Arizona Sonoran Copper has announced the acquisition of 2,123 acres of private land to support the anticipated development of the Cactus Project in Arizona, US.
Cactus 110, a wholly owned subsidiary of Arizona Sonoran Copper, finalised the purchase of the consortium land, securing 100% of the surface rights and approximately 80% of the underlying mineral title.
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The land comprises 2,043 acres from a consortium of related private corporate landowners and an additional 80-acre parcel from a single landowner.
It is expected to provide the necessary space for project infrastructure including the solvent extraction/electrowinning (SX/EW) plant, leach pads and waste rock stockpiles.
The acquisition cost was $50,000 per acre, with a $5m payment at closing, including $2m in cash and 1,549,487 common shares, with the remaining amount to be paid over the next four years at an annual interest rate of 6%.
The company expects to secure financing for the Cactus Project by the fourth quarter of 2026, potentially using a portion to pre-pay the vendor loans before they mature on 29 August 2029.
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By GlobalDataAdditionally, on 27 June 2025, the 80-acre parcel was also purchased at $30,000 per acre, with $1.2m paid in cash upon closing and the remaining $1.2m deferred without interest, to be paid by 27 June 2026.
The Cactus Project land package now totals 7,843 acres, providing operational flexibility and supporting the potential development of additional mineralisation.
The average purchase price was approximately $49,200 per acre, with around 6% paid at closing, partially in common shares.
Arizona Sonoran Copper president and CEO George Ogilvie said: “With the addition of the purchased lands, contiguous to the Cactus Project and of corresponding scale, we believe that all land requirements are now in place to support the anticipated project plan, including a significant heap-leach and SX/EW copper cathode operation.
“The acquisition of this land package consequently represents a major de-risking event for the Cactus Project, as well as providing additional real estate to potentially pursue development of the primary sulphide deposits and future exploration opportunities, within the previously held project properties.”
In June, the company also completed a public offering, raising C$51.75m ($37.6m) through the issuance of 25,875,000 common shares, which included 3.3 million shares from the over-allotment option exercised by underwriters.
