Atalaya Mining PLC on Tuesday said it has signed earn-in agreements to secure an initial 75% interest in two volcanogenic massive sulphide projects in Sweden.

The Spain-focused miner has entered agreements with Mineral Prospektering i Sverige AB for the Skellefte Belt and Rockliden projects, both situated in districts rich in significant VMS deposits.

Atalaya’s investment includes $3 million in exploration funding over 24 months for each project, with an option to invest an additional $9 million per site to reach a 75% stake.

Initial exploration will include electromagnetic surveys and drilling campaigns scheduled for early 2025, with MPS’s exploration team managing operations during the initial phases.

The Skellefte Belt project covers 224 square kilometres, making it the second-largest land package in the region. The Rockliden project spans 130 square km in a VMS-rich area.

Chief Executive Officer Alberto Lavandeira said: ‘Given Atalaya’s roots in the Iberian Pyrite Belt, one of the largest VMS districts globally, we are excited to participate in the exploration of two VMS districts including the world-class Skellefte Belt. Sweden has a long mining history, and we believe there is significant potential to make new discoveries by using modern exploration techniques.’

Atalaya shares were down 1.0% at 343.50 pence in London on Tuesday afternoon.

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