SYDNEY: Narryer Metals Ltd. (ASX: NYM) announced it has signed a binding agreement to acquire 100% of the Redhill Copper Project in southern Chile, marking a strategic entry into a world-class copper jurisdiction.

The company will acquire Redhill Magallanes SpA, the owner of the project, from 29Metals Ltd. The transaction includes an up-front consideration of 20 million new Narryer shares, subject to a 12-month escrow, and a A$1.0 million milestone payment contingent upon the delineation of a 12 million tonne JORC resource at 2% copper equivalent. Additionally, 29Metals will subscribe for approximately A$1.0 million in Narryer shares at A$0.10 per share.

Situated in the underexplored Magallanes region, the 160-square-kilometer tenement package covers more than 150 kilometers of the prospective Rovas Verdes belt. The project is located at sea level, allowing for year-round operations, and benefits from existing infrastructure, including barge access and a helipad at the most advanced target area, Cutters Cove.

Historical production at Cutters Cove yielded 212,000 tonnes of copper at a grade of 1.72% between 1971 and 1975. The project currently hosts an inferred mineral resource estimate of 4.3 million tonnes at 1.7% copper, 0.3 grams per tonne gold and 33 grams per tonne silver, alongside a JORC exploration target ranging from 16 to 49 million tonnes at 1.2% to 2.6% copper.

“This acquisition provides Narryer with exposure to a district-scale copper opportunity with significant exploration upside,” said Richard Bevan, Executive Chairman of Narryer Metals. “The project’s high-grade historical production and existing resource, combined with the underexplored nature of the region, positions us well for the next phase of growth.”

The company plans to grow the existing resource by converting the exploration target and testing regional prospectivity. Recent fieldwork has highlighted potential extensions to known veins and identified additional mineralized zones not included in the current resource. Narryer intends to commence its initial field season in early 2027, pending regulatory approvals.

Narryer Metals currently has a market capitalization of A$10.8 million and a cash balance of A$2.0 million. The company’s board includes Richard Bevan as Executive Chairman, Phil Warren and Dean Hildebrand as Non-Executive Directors, and Gavin England as Executive Director – Technical.