Patriot Lithium Limited (ASX: PAT) (“Patriot” or “the Company”) has secured an option to acquire a 90% interest in three large-scale exploration licences in Zambia’s copper-rich Mumbwa region. The licences span 450 km², giving Patriot one of the most significant land positions in the district.
This expansion aligns with the Company’s strategy to build a dominant footprint in Zambia’s copper sector. The new licences sit next to Patriot’s Kitumba Copper Project (27715-HQ-LEL) and Katwaro Copper Project (28424-HQ-SML). The Company now holds a total of 705km² in Mumbwa.
Figure 1: Map of Patriot’s licences in Mumbwa [in black polygons]
Key Licence Details
These new licences cover 45km of continuous strike along regional structures hosting high-grade copper mineralisation. Several historic artisanal copper mines exist within this tenure.
Exploration work at Katwaro 28424 previously delivered high-grade copper-gold assays. Patriot has identified parallel mineralised structures within the new licences, including another artisanal copper pit 5.2km from Katwaro.
Figure 2: Map showing Katwaro Copper Pit and additional pit 5.2km away
Strategic Location Near a Major Copper Producer
The Mumbwa region has hosted copper mining since 1897. It contains numerous high-grade copper deposits, making it one of Zambia’s most prospective copper belts. Patriot’s licences also neighbour the Sinomine Kitumba Copper Mine, which is under construction and expected to be the largest copper producer in Mumbwa. Sinomine’s project has a mineral reserve of 31.5Mt at 2.04% copper.
Over the weekend, Patriot’s Chairman, Mr Hugh Warner, and Chief Geologist, Mr Eugene Gotora, toured Sinomine’s Kitumba Copper Mine operations and met with their leadership team.
Figure 3: Glimpse from Patriot’s Chairman, Mr Hugh Warner, and Chief Geologist, Mr Eugene Gotora Sinomine’s Kitumba Copper Mine visit
Exploration Plans for Q2 2025
Patriot will fast-track the exploration of the new licences in the coming months. The Company’s key objectives include:
- Reviewing historical exploration data
- Conducting geological surface mapping and sampling
- Undertaking geochemical surveys
- Preparing for an RC drilling campaign targeting strike and depth extensions of historic copper pits
This aggressive approach aims to quickly identify high-priority drill targets within the expanded Mumbwa land package.
Option Agreement Terms
Patriot signed a binding option agreement with three Zambian companies:
- Mirkal Enterprises Limited
- CBR Worldwide Link Limited
- Chimban Investments Limited
The 12-month option period gives Patriot the right to acquire 90% of the three licences for:
- US$90,000 upfront
- US$250,000 cash payment if exercised within 6 months
- An extra US$25,000 per month if exercised after 6 months
Zambian Copper Projects
Patriot has signed option agreements for:
- Katwaro Copper Project 28424
- Kitumba Copper Project 27715
- Mirkal Copper Project 32052, 33587 & 33585
Market Trends for Copper
Global copper consumption is projected to grow by 3.6% in 2025. This expansion is driven by rising demand for renewable energy, electric vehicles, and infrastructure projects. While traditional sectors face economic uncertainties, the green energy transition is expected to support long-term demand.
Copper prices have shown a strong upward trend, gaining 4.35% over the past month and 17.76% year-on-year. The three-month performance stands at +11.10%, reflecting sustained market confidence. Over six months, copper prices have climbed 6.90%, highlighting resilience amid global economic shifts.
Copper remains a key investor focus despite supply constraints and increasing industrial demand. The market’s strength suggests a positive long-term outlook, particularly as electrification and sustainability initiatives accelerate.
Looking Ahead
Patriot is focused on accelerating exploration in Zambia. With a substantial land position in the country, Patriot is well-positioned for an exciting 2025ambia.
Investor’s Outlook
Patriot Lithium Limited (ASX: PAT) is making strategic moves in Zambia’s copper-rich Mumbwa region, securing key exploration licences that expand its footprint. With a last traded price of A$0.045, the Company is showing resilience in the market, up 2.27% over the past week.
The Company’s market capitalisation is A$5.56 million, with 126.42 million shares on issue. Despite fluctuations in the past year, Patriot’s latest acquisition signals a strong commitment to growth. The stock traded within a 52-week range of $0.030 to $0.115.
