Aeternum Seeks Control of Cameroon Cobalt Project With $10M Investment

Aeternum plans to invest $10 million for a 50.1% controlling stake in American Renaissance Minerals. The deal depends largely on ARM securing a new mining permit for Cameroon’s Nkamouna cobalt-nickel-manganese deposit. Aeternum had just $702,809 in cash at end-June and says it will need additional capital to fund its projects. Aeternum plans to invest $10 million, or about CFA5.45 billion, in American Renaissance Minerals (ARM) for a controlling 50.1% stake, but the deal hinges largely on ARM securing a new mining permit for Cameroon’s Nkamouna cobalt, nickel and manganese deposit. The commitment appears in Aeternum’s half-year financial statements filed with the U.S. Securities and Exchange Commission on August 19, 2026. Under the agreement signed December 29, 2025, $9 million, or about CFA4.9 billion, would fund technical studies, metallurgical testing, engineering and facility design. The remaining $1 million, or about CFA545 million, would reimburse historical development expenses. Beyond the mining permit, closing the transaction is subject to several conditions, including potential U.S. government support or financing, satisfactory due diligence and certain legal opinions. Subject to specific provisions, the agreement can be terminated if the transaction is not completed by December 31, 2026. ARM in talks ...