EuroPacific Metals (TSX-V:EUP) announced that it has amended the earn-in and partnership agreement with BMP Holding and Indice Crucial Lda for the Barrancos copper-gold project in Portugal.
The company in June 2021 entered into an agreement with Indice Crucial Lda to acquire a 100% interest in the Barrancos project, which is comprised of the Aparis Copper mine and the Lirio gold project.
It also includes two advanced exploration applications for the Bigorne and Vilariça copper-gold projects which are located in the north of Portugal.
EuroPacific said the amended agreement has “significantly better terms.”
“We are pleased to have been able to rework our partnership agreement with BMP and Indice Crucial,” CEO Karim Rayani said.
“The new terms reduce overall cash expenditures by a significant margin further allowing us to expand exploration immediately on our gold portfolio.”
Under the updated agreement, EuroPacific will pay €15,000 in cash, 500,000 ordinary shares and 500,000 warrants at about $0.07 over five years to get to 60% participation on ICL and another cash transfer of €15,000 in the next three months, to get to 80%.
The remaining 20% to get to 100% on ICL can be acquired, within five years of receiving a mining license, by paying BMP the amount of €800,000, half in cash and the other half in EuroPacific shares.
