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The latest announcement is out from Los Cerros ( (AU:LCL) ).
LCL Resources has signed a binding earn-in and joint venture agreement with Rio Tinto Exploration (PNG) Limited for the Ono copper-gold project in Papua New Guinea, bringing in a major industry partner to advance exploration. Under the staged deal, Rio Tinto will pay up to A$1.5 million in cash to LCL and can earn an initial 51% interest by spending a minimum of A$8 million on exploration, including at least 4,000 metres of drilling.
Rio Tinto’s stake can rise to 80% if it funds a further A$40 million in exploration or defines a substantial JORC-compliant copper-equivalent resource and completes a Scoping Study, significantly de-risking capital needs for LCL. The transaction validates the geological prospectivity of the Ono Project, leverages Rio Tinto’s deep porphyry exploration expertise in PNG, and allows LCL shareholders to retain exposure to any major discovery while shifting most of the funding burden to the larger partner.
The most recent analyst rating on (AU:LCL) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Los Cerros stock, see the AU:LCL Stock Forecast page.
More about Los Cerros
LCL Resources Limited is an ASX-listed exploration company focused on discovering and developing copper and gold assets, with a key emphasis on porphyry systems. The company’s primary operations include the Ono Project in southern Papua New Guinea, located within the Owen Stanley Metamorphic Belt, a region that also hosts major deposits such as the Hidden Valley gold mine and the Wafi-Golpu copper-gold project.
Technical Sentiment Signal: Sell
Current Market Cap: A$7.8M
For detailed information about LCL stock, go to TipRanks’ Stock Analysis page.