TSX-V-listed Vizsla Copper has completed the acquisition of Constantine Metal Resources (CMR), becoming the 100% owner of the Palmer volcanogenic massive sulphide (VMS) project in Alaska, and has closed a C$44.24-million private placement to advance work in 2026.

The transaction, first announced in mid-November, transfers full ownership of the advanced-stage critical minerals project to Vizsla Copper. The Palmer project hosts indicated resources of 4.77-million tonnes at 3.5% copper equivalent and inferred resources of 12-million tonnes at 3.1% copper equivalent across two main deposits.

“With the transaction and upsized financing now officially closed, the team can focus on a busy 2026,” said Vizsla Copper chairperson and CEO Craig Parry. “Palmer is a rare high-grade copper asset in a strategic location, with strong expansion and exploration potential, backed by existing resources. We reiterate that Palmer is the right asset at the right time, given North America's hunger for critical minerals.”

Parry said the company would begin 2026 with a major winter drilling campaign at Poplar to expand the Thira discovery, followed by a large summer programme at Palmer. “This is a transformational moment for Vizsla Copper,” he added.

The company noted that more than $116-million had been invested into Palmer to date, with road access and all state and federal permits in place for near-term advancement.

In a separate announcement, American Pacific Mining confirmed it had closed the sale of the Palmer project to Vizsla Copper under an amended and restated share purchase agreement. Vizsla acquired all CMR shares for 13 888 888 Vizsla Copper shares valued at $15-million, plus milestone payments of up to $15-million tied to future resource growth and commercial production.

Under the terms, Vizsla will pay American Pacific $5-million upon publishing an updated National Instrument 43-101 resource estimate demonstrating at least 22-million tonnes of mineralised material, and a further $10-million upon the start of commercial production.

As a result of the transaction, American Pacific now holds 15.8% of Vizsla Copper’s issued shares.

“We are confident that the Vizsla Copper team will successfully advance Palmer and create meaningful value for all shareholders, including American Pacific shareholders, through our significant equity ownership and milestone payments that provide exposure to further exploration success at the project,” said American Pacific CEO Warwick Smith.

With the sale complete, American Pacific said it would shift its focus to securing additional transactions across its portfolio and to advancing its high-grade Madison copper/gold project in Montana.