Hercules Metals Secures Major Expansion of Leviathan Copper Belt with Barrick Gold Deal in Idaho
Hercules Metals Expands Control Over Idaho’s Leviathan Copper Belt Through Strategic Deal with Barrick Gold
Canadian exploration company Hercules Metals has entered a strategic agreement with Barrick Gold to consolidate control over a 73-kilometer copper belt surrounding its flagship Leviathan discovery in Idaho.
Announced Monday, the deal grants Hercules the option to acquire the “Olympus” claims — over 29,950 hectares of unpatented mining ground — from Barrick’s U.S. subsidiary.
The acquisition would be made through staged payments totaling C$8 million over three years.
Hercules may fulfill these payments in cash or stock, subject to regulatory approval and restrictions on Barrick’s ownership, which cannot exceed 19.9%.
If Hercules fully exercises the option, its total land holdings will increase to more than 40,470 hectares, positioning the company as the dominant claim holder in what it describes as “America’s newest porphyry copper district.”
“Consolidating the 73-kilometer Olympus copper belt represents a once-in-a-lifetime opportunity for Hercules shareholders and underscores our team’s execution and vision,” said CEO Chris Paul in a statement.
“We are honored by Barrick’s confidence as we advance Leviathan alongside a significantly expanded district-scale exploration strategy.”
Paul highlighted that the Leviathan system exhibits “evidence of a rare and exceptional copper-silver enrichment event” likely linked to regional tectonic activity across the Olympus belt.
He described it as “one of the largest and most compelling new copper projects in the United States today.”
Under the terms of the agreement, Hercules will grant Barrick a 1% net smelter return royalty on the Olympus claims, with 0.75% of this royalty being repurchasable for $7.5 million. Hercules also retains the right to accelerate the option payments at any time.
Paul noted that the transaction comes amid significant changes in the U.S. mining sector, including streamlined permitting processes and a proposed 50% tariff on foreign copper imports.
“These developments, combined with rising copper prices and declining domestic reserves, position Hercules to deliver exceptional value for our shareholders going forward,” he added.
