Leviathan Gold eyes strategic copper-uranium assets in Botswana
Leviathan Gold has entered into a non-binding letter of intent (LoI) with Cura Exploration Botswana to acquire a 100% stake in a promising copper and uranium exploration portfolio located in Botswana. The planned transaction will be executed through the acquisition of all issued and outstanding securities of a private entity, referred to as Privco, which currently holds the region’s prospecting licences.
Privco is also in the process of finalising share purchase agreements (SPAs) to acquire full ownership of the AfriMetals Entities—holders of the Central Project land package, which is adjacent to MMG’s renowned Khoemacau copper deposits. MMG acquired these deposits for $1.9 billion (A$2.93 billion) in 2023.
The AfriMetals portfolio also includes significant uranium licences, notably the Serule Uranium Project, situated next to the Letlhakane Uranium Project acquired by Lotus Resources in 2023. Recent drill results at Serule have identified a mineralised zone extending more than four kilometres in width, underscoring its exploration potential.
Proposed terms
Under the proposed terms, Leviathan Gold intends to issue 35 million common shares and 5.5 million share purchase warrants in exchange for Privco’s shares and warrants. Additional milestone-linked payments could result in the issuance of up to 16.5 million further Leviathan shares.
The transaction, which will proceed via a “three-cornered” amalgamation involving a wholly owned subsidiary of Leviathan Gold, remains subject to a 60-day due diligence period and the negotiation of a definitive agreement. It will also require regulatory approvals, including from the TSX Venture Exchange.
Should the deal be completed as envisioned, Privco’s shareholders would own approximately 35% of Leviathan Gold, rising to 38.5% if all warrants are exercised. Leviathan Gold president and CEO Luke Norman commented: “This acquisition would strategically position Leviathan alongside MMG’s world-class Khoemacau cluster in the Kalahari Copper Belt. The Central Project shares key geophysical, structural, and stratigraphic features with MMG’s holdings, placing us in a strong position to uncover a major copper discovery in Botswana’s mining-friendly jurisdiction.”
As part of its obligations under the SPAs, Privco is required to make a total cash payment of $2.2 million to the sellers, of which $390,000.01 has already been paid. The company has also invested approximately C$93,000 in technical reporting under Canada’s NI 43-101 standards to support the transaction and development plans. If successful, the acquisition will significantly expand Leviathan Gold’s portfolio, marking a strategic entry into one of Africa’s most prospective copper and uranium belts.
