Aeternum Targets Control of Cameroon’s Nkamouna Cobalt Project With Conditional $10 Million 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 with Cameroon

In an August 7 statement, Aeternum said ARM is working with Cameroon’s ministry responsible for mines and the National Mining Corporation (Sonamines) to secure a new permit “free and clear of any prior encumbrances.” Cameroonian authorities, however, have not announced any new permit award.

Nkamouna’s previous mining permit, held by Geovic Cameroon since 2003, was withdrawn by presidential decree on February 12, 2025. The area was subsequently returned to Sonamines.

Also on August 7, Aeternum acquired an option from Manaslu LLC that would allow it to take control of ARM. Contract documents filed with the SEC put the stake at 50.1%, compared with 51% in the statement issued the same day.

In exchange for the option, Aeternum must issue Manaslu 50 million common shares and 2 million Series B preferred shares, each carrying voting power equivalent to 40 common shares. The option therefore does not mean Aeternum already controls ARM.

Financing capacity still needs to be strengthened

Aeternum’s ability to finance its commitment remains another key issue. At the end of June 2026, the company had only $702,809 in cash, or less than CFA400 million.

In its financial statements, Aeternum acknowledges that its projects, including the proposed ARM investment, will require additional capital. It also reports uncertainty over its ability to continue normal operations without securing new funding.

The proposed investment is also modest compared with the project’s historical capital requirements. An earlier feasibility study estimated initial investment at $617 million, or about CFA336 billion at the August 19, 2026 exchange rate. That estimate is old, however, and Sonamines has specifically called for the feasibility study to be updated.

Sonamines still looking for a partner

On August 18, 2026, 11 days after Aeternum’s announcement, Sonamines declared unsuccessful the international process it launched in January to select technical and financial partners for Nkamouna. None of the bids met the selection criteria.

The state-owned mining company said it is now open to negotiations with investors that have the required technical and financial capabilities. Sonamines did not disclose the bidders, so there is no basis to conclude that ARM or Aeternum participated in the process or was rejected.

The terms of reference required a prospective partner to demonstrate its financing capacity, reassess the deposit’s resources, and update both the feasibility study and the environmental and social impact assessment.

ARM already has access to some of the project’s historical data. According to Aeternum, an agreement reached with Geovic Ltd in January 2026 gives ARM access to the geological database, feasibility studies, metallurgical tests, and previous environmental and social work.

Aeternum also says Geovic Ltd has waived its claims over Nkamouna. Geovic Cameroon, however, had challenged the withdrawal of its mining permit. Available public information does not establish whether that dispute has since been definitively resolved.

Mineral resources still need to be updated

Aeternum cites a historical estimate of 323 million tons with average grades of 0.21% cobalt, 0.61% nickel and 1.26% manganese. The company notes that the estimate has not been verified under current U.S. standards.

Sonamines uses different classifications, citing more than 100 million tons of proven and probable reserves at Nkamouna-Mada and about 226 million tons of in-situ resources across five sites. Because the figures use different areas and classification systems, they are not directly comparable.

If ARM secures the mining title, Aeternum plans to install a concentrator to produce cobalt, nickel and manganese concentrate locally for export.

The transaction now depends primarily on ARM obtaining the mining permit and Aeternum securing the financing needed to meet its commitment, while the project’s overall capital requirements still need to be reassessed.

Amina Malloum