Hispania Resources Inc. has reached an agreement with Calveron Metal Resources LDA allowing the Portuguese company to acquire up to a 100% interest in the Lumbrales property in Castille, Spain, through a phased joint venture structure.

Under the agreed terms, Calveron can earn a 25% interest in the project by incurring not less than 400,000 Euros in expenditures between September 15, 2026, and September 1, 2027, and issuing 200,000 Euros worth of shares to Hispania. The initial phase includes a requirement to spend at least 150,000 Euros before October 10, 2026, and 50,000 Euros before October 31, 2026.

Subsequent phases allow Calveron to increase its stake to 50% by spending an additional 500,000 Euros and issuing 350,000 Euros in shares between September 2027 and September 2028. A final expenditure of 1,000,000 Euros and a 450,000 Euro share issuance between September 2028 and September 2029 will bring Calveron’s interest to 75%.

Upon reaching the 75% threshold, Calveron holds a three-year option to acquire the remaining 25% interest from Hispania for 1,000,000 Euros. Hispania will also retain a 1.5% net smelter royalty on all minerals and metals produced from the project, which Calveron can extinguish for 2,500,000 Euros.

The transaction values potential total payments to Hispania between 2,000,000 Euros and 4,500,000 Euros including the royalty. This compares to approximately 450,000 Euros previously spent by Hispania on the property, which includes completing a maiden drilling program at the past-producing Mari Tere mine in May 2026 that intersected cassiterite mineralization over 5.45 metres.

"This transaction goes to our belief that with our pedigree and experience in Spain, including finding and selling Iberian Minerals Corp. to Trafigura, we have the ability to identify and develop base metals assets in Spain and transact on these assets. The Lumbrales transaction is our first in Hispania and we are keen to continue to identify and develop assets in country, including our wholly owned Puebla de la Reina and Otero assets"

— Norman Brewster, Chief Executive Officer

The agreement follows two and a half years of site work, local stakeholder engagement, and due diligence by both parties, positioning the project for further development alongside regional activity in the Stanniferous Iberian Belt.

Read the full announcement: Hispania Resources Announces Transaction at Lumbrales Property