Piper Alderman assists ASX-listed Aruma Resources Limited on the acquisition of a portfolio of copper and uranium exploration assets

Piper Alderman has assisted ASX-listed minerals exploration company, Aruma Resources Limited (ASX:AAJ) (Aruma Resources) to acquire a portfolio of copper and uranium exploration assets in tier‑1 mineral precincts in South Australia and Queensland.

The portfolio acquired by Aruma Resources includes the Wilan IOCG-Uranium Project in the Olympic Dam precinct in South Australia, and the Fiery Creek Copper Project and the Bortala Copper Project in the Mount Isa region of Queensland (Projects).

The exploration and development of lithium and gold constitute the core focus of Aruma Resources’ activities. The acquisition will enhance Aruma Resources’ lithium and gold assets in Australia and will see the company expand its focus into key high-demand commodities, copper and uranium, via a portfolio of high-potential exploration projects in two of Australia’s pre‑eminent active mineral precincts.

The deal team included James Dickson, Bonnie Doyle and Ashleigh De Silva.

Aruma Resources is an ASX-listed minerals exploration company focused on the exploration and development of a portfolio of prospective gold and lithium projects strategically located in major, active Australian gold mineralised belts in Western Australia.

Aruma Resources will, subject to shareholder approval, acquire the Projects by undertaking a share acquisition to acquire all of the issued shares of NHM Holdings (Australia) Pty Ltd, a holding company that has three wholly owned subsidiaries that together own the Projects.

If the transaction is approved by the shareholders of Aruma Resources, the company plans to commence targeted, systematic fieldwork programs across the new projects to define priority drill targets, with the aim of progressively drill testing priority targets to unlock each new project’s full value proposition.

Commencing in February 2024, James and the team worked closely with Aruma Resources in preparing a share acquisition agreement, a royalty deed and other necessary documents to obtain shareholder approval for the transaction and announce the transaction on ASX.

If the transaction is approved by shareholders, as consideration for the acquisition, Aruma Resources will issue to the shareholders of NHMHA, 26.5 million fully paid ordinary shares, and 52.5 million options which will each become exercisable into one fully paid ordinary share when certain milestones in respect of mineral exploration and development are satisfied. Aruma Resources has also granted the shareholders of NHMHA a 2% net smelter royalty over any minerals extracted and sold from the tenements.

Further information on the acquisition can be found on the ASX announcement here.

Related media coverage

• Piper Alderman guides Aruma Resources in strategic acquisition – Australasian Lawyer, 03 June 2024