Aeternum (OTC: AETN) said Monday it entered into an agreement to acquire all outstanding membership interests in American Renaissance Minerals LLC, which holds the Nkamouna Cobalt-Nickel-Manganese Project in Cameroon.
The transaction replaces a joint venture arrangement announced Aug. 7, 2026, under which Aeternum held an option to acquire a 51% stake. The company said it now intends to build the mine on its own.
"We are taking full ownership because we intend to build this mine, and to build it quickly," CEO Josua Oosthuizen said.
Aeternum will issue up to 133,333,333 shares of common stock, or pre-funded warrants if required, payable in stages against project milestones. The share count is stated prior to the company's previously announced 1-for-20 reverse stock split.
The deal is expected to close in the fourth quarter of 2026.
American Renaissance Minerals is working with the Government of Cameroon toward the award of a new mining permit for the project. A prior permit, held by a previous operator, ran from 2003 until it was withdrawn in February 2025.
If a new permit is granted, development will follow Cameroon's Mining Code, enacted in December 2023, which includes a 10% free-carried interest for the state. The project plan includes a concentrator at the mine site to produce an exportable concentrate.
The project comes amid U.S. efforts to secure critical mineral supply chains. The United States imports approximately three-quarters of its cobalt consumption and is almost wholly reliant on imports for its nickel supply, excluding recycled material. Both cobalt and nickel are designated as critical minerals by the U.S. government.
