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Norfolk Metals Limited (ASX:NFL)

ALERT: Price-sensitive ASX Announcement for NFL
Current share price for NFL : $0.110 0.01 (10%)+
Announcement
Release
23 Feb 2026 8:24AM
Price at Release
$0.100
Full Release
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Summary
Norfolk Metals Ltd has confirmed a US$250,000 option payment for the Carmen Copper Project in Chile, advancing their plans to acquire full ownership over five years. The company's exploration initiative, underpinned by a comprehensive DIA report, is set to proceed following submission to Chilean authorities in February 2026. Targeting both copper oxide and sulphide mineralization, the project spans 46.6 km² and looks to leverage a phased drilling approach, supported by a strategic partnership with Transcendence Mining Pty Ltd. Norfolk aims for a high-margin heap leaching operation, and board changes are anticipated as part of the acquisition strategy.
Key Points
  • Norfolk Metals Ltd has committed US$250,000 for the Carmen Copper Project option payment.
  • The Carmen Copper Project is located in Chile and involves exploration and potential copper production.
  • The company has completed the Declaracion de Impacto Ambiental (DIA) report, with submission expected in February 2026.
  • The project encompasses several exploration and exploitation licenses covering 46.6 km² with significant copper oxide and sulphide potential.
  • A Phase #2 Diamond Program is planned targeting significant regional IP geophysical targets.
  • Norfolk has a binding earn-in agreement with Transcendence Mining Pty Ltd to fund A$3 million over three years acquiring 70% of Transcendentia, holding an option over the project.
  • The project aims to establish a low-cost, high-margin copper heap leaching operation.
  • Norfolk plans to acquire 100% ownership of the Carmen Copper Project over a five-year period through option payments.
  • Board changes are anticipated, with David Fowler or Jason Greive potentially joining Norfolk as directors.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.