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Highlights:

  • Joint venture with Anglo American completed eight drill holes totalling 3,023 metres in Zambia’s Copperbelt.

  • Cheyeza target identified for priority drilling based on initial campaign results.

  • Chingola acquisition progressing with additional exploration planned, subject to conditions.

Arc Minerals Limited (LSE:ARCM) has reported notable progress in its exploration activities, as outlined in its recently released 2024 annual report. The company’s collaboration with Anglo American in Zambia marked a pivotal period, with drilling activity delivering initial insights to guide the next phase of work.

The report confirmed that by August 2024, Arc’s joint venture with Anglo American had commenced drilling operations, completing eight drill holes across 3,023m. This effort remained on schedule and within budget, and the data collected from five of these holes was particularly informative, especially for the Cheyeza target. Based on these results, Cheyeza has been selected for further exploration focus.

Nicholas von Schirnding, executive chair of Arc Minerals, stated in the report that shareholders will be regularly updated on exploration progress. Updates are expected to include findings from ongoing geological analysis, geophysical surveys, and subsequent drilling campaigns.

“We look forward to the next stages of our fieldwork,” von Schirnding noted, highlighting the expected field activity at the recently acquired Chingola project, contingent on the fulfilment of certain conditions. Chingola is located within Zambia’s prolific Copperbelt region and is considered a promising addition to Arc’s portfolio.

In financial terms, Arc Minerals, as a pre-revenue explorer, posted an operating loss of £1.05 million for the year ended 31 December 2024. The company closed the year with £1.64 million in cash and cash equivalents.

Operational Milestones Support Strategic Momentum

The past year brought a series of key operational developments for Arc. Alongside its progress in Zambia, the company secured an extension of its prospecting licences PL135/2017 and PL162/2017 in Botswana. These licences will now remain valid until 30 September 2026, ensuring a longer-term pathway for exploration in the region.

The joint venture drilling campaign with Anglo American represents a significant milestone, both in terms of technical execution and strategic partnership. It lays the groundwork for more targeted drilling and exploration work in Zambia’s mineral-rich terrain.

Arc also signed a binding agreement for the acquisition of the Chingola project, further expanding its presence within one of Africa’s key copper provinces. The project, once fully acquired, is expected to enhance Arc’s resource potential and exploration scope.