22 May 2025 – Perth, Australia | Patriot Resources has entered into an agreement to acquire 100% of the high-grade Sugarloaf Copper Deposit, located in Zambia’s prolific Mumbwa Copper District. The acquisition is a production opportunity for Patriot’s expanding Zambian copper portfolio that is strategically positioned around the Kitumba process plant and smelter being developed by Sinomine.
Highlights:
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Exploration Target of 1.6 - 2.5Mt at 2.0 - 2.5% total copper (TCu), for 32,000–62,500t of contained copper.
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Historic drilling includes standout intercepts such as 91.76m at 2.02% TCu, including 10.01m at 6.16% TCu.
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Orebody is exposed at surface and considered amenable to open-pit mining.
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Sugarloaf is posed for future processing at Sinomine’s Kitumba smelter, which is only 4.4km away.
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Immediate next steps include JORC resource estimation, validation drilling, and feasibility studies.
Commenting on the acquisition, Executive Chairman Hugh Warner said: “Upon the completion of this acquisition, we will have a portfolio of copper projects ranging from near-term, high-grade production to large-scale blue sky exploration – all within the Mumbwa High Grade Copper District of Zambia. It is Patriot’s intention to synchronise Sugarloaf’s development timetable with Sinomine’s development of their Kitumba process plant and smelter, which is expected to come online in late 2026, in order to be able to supply our ore to that facility for processing. We believe that with Sinomine’s Kitumba mine and smelter coming online, a stranded deposit like Sugarloaf quickly becomes attractive.”
Acquisition Terms:
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US$10,000 deposit.
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US$1,000,000 payment due within 90 days.
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Deferred payment of either US$500,000 by 31 December 2025, or US$1,000,000 from future cashflows.
For further information, please contact:
Hugh Warner
Executive Chairman
[email protected]
Jane Morgan
Investor & Media Relations
Jane Morgan Management
[email protected]
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]
