Genius Metals announced Wednesday an agreement to acquire full ownership of the Timarighine Copper Project in eastern Morocco, according to a statement.
The acquisition aligns with Genius Metals’ strategy to expand its exploration activities in Morocco, including projects like Timarighine, Tifernine, and BMR while continuing its operations in North America.
The Timarighine site, located in Morocco’s Draa-Tafilalet region near the village of Tazarine, spans approximately 55 square kilometers. The property includes four exploration permits and lies on the southern slopes of the Jbel Saghro mountains in the eastern Anti-Atlas, a region known for copper mineralization. The site is accessible via a nearby national road.
Copper, a key mineral for various industries, is particularly critical to the growing electric vehicle market.
The agreement requires Genius Metals to make cash payments totaling CAD 600,000 over the next three years, starting with an initial payment of CAD 50,000 by November 20, 2024. Additional payments are scheduled for 2025, 2026, and 2027, with a final payment of CAD 400,000.
The company also committed to spending CAD 650,000 on exploration activities through 2027, beginning with CAD 150,000 in the first year and increasing annually to fund further testing and development. Genius Metals will oversee exploration during the option period and can accelerate payments and exploration spending to secure ownership ahead of schedule.
The agreement allows Genius Metals to withdraw at any point without further commitments if it decides not to proceed.