Unicorn Mineral Resources (LSE: UMR) has signed conditional terms to acquire a 75% stake in the historic Klein Aub Copper Mine in Namibia for ZAR 26.5 million (approximately £1 million), with most of the consideration to be settled through the issue of 8.6 million UMR shares at 10p.
Klein Aub previously produced 5.5 million tonnes at 2% copper and 50 g/t silver, and recent assessments indicate a significant 5.6Mt of tailings and slimes, containing an estimated 15,460 tonnes of copper and 1.4 million ounces of silver. Exploration also highlights additional unmined lodes continuing along strike, offering further upside potential.
UMR plans to recover metals from the tailings using an environmentally friendly leaching process, with metallurgical test results expected in early 2026. Completion of the acquisition — targeted for late Q1 2026 — is contingent on these metallurgical outcomes being favourable.
The company said the opportunity positions UMR to advance a low-cost, lower-impact copper and silver production pathway, unlocking value from historic mining infrastructure while contributing to growing demand for energy-transition metals.
