Due diligence period extended on copper acquisition

Investment Memo: MAN 2022

Objective #1: Complete 12 week due diligence period and proceed with acquisition

This morning, our junior exploration investment Mandrake Resources (ASX: MAN) updated the market with respect to the progress being made with its new copper acquisition in Chile.

MAN first announced the acquisition of the “Delfin” copper project on the 25th of March this year and since then has been conducting due diligence on the project.

Today, MAN confirmed that it had secured a two month extension to its diligence period at no extra cost, taking the due diligence period end date to 24 August 2022.

MAN also confirmed that the due diligence extension would allow it to complete all of the required works that would ensure a clear pathway to commencing exploration activities as soon as the acquisition is completed.

We are looking forward to MAN completing the acquisition given that the project sits in one of the most copper rich regions on the planet. The world's biggest copper mine, operated by BHP/Rio Tinto and contributing ~5% of global copper production, sits only ~100km away from MAN’s project.

We covered the acquisition in detail in our last MAN note which you can read here: Cashed up MAN picks up high grade Chilean copper asset