ASX-listed New World Resources is well financed to continue to advance the Antler copper project towards initial production, the company reported on Wednesday, announcing an $11-million funding agreement with Trident Royalties.

New World entered into a binding agreement with Trident Royalties, whereby the UK-listed group will purchase a 30.9% net smelter return royalty on future metal production from Antler in northern Arizona.

The funding would enable New World to expand the Antler resource base, while also expediting development activities at the high-grade Antler project, without diluting shareholders, commented MD Mike Haynes.

“Trident’s royalty funding follows a competitive process. Trident has undertaken extensive due diligence on the project, so this represents another strong endorsement of New World’s expansion and development strategy to become a significant North American copper producer,” he said.

Antler is an advanced stage, high-grade copper-zinc polymetallic deposit with a mineral resource estimate of 11.4-million tonnes at 4.1% copper-equivalent for about 467 000 t of copper-equivalent.

An enhanced scoping study, published in May, highlighted strong project economics, with a pre-tax net present value, using a 7% discount of $835-million and a low capital expenditure of $252-million, delivering an internal rate of return of 40.2%.

Over a 13-year mine life, Antler will produce an average of 32 700 t of copper-equivalent.

A prefeasiblity study on the project is expected in the fourth quarter, with commencement of preconstruction development works targeted for the first quarter of 2025.

Mine development and surface infrastructure will be located on privately owned land, which is currently owned or controlled by New World, thereby streamlining the permitting process.