2nd Apr 2026 11:15
(Alliance News) - Atalaya Mining Copper SA on Thursday said has made an investment in Lara Exploration Ltd as the company raised funds to further work at its Planalto copper-gold project.
The owner and operator of the Riotinto copper mine in southwest Spain said Lara Exploration, which is listed on the Toronto Venture Exchange, fully owns the interest in the project located in northern Brazil.
Lara published the results of its preliminary economic assessment for Planalto which estimated production of 560,000 tonnes of copper and 111,000 ounces of gold over 18 years.
Atalaya acquired 4.5 million Lara shares for CAD13.5 million, or GBP7.3 million, via a private placement at CAD3 per share.
The transaction is part of a broader fundraising by Lara Exploration, which completed on Wednesday the placement of almost 11.3 million new shares in brokered and non-brokered placements at a price of three Canadian dollars each, hence raising CAD33.8 million gross.
The acquisition will result in Atalaya having a stake of approximately 7.3% in Lara issued and outstanding shares.
Lara Exploration has an issued capital of 50.5 million shares prior to the placement, with the new shares currently being under a hold period lasting until August under Canadian securities rules. Some transactions were conducted by related parties.
Lara intends to use the proceeds of the financings to advance Planalto and for general corporate and working capital purposes.
Shares in Atalaya Mining fell 3.2% to 724.00 pence on Thursday morning in London, amid a broader sector sell-off.
By Martin Miraglia, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Atalaya Mining