On May 8, 2025, Cordoba Minerals Corp. entered into a definitive framework agreement to sell its remaining 50% interest in the Alacrán Project along with all other exploration assets in Colombia and certain accounts receivable through the divestment of its wholly owned Colombian subsidiaries, Minerales Cordoba S.A.S. and Exploradora Cordoba S.A.S., to Veritas Resources AG, which currently owns the other 50% of the Alacrán Project.
Under the terms of the transaction, Cordoba will receive a cash payment of US$88 million at closing and a deferred payment of US$12 million. Cordoba may also receive a payment of either US$8 million or US$28 million, contingent upon the prevailing copper price at the time of commercial production at the Alacrán Project.
The transaction is suspected to close on or before December 31, 2025, subject to customary conditions and approvals.
Cassels is acting for Cordoba.