Colossus Resources Signs Definitive Agreement with Austral Gold Limited to Acquire the Calvario and Mirador Copper Porphyry Projects in Chile

Colossus Resources Corp. announced the execution of a definitive Option Agreement with Austral Gold Limited and its subsidiaries to acquire the Calvario and Mirador copper porphyry projects located in Chile. The agreement, dated November 15, 2023, represents a strategic expansion of Colossus's copper asset portfolio in the South American mining jurisdiction.

The transaction involves arm's-length parties including Austral Gold Limited, Minera Mena Chile Ltda, and Revelo Resources Ltd., collectively referred to as the Austral Group. The acquisition targets two copper porphyry projects, a deposit type known for hosting large-scale, bulk tonnage copper mineralization that forms the backbone of global copper production.

This acquisition aligns with the broader industry trend of companies seeking to secure copper assets amid growing demand driven by electrification and renewable energy infrastructure. Chile remains one of the world's premier copper mining jurisdictions, offering established infrastructure and regulatory frameworks that support large-scale mining operations. The addition of these projects to Colossus's portfolio positions the company to capitalize on the anticipated long-term strength in copper markets driven by the global energy transition.