Arras will act as manager for the initial year of the two-year generative program, with Teck holding the option to assume the role of manager thereafter.
Following the initial generative exploration phase, Teck will have the option to select up to four designated properties totalling 120 sq. km., where Teck will fund exploration expenditures of up to $47.5 million per project to have the right to earn up to a 75% interest in each.
Teck will also reimburse Arras for certain project-related expenses made to date through a $1 million cash payment on signing, and potentially other payments in the future should Teck elect to advance through future phases.
Teck made its first investment into Arras last November by acquiring a 9.9% stake through a private placement to fund exploration activities at its flagship Beskauga copper-gold project, which is held under an option agreement signed in 2020 with Copperbelt AG, a private Swiss-based…
