LONDON, UK: VVV Resources Limited (AQUIS: VVV) has signed an unconditional Share Purchase Agreement (SPA) with a consortium of owners, to acquire the Mitterberg Copper Project in Austria. This SPA supersedes a previous SPA signed in March 2022 where conditions precedent had not been met.

The consideration payable is £350,000. An outstanding  loan related to the previous SPA and recent legal costs associated with the current SPA of £20,000 have been deducted from the purchase price . The remainder consideration comprises:

• £297,000 payable in VVV shares priced at a deemed £0.10 for 2,970,000 Ordinary Shares in the Company (“Consideration Shares”).
• £33,000 cash payment.

The Mitterberg Copper Project is located approximately 60 kilometres south of Salzburg, Austria and comprises 198 contiguous exploration licences over an area of some 90 square kilometres.

Mitterberg is considered the largest copper occurrence in the area defined as the Eastern Alps and is considered a “brownfield” site. It is reported that copper mining commenced during prehistoric times and recommenced around 1830 until 1977 when the mines were closed due to low copper prices at the time. According to historic data, more than 120,000 tonnes of copper have been extracted and during the 1970’s it is reported that approximately 200,000 tonnes of copper-rich mineralisation with an average copper grade of 1.4% was mined annually.

Jim Williams, Executive Chairman of VVV Resources, commented: “The acquisition of the Mitterberg Copper Project, which I have visited, fulfils a sought-after significant parcel of exploration licences in an easily accessible and user-friendly environment concurrent with copper prices generally on an upward trajectory. We look forward to advancing exploration on these licences at the earliest opportunity.”