Alta Copper Corp Stock Price, News & Analysis

Alta Copper Corp (OTCQX:ATCUF) has entered into a Definitive Option Agreement with Precore Gold Corp for its Arikepay copper-gold project in Peru. The agreement allows Precore Gold to acquire up to 100% interest in the 1,800-hectare project through staged developments.

The deal includes:

• 3.5 million Precore Gold common shares
• 1.5% Net Smelter Royalty
• Cash payments totaling C$375,000
• Milestone payments of C$7 million
• Exploration commitments of C$9 million over 10 years

Additionally, Alta Copper announced the termination of its Joint Venture Option Agreement with Forte Minerals Corp regarding the Don Gregorio copper-gold project, which the company plans to advance independently or through new partnerships.

Alta Copper Corp has appointed Aldo Bendezú as Principal Geologist and Project Manager of its Peruvian subsidiary. Bendezú brings over 15 years of mineral exploration experience, with a PhD from the University of Geneva focused on porphyry copper systems. He will contribute to the company's 2025 drilling program at Cañariaco, targeting high-grade copper mineralization zones. The company has also launched an updated website and corporate presentation, and recently presented at the 2024 Precious Metals Summit in Zurich, engaging with various institutional and accredited European investors.

Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) has announced two significant milestones:

• Approval of its Declaración de Impacto Ambiental (DIA) drill permit application by Peru's Ministry of Energy and Mines (MINEM)
• Receipt of Certificates of Non-Existence of Archaeological Remains on Surface (CIRAS) from Peru's Ministry of Culture

The DIA approval allows for drilling up to 42,400 meters in phases of 10,000 meters, targeted to commence before Q2-2025. The CIRAS certificates cover all known copper resources for the Cañariaco project. These achievements will enable Alta Copper to advance towards a new community agreement and social license to operate.

The company has completed a new geological model for the Cañariaco Norte deposit, identifying significant mineralization potential and high-priority drill targets. The proposed drilling program aims to expand resources and enhance project economics.

Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) has closed a non-brokered private placement with Nascent Exploration Pty. , a subsidiary of Fortescue The company issued 4,629,630 common shares at Cdn$0.54 per share, raising gross proceeds of Cdn$2,500,000. The shares are subject to a four-month and one day hold period.

CEO Giulio T. Bonifacio stated that the proceeds will provide working capital to advance the drill permit application and continue community engagement for their 100% owned Cañariaco copper project in Peru. The financing was priced above market close, avoiding discounts and minimizing dilution. The project comprises 97 square kms of land, including the Cañariaco Norte deposit, Cañariaco Sur deposit, and Quebrada Verde prospect.

Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF) has arranged a non-brokered private placement with Fortescue 's subsidiary to raise Cdn.$2,500,000. The placement involves selling 4,629,630 common shares at Cdn$0.54 per share. Proceeds will be used for working capital and advancing the 100% owned Cañariaco copper project in Peru. This financing will increase Fortescue's ownership to 34%. Alta Copper's CEO, Giulio T. Bonifacio, stated that this financing option was superior to alternatives, resulting in dilution. The funding will support the company's drill permit application and community engagement efforts.

Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) has reconstituted its Board of Directors and made key management changes. The new Board consists of five directors, including two nominees from Fortescue Dr. Robert J. McDonald has been appointed as a new director, bringing extensive international experience and expertise in Peruvian affairs. Joanne C. Freeze has retired as President and CEO but will continue in a consulting role. Giulio T. Bonifacio, Executive Chair, will assume the duties of CEO.

The changes follow discussions with Fortescue and are aimed at accelerating the development of the Cañariaco copper project. Alta Copper believes the reconstituted Board will benefit the company and welcomes Fortescue's more active role in the project's advancement.

Alta Copper announced the voting results from its Annual General Meeting (AGM) held on June 28, 2024. Shareholders holding 45,215,379 shares, representing 53.71% of the company's outstanding shares, participated.

Key motions approved include the reappointment of Kreston GTA LLP as auditors with 97.69% of votes, the adoption of a new 10% rolling Omnibus Equity Incentive Plan with 95.97% approval, and setting the number of directors at seven with 97.29% support.

Directors elected were Giulio T. Bonifacio, Andrew Hamilton, and Christine Nicolau. However, Joanne C. Freeze, Miguel Inchaustegui, Steven Latimer, and Sean I. Waller received more withheld votes than votes in favor, primarily from Nascent Exploration Pty , a subsidiary of Fortescue

The company will review the resignations of these directors and will consult with Fortescue and other stakeholders. Discussions with Fortescue are ongoing regarding its desire for a reconstituted board to accelerate the development of the Cañariaco Project.