STRATEGIC TRANSACTION TO UNLOCK SUBSTANTIAL VALUE FOR ASCU
Creates a Straightforward Mechanism for Significant Project Funding
Reduction of Execution Risks via JV Partnership Framework with Global Mining and Innovation Leader
About Nuton
Nuton is an innovative venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability - a product of almost 30 years of research and development. Nuton offers the potential to economically unlock copper from primary sulfide resources worldwide through leaching, achieving market-leading recovery rates, contributing to an increase in copper production from copper bearing waste and tailings, and achieving higher copper recoveries on oxide and transitional material. One of the key differentiators of Nuton is the potential to produce the world’s lowest carbon footprint copper while having at least one Positive Impact at each of our deployment sites, across our five pillars: water, energy, land, materials and society.
ASCU JV Press Release
ASCU JV Presentation
JV Podcast with Mining Stock Daily
Transaction Highlights
Creating a Straightforward Mechanism for Significant Project Funding
• Endorses the Cactus Project through up to US$33 million in non-dilutive financing
• Creates a straightforward mechanism for significant project funding, designed to minimize ASCU’s future share of equity contributions to capital costs
• Commitment from Nuton to support the creation of a funding strategy for ASCU, which may include the provision of a completion guarantee for the Cactus Project or a performance guarantee related to the Nuton technologies
• Potential to improve per share returns to ASCU shareholders
Reduction of Execution Risks
• Establishes a framework for a joint-venture partnership with industry-leading technical and innovation leader to deliver value-enhancing project economics
• Potential to significantly increase attributable copper production per share
• Defines near-term project advancement strategy with the goal of delivering an Integrated Nuton Case PFS (defined below) by December 31, 2024
• Preserves long-term optionality for ASCU and outlines a clear path towards environmentally- friendly copper production in the USA, with a focus on Nuton’s positive impact pillars: water, energy, land, materials, and society
