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The two companies signed a letter of intent for the earn-in, which was in line with Altus' strategy of making and monetising discoveries in Africa, while building a valuable portfolio of royalty interests, CEO Steven Poulton said.
The earn-in will give Raptor access to two copper (Agdz and Zaer) and two zinc (Ammas and Takzim) projects in return for an upfront initial cash payment, equity in Raptor and a net smelter royalty on the four projects.
Altus will remain the operator of the projects during the initial earn-in period.
Poulton said the deal would be its third with an Australian Stock Exchange-listed company, as Raptor intended to list on the ASX on December 31.
The other deals include a gold exploration joint venture with Resolute Mining in southern Mali and a bauxite explorations JV with Canyon Resources in Cameroon.
Altus' shares dropped 11.11% Tuesday to 4p (US5.1c).
