Loyal Metals (ASX:LLM) has exercised its option to wholly acquire the Highway Reward Copper-Gold Mine and the Big Magpie Project, both located in Queensland.
The exercise of the option agreement has made the sale and purchase agreement effective and will be now subject to customary conditions.
Terms of the sale and purchase agreement include the completion of administrative and regulatory transfer requirements.
The title of the project is expected to be transferred in the second half of 2026.
The granted mining leases and associated project assets will be transferred to Loyal Metals’ wholly owned subsidiary, Highway Copper Gold.
Managing Director Adam Ritchie says exercising the option agreement is a “significant milestone” for the company, reflecting the work completed by the team over the past nine months to technically assess and validate the Highway Reward Project.
“This process has materially enhanced our understanding of the asset’s quality and potential and positions the company strongly as we move into the next phase of focused technical evaluation and development planning,” Ritchie says.
“With full ownership now in sight, we are well placed to build on this momentum for shareholders.”
The Highway Reward Project has historically produced 3.65 million tonnes @ 5.7% copper and around 260,000 tonnes @ 4.5 grams per tonne gold.
Loyal says the project is recognised as one of the ‘highest-grade’ copper systems historically mined globally.
The company has completed the exploration and due diligence activities required for the option agreement, providing an advanced technical understanding of the Highway Reward mineral system.
Loyal Metals is an exploration company with a portfolio of projects in North America and Australia.
Write to Maddison Elliott at Mining.com.au
Images: Loyal Metals
