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| Australian Critical Minerals |
Circuit Resources Deal Adds 25,000 Hectares of Drill-Ready Targets to ACM’s Portfolio
Australian Critical Minerals (ASX: ACM) has signed a binding share purchase agreement to acquire Circuit Resources, marking the company’s first foray into Latin America. The acquisition grants ACM access to six advanced exploration projects in Peru targeting copper, gold, silver, lead, zinc, and other critical minerals.
Circuit Resources owns three Peruvian subsidiaries—AU Investments SAC, Pegoco SAC, and Latin Gold SAC—and holds exclusive options over the Blanca, Riqueza, Flint, Cerro Rayas, Liro, and Kamika projects. These assets span 25,000+ hectares and include both high-grade vein systems and porphyry-style targets, many adjacent to major mining operations like those of Anglo American.
Capital Raise Underway to Fund Exploration and Technical Studies
To support the acquisition and accelerate exploration in Peru, ACM is conducting a two-tranche capital raise to secure A$1 million. The placement is priced at A$0.055 per share, with one free-attaching unlisted option for every two shares purchased. Options are exercisable at A$0.10 and valid for two years. Sandton Capital Advisory is acting as lead manager.
Proceeds will fund early-stage drilling, geophysics, and project development at key sites, notably Blanca and Riqueza. The deal includes the issuance of 45 million ACM shares, 5 million options at A$0.30 (expiring June 2026), and 5 million performance rights to Managing Director Dean de Largie.
Completion is subject to conditions including due diligence, shareholder approval, and a minimum A$700,000 capital raise—all within six months.
Drill-Ready Targets and Regional Upside Across Peru
ACM is prioritizing drilling approvals at Blanca, where strong surface gold mineralization has already been confirmed. A US$845,000 option payment—payable in shares—will secure full project control. At Flint, where the option totals US$580,000, expanded surface work and drilling will follow southern zone modelling.
The Riqueza project, known for copper-silver veins extending several kilometers, will undergo system-wide review and target prioritization. ACM will also investigate the porphyry potential at depth.
In parallel, the company will advance scout drilling, mapping, and basin modelling at the Cerro Rayas, Lio, and Kamika properties. The latter two are subject to a $1 million cash or share-based option, pending regulatory clearance and formal acquisition.
Strategic Shift from Iron Ore to Critical and Battery Metals
Best known for its channel iron and banded iron formations in Western Australia, ACM is rapidly repositioning itself as a critical minerals explorer aligned with the global energy transition. The move into Peru gives ACM direct exposure to copper and battery-relevant metals in one of the world’s most prolific mining jurisdictions.
Managing Director Dean de Largie calls the acquisition “transformational,” noting the proximity of Riqueza to major copper operations and the multi-metal upside across the portfolio. “These assets offer tier-one discovery potential with fast-tracked pathways to drilling,” he said.
ScrapInsight Editorial Commentary
Australian Critical Minerals’ Peru entry reflects growing investor appetite for Latin America’s untapped copper and critical mineral deposits. With China and the U.S. intensifying their resource strategies, juniors like ACM will play a key role in early-stage discovery and value chain diversification. Success will hinge on social license, exploration discipline, and fast permitting.
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