The Company was incorporated as Zeus Uranium Limited on 6 October 2009 for the primary purpose of identifying and acquiring uranium exploration projects in Australia.
Following the severe downturn in the prospects for uranium exploration companies in the wake of the Fukushima disaster in March 2011, Zeus sought a cornerstone investment from a credentialed partner with matching interests and the Company was renamed Zeus Resources Limited (Zeus), retaining its uranium exploration portfolio but within a broader commodity outlook.
Zeus secured a credentialed cornerstone investor and strategic partner in Zhengyuan International Mining Co. Ltd (ZIMC); a wholly owned subsidiary of the Chinese State- Owned Enterprise (SOE) China Metallurgical Geological Bureau (CMGB).
CMGB is a major Chinese SOE focused on multi-commodity mineral exploration, development and mining. In 2011 CMGB had more than 32,000 employees and assets worth more than $1.5 billion.
A Cornerstone Subscription Investment Agreement (Cornerstone Agreement) was signed between the Company and ZIMC on 16 July 2012. The Cornerstone Agreement provides for subscription by ZIMC for 57,650,000 Zeus shares at $0.20 per share. Post IPO ZIMC will hold 32% of the shares in Zeus. Zeus has agreed to pay ZIMC a fee of $1,530,000 on ZIMC subscribing for the shares as a placement fee, resulting in net proceeds of $10,000,000.
The Company’s initial exploration focus will be on a portfolio of uranium exploration projects in Western Australia. However, it will also undertake an active project generation and acquisition programme across a range of commodities, principally uranium, copper and gold, throughout Australia.
The Board and Management of Zeus have a broad range of corporate, financial, technical and strategic expertise, and extensive experience in the mineral exploration industry. Zeus’ Exploration Team members have a good track-record in uranium exploration and uranium project management in Australia and beyond.