CHARLOTTE, N.C. and LUSAKA, Zambia, June 20, 2025 (GLOBE NEWSWIRE) -- Terra Metals Limited, a Zambian-owned mining company, today announced the formation of a landmark joint venture with U.S.-based Metalex Commodities Inc. to develop and operate the Mwinilunga Copper Mine in Zambia’s North-Western Province. The new entity, Lunda Resources, was formally launched during a signing ceremony held at the U.S. Embassy in Lusaka, witnessed by U.S. Ambassador Michael Gonzales.

Lunda Resources has already invested ZMW 270 million in initial project development and plans to commit a total of ZMW 2.7 billion toward the mine’s full build-out, including copper ore processing systems. The operation is expected to process up to 2 million metric tons of ore annually, producing approximately 100,000 metric tons of copper concentrates, copper cement, and cobalt precipitate.

"This partnership with Metalex is a milestone for our company and for Zambia’s mining future,” said Mumena Mushinge, Chairman of Terra Metals. “It gives us the resources and international reach to scale responsibly, generate local jobs, and increase Zambia’s share in the global energy supply chain.”

The joint venture is poised to make a significant social and economic impact:

• 130 Zambians already employed, with plans to create 400 additional jobs
• Integration of up to 1,000 artisanal miners into the supply chain with fair purchasing practices
• A 10-megawatt solar power and storage facility designed to reduce emissions and fuel usage
• Over ZMW 4.6 million invested in water and sanitation projects, benefiting more than 3,000 people
• A commitment to invest ZMW 27 million annually in community development through 2030, in collaboration with Chief Sailunga Ikundu and Chief Ntambu

“This is more than an investment – it’s a strategic alliance built on shared values of sustainability, innovation, and local empowerment,” said Ayo Sopitan, CEO of Metalex. “Through Lunda Resources, we aim to deliver low-emission, high-impact metals to global markets, while driving inclusive growth in Zambia.”

U.S. Ambassador Gonzales highlighted the project as a model for responsible international collaboration:

“This partnership reflects the United States’ commitment to strengthening commercial ties with Zambia, supporting responsible investment in critical minerals. It is a strong example of the kind of private-sector leadership we encourage and celebrate.”

With global demand for critical minerals—such as copper and cobalt—on the rise, Lunda Resources represents a new benchmark for sustainable, high-impact mining partnerships between Zambia and the United States.

About Terra Metals
Terra Metals Limited is a Zambian-owned exploration and mining company focused on the environmentally and socially sustainable development of critical minerals across Africa for delivery to U.S. and allied markets.

About Metalex Commodities Inc.
Metalex Commodities is a U.S.-based metals company committed to delivering carbon- neutral critical metals from Africa to the global market.

MEDIA CONTACTS:
Terra Metals Inc.
Email: IR@terrametalsinc.com 
Phone: +1 (980) 349-3883
Website: www.terrametalsinc.com

Zambian Mines Minister Paul Kabuswe and US Ambassador to Zambia Michael Gonzales During the Signing Ceremony of the $100M Terra Metals - Metalex Agreement

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/428f002d-bbec-4acc-8a95-5093f8b4f1aa

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8e8b82a6-179b-4e6a-bfda-4dde4e292630