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Freeport-McMoRan Completes Earn-In Agreement with Max Resource


On May 13, 2024, Freeport-McMoRan Exploration Corporation, a wholly owned-affiliate of Freeport-McMoRan Inc., entered into an earn-in agreement with Max Resource Corp. relating to Max Resource’s wholly owned Cesar Copper-Silver Project in northwestern Colombia.

Under the terms of the earn-in agreement, Freeport has been granted a two-stage option to acquire up to an 80% ownership interest in the Cesar Project by funding cumulative expenditures of $50 million and making cash payments to Max Resource of $1.55 million.

To earn an initial 51% interest, Freeport is required to fund $20 million of exploration commitments at Cesar over five years and make staged payments to Max Resource totaling $800,000. Max will remain the operator of Cesar during this initial stage. Once Freeport earns its initial 51% interest, Freeport can increase its interest to 80% by funding a further $30 million in exploration commitments at Cesar over five years and making staged payments totaling $750,000.

Cassels acted for Freeport.

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