Ferrous Technology Mineração Limitada agreed to acquire Curionopolis Iron Project from Lara Exploration Ltd. (TSXV:LRA) for approximately BRL 10.3 million on May 22, 2024. The deal value consists of BRL 6.85 million which will be paid at closing (BRL 1.5 million of which is advanced royalties). The remaining BRL 3 million will be paid upon publication of the transfer of the license into the name of Ferrous Technology Mineração Limitada.

Lara will also be entitled to a 3% gross sales royalty on any production, with minimum advance royalties of BRL 0.8 million payable from year three.