Nittetsu Mines Deep: Due Diligence Underway at Oracle Ridge, JV Deal by March?
Eagle Mountain Mining is progressing its Oracle Ridge Project partnership with Nittetsu Mining, as due diligence activities intensify in Arizona ahead of a potential joint venture agreement.
- Nittetsu Mining conducting on-site due diligence in Arizona
- Discussions ongoing for a joint venture agreement
- Due diligence expected to complete by February 2026
- Potential binding agreement targeted for March 2026
- Shareholders reminded of entitlement issue closing date extension
Oracle Ridge Project Update
Eagle Mountain Mining Limited (ASX – EM2) has provided a significant update on its Oracle Ridge copper-gold project in Arizona, USA. The company is currently hosting representatives from Nittetsu Mining Co., who are undertaking detailed due diligence activities as part of progressing a potential joint venture partnership. This collaboration follows a Non-Binding Indicative Offer (NBIO) received in early November 2025.
The Nittetsu team, accompanied by Eagle Mountain’s executives and technical consultants, has been conducting site visits to the Oracle Ridge mine, tailings storage facilities, and core storage locations around Tucson and San Manuel. These inspections are critical for verifying the project's assets and infrastructure, as well as for fostering a stronger working relationship between the two companies.
Strategic Partnership in the Making
Executive Director Fabio Vergara emphasized the importance of this phase, noting that the due diligence process is well underway and covers legal, corporate, and technical aspects. The engagement with Nittetsu’s corporate team signals a serious intent to formalize a joint venture agreement, which, if successful, could accelerate development at Oracle Ridge and enhance Eagle Mountain’s position in the copper-gold sector.
The due diligence is expected to conclude by February 2026, with a potential binding agreement anticipated by the end of March, subject to Nittetsu’s board approval. While financial terms remain confidential, the partnership could provide Eagle Mountain with much-needed capital and operational expertise to advance the project.
Capital Raising and Shareholder Engagement
Alongside the JV progress, Eagle Mountain reminded shareholders of the ongoing Entitlement Issue, with a revised closing date extended to 9 January 2026. This capital raising effort follows a recent placement and aims to support the company’s broader exploration and development activities, including its Wedgetail and Silver Mountain projects in Arizona.
Arizona remains a strategic mining hub, hosting some of the world’s largest copper deposits. Eagle Mountain’s focus on this region aligns with global demand for copper and gold, metals critical to the energy transition and technology sectors.
Looking Ahead
As Eagle Mountain and Nittetsu move closer to a potential joint venture, market participants will be watching closely for the outcome of due diligence and the formal agreement. The partnership could mark a pivotal moment for Eagle Mountain, potentially unlocking value and accelerating project timelines in a competitive mining landscape.
Bottom Line?
The next few months will be crucial as due diligence wraps up and the Oracle Ridge joint venture hangs in the balance.
Questions in the middle?
- What are the detailed financial terms and equity split of the proposed joint venture?
- How will the partnership with Nittetsu impact Eagle Mountain’s exploration and development timelines?
- What contingencies exist if due diligence uncovers unforeseen issues at Oracle Ridge?
