Key Highlights

  • Aruma will acquire 32 contiguous claims of about 9.8 km², lifting the Tillex Project area to about 28.4 km², for CDN$10,000 cash, CDN$25,000 in shares and CDN$34,000 cash due by 1 November 2026.
  • A 1.5% net smelter return Royalty applies, with a right to buy back 0.5% for CDN$500,000, and the deal carries no conditions precedent or milestone payments.
  • Exploration on the new ground, including sampling and airborne magnetic and EM surveys, is planned for the following quarter, with no drilling results yet from the new claims.

Aruma Resources Limited (ASX:AAJ) announced on 24 September 2026 a further expansion of its Tillex Copper-Silver Project in the Timmins Mining district of Ontario, Canada. The company has entered into a Sale and Purchase Agreement with private Canadian entities Gravel Ridge Resources Ltd and 1544230 Ontario Inc. to acquire 32 contiguous exploration claims covering about 9.8 km² next to its existing Tillex tenure. The deal follows an earlier expansion announced on 12 August 2026 alongside a $3.5 million placement.

Claim blocks and project size

The new tenure comprises two blocks: an eastern claim area of about 3.5 km² and a western claim area of about 6.3 km². With these additions the Tillex Project area increases to about 28.4 km². The company says the claims secure interpreted extensions of key geological, structural and mineralised trends and expand strike potential along the north-east to south-west Tillex Trend in both directions.

Eastern claim area

Aruma interprets the eastern block as overlying felsic volcanic and volcanogenic Sedimentary Rocks and as hosting a possible continuation of the Tillex Trend beyond the current high-grade copper-silver deposit. Interpretation of geological and geophysical data indicates north-west-trending regional structures that may intersect the trend within the block. The company describes the area as largely unexplored, with limited historical work and no systematic modern exploration targeting these features.

Western claim area

The western block is described as prospective for gold because of an interpreted syenite intrusive complex, contact zones with folded iron-tholeiitic mafic volcanics, folding and ironstone-bearing horizons. Aruma compares the setting with the Holt-Holloway gold camp northeast of Timmins, where gold mineralisation is associated with syenite dykes in mafic volcanic sequences. These are interpretations based on available datasets, and the announcement does not report any sampling or drilling results from the newly acquired claims.

Acquisition terms

Consideration consists of CDN$10,000 in cash on execution, CDN$25,000 worth of fully paid Aruma shares and CDN$34,000 in cash on or before 1 November 2026. The shares are priced on the 15-day volume-weighted average price two Business days before the agreement date and are subject to AAJ Shareholder approval. Aruma will also pay a 1.5% net smelter return royalty on all minerals extracted from the claims, and may buy back 0.5% of that royalty for CDN$500,000. The transaction has no conditions precedent and no milestone payments, and the claims are in good standing.

Drilling and exploration plans

Aruma's Phase 2 drilling of 3,600 metres at Tillex is ongoing. Initial assays confirm a continuous expansion 100 metres south-west of the existing high-grade copper zone, with further assay results pending. On the new claims, exploration is planned to begin in the following quarter and includes field reconnaissance and sampling, airborne magnetic surveys and EM surveys to define drill targets, followed by detailed mapping and drill testing of priority targets.

Company and capital structure

Aruma describes itself as a copper-focused exploration company whose core asset is the Tillex Copper-Silver Project in the Timmins district, with copper exploration Assets in the Mt Isa region of Queensland and multi-commodity projects in South Australia and Western Australia. The announcement lists Issued Capital of 837,633,459 shares, 281,005,078 listed options, 167,097,892 unlisted options and 135,540,500 performance rights.

The company presents the Acquisition as a logical further expansion of Tillex, which occupies a comparatively underexplored portion of the Timmins district, and as consistent with an objective of building a copper and gold exploration portfolio.