Aston Bay Holdings Ltd. has entered into a strategic partnership with Ocean Partners Holdings aimed at accelerating the development of the Storm Copper Project in Nunavut, Canada. This collaboration includes substantial project financing and an exclusive offtake agreement, marking a pivotal step forward for Aston Bay's exploration and development efforts. The partnership is bolstered by a joint venture with American West Metals, securing up to 80% of the project development financing, and grants Ocean Partners exclusive rights to copper and silver products from the project's near-surface mineralization.
The agreement is further supported by recent financial injections, including a US$3.5 million second tranche payment from Taurus Mining Royalty and a direct payment of C$0.996 million to Aston Bay. Thomas Ullrich, CEO of Aston Bay, underscored the importance of the partnership, pointing to Ocean Partners' specialized knowledge in ore-sorting and direct shipping ore (DSO) copper project development. This alliance not only affirms the project's viability but also offers a streamlined approach to its future development.
The Storm Project property, encompassing the Storm Copper Project and Seal Zinc Deposit, operates under a 20/80 unincorporated joint venture between Aston Bay and American West Metals. Aston Bay retains a carried interest until American West completes a bankable feasibility study, with American West shouldering the responsibility for funding joint venture activities. This partnership is a significant achievement for Aston Bay, enabling the company to intensify its exploration and pre-feasibility initiatives in 2025. Ocean Partners' involvement brings not only financial backing but also essential technical expertise to propel the Storm Copper Project toward realization.
For more information on the Storm Copper Project, visit https://www.astonbayholdings.com.
