ASX-listed Helix Resources is expanding beyond its core Australian operations with the acquisition of the White Hills copper/gold project in Arizona, marking its first foray into the US exploration sector.

The explorer on Friday announced that it had entered into binding agreements to acquire White Hills Exploration and Centric Minerals Management (USA), securing a strategic portfolio of copper/gold tenements in northern Arizona. The company had been in exclusive negotiations with the vendors since February.

Helix’s executive chairperson, Mike Povey, said the company aimed to accelerate the evaluation of White Hills, leveraging the expertise of the vendors - two geologists with extensive experience in the western US.

“Our intention is to move as quickly as possible in our evaluation of White Hills, and the vendors will be of great help in our exploration efforts,” Povey said.

Under the acquisition terms, Helix will assume full ownership of White Hills Exploration, which holds two state leases in northern Arizona, and Centric Minerals, which has a farm-in agreement for five mining sublease claims owned by Newmont. Centric must invest $500 000 by January 5, 2026, to secure full ownership of the sublease claims.

To complete the acquisition, Helix will pay A$100 000, including A$40 000 already provided as an exclusivity fee and A$60 000 upon signing the binding agreements. It will pay an additional A$100 000 following the execution of formal agreements and a capital raising of at least A$1-million. The company will also issue A$1.3-million worth of Helix shares within 30 days of completing the farm-in obligations under the Newmont agreement.

Newmont retains a production royalty of 2.5% net smelter return on the sublease claims. Further, if Helix delivers a positive feasibility study, it will pay Newmont $500 000. If the project advances to a prefeasibility study, Newmont has the right to buy back into the project, forming a 51:49 joint venture by reimbursing Helix 1.5 times its exploration expenditure to that point.

Helix has historically focused on copper exploration in the Cobar region of New South Wales, Australia.