EV Resources has announced the sale of its La Cienega copper project in Arizona to fellow ASX-listed explorer Magnum Mining and Exploration. The deal includes a 2% net smelter return (NSR) royalty on future copper production from the project, enabling EV Resources to retain some upside while freeing up capital for its other critical minerals ventures. This transaction marks a strategic shift in EV Resources’ portfolio management.
Located in the Cienega district of Arizona’s La Paz County, the La Cienega project has been a peripheral holding for EV Resources in recent years. The agreement is conditional on Magnum completing due diligence, securing regulatory approvals, and finalizing parallel acquisitions of the Parker and Mormon Canyon projects in Arizona and Idaho, respectively. These acquisitions will expand Magnum’s exploration portfolio significantly.
EV Resources plans to use the proceeds from the sale to focus on its flagship antimony and copper projects in Peru and Mexico, as well as its newly acquired Coyote Creek antimony asset in Utah. The company is fast-tracking development at the Los Lirios antimony project in Oaxaca, Mexico, which it acquired earlier this year. Los Lirios spans 1,652 hectares and includes historic open pits and underground workings with high-grade antimony assays exceeding 62%. Antimony prices have surged above $50,000 per metric ton amid supply constraints from China.
The divestment aligns with EV Resources’ strategy to prioritize near-term antimony production while building long-term value through its copper-molybdenum projects, such as Parag in Peru. This multi-commodity approach positions the company to capitalize on rising demand for critical minerals driven by electrification and renewable energy trends.
The sale of La Cienega reflects EV Resources’ broader efforts to streamline its portfolio and focus on high-value assets with immediate revenue potential. As global supply chains for critical minerals face increasing pressure, the company is positioning itself as a key player in meeting market demands sustainably.
