Unicorn Mineral Resources PLC (LSE:UMR) shares rocketed some 45%, reaching as high as 4.79p in early deals, after announcing a conditional deal to acquire a 75% interest in the Klein Aub copper mine in Namibia.
The proposed ZAR 26.5 million acquisition includes settlement of minor local liabilities and will be partly satisfied through new shares.
Unicorn said technical work on the historic mine, completed since 2020, indicates potential tailings and slimes resources totalling more than 5 million tonnes, with copper grades ranging from 0.26% to 1.34%.
"Whilst the due diligence has been time consuming and challenging, we are encouraged by the results of the tests to date, and we are confident that the Klein Aub project represents a great opportunity for Unicorn's shareholders," chair Paddy Doherty said
He added that the project could be a "stepping stone into the rest of Namibia", and other prospects are being considered.
For Klein Aub, Unicorn said its initial focus would be to evaluate environmentally friendly leaching methods for recovering copper and silver from the material, with metallurgical test work expected to complete in early 2026.
The mine sits within the Kalahari copperbelt and was one of central Namibia’s productive small-scale underground operations before closing in 1987.