11:54 AM EDT, 10/08/2024 (MT Newswires) -- Latin Metals ( LMSQF ) shares jumped 47% after the company on Tuesday said it entered into a binding agreement with Atlantic Metals, a subsidiary of privately-held Moxico Resources, for an option to earn a 75% interest in its Esperanza and Huachi copper exploration projects in San Juan Province, Argentina.

To exercise the option, Moxico must meet certain conditions, including making staged cash payments of US$2.78 million, and assuming the US$4.63 million cash payment earn-in obligations of Latin Metals ( LMSQF ) to the underlying owners of the projects. Moxico must also complete US$1 million work expenditure commitments at Huachi.

Moxico may also purchase the remaining 25% interest in the projects for US$10 million cash or for an equivalent amount in copper. If the Top-Up Right is exercised, Latin Metals' ( LMSQF ) interest in the projects will be converted to a 2% net smelter returns (NSR) royalty.

Latin Metals ( LMSQF ) shares were last seen up $0.035 to $0.11 on the TSX Venture Exchange.

Price: 0.11, Change: +0.04, Percent Change: +46.67