The land will support the potential development of additional mineralisation.
The land package includes 2,043 acres acquired from a consortium of private corporate landowners, along with an additional 80-acre parcel purchased from an individual owner. The acquired areas will be used for critical infrastructure such as the solvent extraction/electrowinning (SX/EW) plant, leach pads, and waste rock stockpiles.
The acquisition price was set at $50,000 per acre. At closing, $5 million was paid, consisting of $2 million in cash and 1,549,487 common shares. The remaining balance will be paid over the next four years at an annual interest rate of 6%. The company noted that financing for the Cactus Project is expected to be secured by the fourth quarter of 2026, with the option to use part of the proceeds to pre-pay vendor loans before their maturity on 29 August 2029.
In addition, on 27 June 2025, the company finalized the purchase of the 80-acre parcel at $30,000 per acre. A total of $1.2 million was paid in cash at closing, with the remaining $1.2 million to be settled by 27 June 2026 without interest.
Following these transactions, the total Cactus Project land package has expanded to 7,843 acres. The larger land base provides greater operational flexibility and supports the possibility of developing additional mineralization. The average purchase price for the combined acquisitions was approximately $49,200 per acre, with about 6% paid at closing, partly through common shares.
Arizona Sonoran Copper president and CEO George Ogilvie said: “With the addition of the purchased lands, contiguous to the Cactus Project and of corresponding scale, we believe that all land requirements are now in place to support the anticipated project plan, including a significant heap-leach and SX/EW copper cathode operation. The acquisition of this land package consequently represents a major de-risking event for the Cactus Project, as well as providing additional real estate to potentially pursue development of the primary sulphide deposits and future exploration opportunities, within the previously held project properties.”
In June, the company also completed a public offering, raising C$51.75 million ($37.6 million) through the issuance of 25,875,000 common shares. The total included 3.3 million shares from the over-allotment option exercised by underwriters.
This acquisition strengthens the project’s foundation and positions Arizona Sonoran Copper to advance development plans while enhancing future exploration potential.
