Xtract Resources (LON:XTR) has negotiated a sizeable discount on the proposed purchase price for the O'Kiep copper sulphide tailings dumps in South Africa.
The miner has raised almost £5mln in two fundings in the past two months and this improved financial position had helped it renegotiate the terms.
There is a 28% reduction in the cash payment to US$2.875m and 19% reduction in the total price overall.
The O'Kiep Project comprises 33.8Mt of sulphide copper tailings material on surface across two tailings dams. Xtract had seven months option from March 2015 to conclude drill work and metallurgical testing.
Jan Nelson, chief executive, said: "We are delighted to have improved the terms on the O'Kiep Project as we see it as an exciting opportunity for Xtract due to its low entry and evaluation cost.
Xtract added it had also drawn down £466,000 from its equity standby facility with financier Yorkville, which had been used to pay off the remainder of the loan.