Resource Mining Corporation Limited (ASX:RMI) acquired a 75% stake in Vancouver Mineral Resources Limited on February 5, 2024. RMC has executed a Joint Venture Deed with Vancouver Mineral Resources Ltd whereby RMC will be issued new shares such that it will hold 75% of VMR?s issued capital in exchange for funding and managing the project exploration and study activities through to the feasibility study. A royalty deed has been executed between VMR and the minority shareholders, which grants a 1% net smelter royalty to the minority shareholders on all copper, gold and any byproduct or co-product minerals mined and extracted by VMR in the Mpanda and Mbozi Cu-Au Project areas. Upon completion of the feasibility study or studies, RMC?s sole funding obligations will cease, and the parties will enter into discussions to agree on the terms for the development and funding of the project(s). The deed ensures that the minority shareholders will retain their 25% shareholding in VMR until the feasibility study or studies are completed.

Resource Mining Corporation Limited (ASX:RMI) completed the acquisition of 75% stake in Vancouver Mineral Resources Limited on February 5, 2024.