Australian exploration company Apollo Minerals has agreed to acquire Serbian private company Edelweiss Mineral Exploration, which owns the Belgrade Copper Project in Serbia.

The conditional binding term sheet has been signed by Apollo and its subsidiary Apollo Serbia (UK) with Ropa Investments.

As per the binding agreement, Apollo will issue 30 million Apollo Minerals fully paid ordinary shares and ten million unlisted options that can be exercised at A$0.05 ($0.03) within three years from issue.

Apollo Minerals will also issue ten million Apollo unlisted options, which can be exercised at A$0.075 and are valid for three years from issue. It will also issue 20 million deferred shares, subject to shareholder approval.

Furthermore, Edelweiss will grant a 2% net smelter royalty on future production over the licences and licence applications.

Subject to completion of due diligence and receipt of all necessary regulatory, ministerial, or third-party approvals, the transaction is due to be completed within two months.

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By GlobalData

Apollo Minerals managing director Neil Inwood said: “Apollo Minerals is thrilled to secure an excellent portfolio of European copper exploration grounds within Serbia’s renowned Carpatho-Balkanian metallogenic province.

“Serbia is currently Europe’s second-largest copper producer and I am convinced there are world-class sedimentary-hosted copper discoveries to be made in the region.”

Covering a total area of 202km², the Belgrade project comprises four licences that are highly prospective for copper-silver (Cu-Ag) mineralisation.

Apollo said that the Belgrade project would complement its Krousssou zinc-lead project in Gabon and provide an opportunity to deliver further exploration discovery and diversify commodity exposure.

As part of the Edelweiss acquisition, Apollo has acquired the Lisa licence application, which is considered prospective for gold and antimony mineralisation.