A new copper Player
Over the past year Vulcan has evaluated over 30 advanced stage projects, with the clear objective of adding an advanced stage, near DFS or beyond project in a favourable commodity to the Company.
Today we are announcing the signing of the merger implementation agreement with Universal Resources, which achieves this objective. Importantly, both set of shareholders can now stand to benefit from participation in a far larger copper-focussed global development company, with a substantial re-rating opportunity ahead.
§ The proposed merger will combine Vulcan’s strong cash position and its Finnish base metal development and exploration portfolio with Universal’s well advanced Roseby Copper Project and highly prospective exploration portfolio
§ Post merger cash balance in excess of A$30 million
§ Combined post merger global copper inventory of over 1 million tonnes of contained copper in Resources, exclusive of by-product credits.
§ Combined potential annual metal production equivalent to more than 36,000t copper with substantial cobalt, nickel, gold and zinc by-product credits
§ Substantial exploration upside potential with dominant land positions in two world class established mineral fields of the Mt Isa Inlier and Outokumpu belt as well as the emerging Kuhmo Nickel province.