On Jan. 13, 2020, Adventus Mining Corporation (TSXV: ADZN) (OTCQX: ADVZF) announced the execution of an earn-in agreement with South32 Base Metals Ireland Limited, a wholly-owned subsidiary of South32 Limited (ASX: S32) to advance through exploration the Rathkeale, Kingscourt and Fermoy projects in the Limerick Basin in the Republic of Ireland, which are 100%-owned by Adventus through its wholly-owned subsidiary, Adventus Zinc Ireland Limited ("AZIL").
The earn-in agreement grants South32 Base Metals Ireland the right to acquire a 70% interest in the projects at the end of a four year earn-in period by providing sole funding of EUR 3,500,000 in exploration funding to AZIL for approved spending on the projects over a four year period. AZIL will operate the exploration activities during the earn-in period. Once South32 Base Metals Ireland has completed its funding obligations, South32 Base Metals Ireland may exercise its option right to acquire a 70% direct interest in a prospecting license area and form a joint venture for the further exploration and development of the property.
Adventus is a well-financed exploration and project development company, focused in Ecuador. South32 is a globally diversified mining and metals company.
Denis Silva of Gowling WLG advised Adventus with respect to this transaction.