minimize ASCU’s future share of equity contributions to capital costs
- Commitment from Nuton to support the creation of a funding strategy for ASCU, which may include the provision of a completion guarantee for the Cactus Project or a performance guarantee related to the Nuton technologies
- Potential to improve per share returns to ASCU shareholders
- Establishes a framework for a joint-venture partnership with industry-leading technical and innovation leader to deliver value-enhancing project economics
- Potential to significantly increase attributable copper production per share
- Defines near-term project advancement strategy with the goal of delivering an Integrated Nuton Case PFS (defined below) by December 31, 2024
- Preserves long-term optionality for ASCU and outlines a clear path towards environmentally- friendly copper production in the USA, with a focus on Nuton’s positive impact pillars: water, energy, land, materials, and society
Mr. Ogilvie continued, “The proposed heap leach and SXEW flowsheet utilizing Nuton is intended to build upon the strength of our standalone base case, utilizing the same infrastructure proving economies of scale. Nuton has indicated the potential to significantly increase copper cathode output from our current 45-50 ktpa target which could materially enhance project economics. Furthermore, we see this as a significant de-risking event for ASCU shareholders with up to US$33 million in non-dilutive near-term financing and the addition of a strong project partner for future financing and development.”
Adam Burley, CEO of Nuton LLC commented, “We are pleased to be advancing our strategic partnership with ASCU. Successful deployment of Nuton Technologies at Cactus and Park/Salyer has the potential to materially enhance the economic and environmental performance of the projects.”
Transaction Details
....
https://www.stockwatch.com/News/Item/Z-C!ASCU-3493076/C/ASCU
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