Prospect Ridge Resources has successfully acquired a 100% interest in the Camelot copper-gold project in Canada from Orogen Royalties. 

The Canadian Securities Exchange (CSE) approved the transaction on 9 September.

The Camelot project, spanning 2,600 hectares, is situated in British Columbia's Quesnel Belt, an area noted for its significant copper and gold porphyry systems.

Previous exploratory activities have identified an extensive copper anomaly in the soil that spans several kilometres.

The initial payment for the project, totalling C$25,000 ($18,043), included 243,180 shares at a deemed price of C$0.102804 per share, with a hold period expiring on 10 January 2026.

Prospect Ridge has the option to make an additional payment of C$175,000 in cash or shares within six months of the approval date.

As part of the agreement, Prospect Ridge will issue shares under a restricted resale period that will expire in four months plus one day after issuance, following securities laws.

Orogen will also be granted a 1% net smelter return (NSR) royalty. Prospect Ridge also has the option to reduce this royalty by 0.5% with a one-time payment of C$1m.

Additionally, an annual advance royalty payment of C$10,000 and a one-time payment of C$30,000 upon completion of a NI-43-101 mineral resource are due to be paid to the underlying royalty holder.

This strategic acquisition enhances Prospect Ridge's presence in a promising copper-gold region and complements its portfolio with another key porphyry project.

The company is planning a 2,000m drill programme this autumn targeting a well-defined geophysical anomaly and is currently in talks with qualified drilling contractors.