Circuit Resources Limited entered into a binding heads of agreement to acquire Peruvian Assets of Inca Minerals Limited from Inca Minerals Limited (ASX:ICG) for $2 on May 10, 2024. The consideration being paid by Circuit is a dollar for each Peruvian company in total $2 and the completion of the sale of the assets is dependent on the satisfaction of certain conditions precedent including a process of due diligence to the absolute satisfaction of Circuit. The Company will sign a Royalty agreement as part of the conditions precedent.

The terms of the Royalty agreement are a 2% net smelter royalty on production on any of the tenements which gives Inca exposure in the future even after the sale of the assets. The Company will also sign a Share Purchase Agreement to more fully document the terms of the acquisition which will be consistent with the Heads of Agreement. Completion will occur five business days after the satisfaction (or waver) of the conditions precent or such other date as agreed between the parties.

The transaction is expected to close in within 1 month from the execution of Heads of Agreement.