Breakthrough Raises A$8.15M to Acquire North Queensland Copper-Gold Project

Strategic Acquisition in a Premier Copper-Gold District

Breakthrough Minerals Limited (ASX – BTM) has announced a conditional binding agreement to acquire the North Queensland Copper-Gold Project, a sprawling ~952 square kilometre tenure package in the Mt Isa region. This acquisition includes granted mining leases covering 21.5 square kilometres and is strategically located near existing processing infrastructure owned by industry giants Glencore PLC and Harmony Gold Mining.

The project hosts a significant JORC (2012) Mineral Resource Estimate (MRE) of 18.8 million tonnes at 1.07% copper equivalent (CuEq), translating to approximately 200,000 tonnes of contained CuEq metal. This resource base provides a robust platform for Breakthrough to embark on an aggressive exploration and development campaign.

Capital Raising and Leadership Bolster Growth Prospects

To fund the acquisition and subsequent exploration activities, Breakthrough has secured binding commitments for a placement of 54.3 million shares at A$0.15 per share, raising approximately A$8.15 million before costs. The placement is strongly supported by both existing and new sophisticated investors, with all directors participating subject to shareholder approval at an Extraordinary General Meeting scheduled for December 2025.

Complementing this strategic move, Breakthrough has appointed Marty Costello, an experienced mining executive with extensive knowledge of the Mt Isa region, as a strategic advisor. Costello’s expertise in local operations, permitting, and business development is expected to accelerate project advancement and stakeholder engagement.

Exploration Potential Across Multiple Prospects

The North Queensland Project encompasses several advanced prospects, including the Barbara, Turpentine, Mt Colin, Turpentine South, and Eight Mile Creek North deposits. Each offers distinct geological characteristics and exploration upside. For instance, the Barbara deposit, previously mined as an open pit, retains a substantial resource with mineralisation open at depth and along strike. The Turpentine deposit, identified as an Iron Oxide Copper Gold (IOCG) system, exhibits promising mineralisation open down plunge.

Breakthrough’s technical team plans to prioritize high-impact drilling campaigns in 2026, targeting resource expansion and new discoveries. The company also intends to undertake metallurgical, geotechnical, hydrogeological, environmental, and heritage studies to support future mining feasibility.

Robust Data and Rigorous Resource Estimation

The resource estimates are underpinned by extensive drilling data, including over 1,000 drill holes across the project area, with detailed assay results and geological logging. Estimation techniques such as Ordinary Kriging have been applied, with careful consideration of geological domains, grade capping, and validation against historical production data where available.

Breakthrough has also addressed data integrity through database audits and quality assurance protocols, ensuring confidence in the reported resources. The company acknowledges some limitations in historical data but has incorporated conservative assumptions in resource classification and economic cut-offs.

Environmental and Regulatory Considerations

While the project is at an early to mid-stage development, Breakthrough is mindful of environmental and social governance (ESG) factors. Initial assessments indicate no significant impediments, and the company plans to integrate environmental studies into its ongoing workstreams. The acquisition and capital raising remain subject to shareholder and regulatory approvals, including transfer of mining tenements and financial security arrangements.