Australian mining company South32 has signed a subscription agreement to invest $29.16m in Canadian copper explorer American Eagle Gold, which is focused on the Nakinilerak (NAK) project in British Columbia.

The investment will see South32 acquiring a 19.9% stake in American Eagle Gold, with the funds earmarked for further drilling at the NAK project, building on the 2024 drill programme.

The 2024 drill programme revealed additional high-grade zones and increased the project’s scale.