Hispania Resources (TSX:ESPN) has agreed to a joint venture with Portugal’s Calveron Metal Resources that could see Calveron acquire up to 100% of the Lumbrales tin and tungsten property in Spain.
Under the three-phase earn-in agreement, Calveron can earn a 25% interest in Lumbrales by spending €400,000 ($645,337.43) between 15 September 2026 and 1 September 2027, including €150,000 before 10 October 2026 and €50,000 before 31 October 2026. Hispania will also receive €200,000 worth of shares in Calveron or its parent company.
In phase two, Calveron must spend an additional €500,000 between 1 September 2027 and 1 September 2028 to increase its interest to 50%, alongside providing Hispania an extra €350,000 in shares.
The final phase involves €1 million in expenditures between 2 September 2028 and 1 September 2029 for Calveron to reach a 75% interest, while Hispania receives another €450,000 in shares.
Under the terms, Calveron holds an option to acquire Hispania’s remaining 25% interest for €1 million within three years of completing phase three. It can also extinguish Hispania’s 1.5% net smelter royalty for €2.5 million.
The transaction values potential payments to Hispania at €4.5 million including the royalty. Hispania has invested roughly €450,000 in Lumbrales over the past two and a half years.
On the transaction, CEO Norman Brewster comments:“This transaction goes to our belief that with our pedigree and experience in Spain, including finding and selling Iberian Minerals to Trafigura, we have the ability to identify and develop base metals assets in Spain and transact on these assets.”
“The Lumbrales transaction is our first in Hispania and we are keen to continue to identify and develop assets in-country, including our wholly owned Puebla de la Reina and Otero assets.”
Hispania Resources is a mineral explorer focused on developing core assets across Spain, including the Lumbrales Tin Project, the Otero Copper-Zinc Project, and the Puebla de la Reina Copper-Zinc Project.
Write to Paula Fabe at Mining.com.au
Images: Hispania Resources
