Ameerex Advances North American Resource Program and Ameerex-Patagonia Lithium JV
Rhea-AI Summary
Ameerex (OTCID:HIRU) updated investors on its North American resource program and its Ameerex‑Patagonia lithium joint venture. Two North American projects – the Corcoran silver‑gold project and a Canadian oilfield business – are being funded with USD 10,000,000 in private capital from Qatar-based entities linked to the Chairman and major shareholders, with Ameerex holding contractual rights to share in future economics and no current public‑market financing or dilution.
The projects are expected to be integrated into Ameerex after completion of an ongoing audit that will produce updated financial statements. The Board is also evaluating a potential share buyback program, subject to audit completion. Ameerex highlighted its lithium JV with Patagonia Lithium (ASX:PL3), which is based on PL3’s Formentera/Cilon project in Argentina, where PL3 has reported an LCE resource of about 551,400 tonnes. Ameerex is also working with Panopus Pte on technical planning.
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Positive
- USD 10,000,000 private capital committed for North American projects, with no public-market financing or dilution
- North American assets expected to be integrated into Ameerex after audit completion, with contractual rights to future project economics
- Board evaluating a potential share buyback program following completion of the audit
- Exposure to Patagonia Lithium JV with reported 551,400 tonnes LCE resource at Formentera/Cilon
- Collaboration with Panopus Pte on geological evaluation and technical planning for North American program
Negative
- Audit still in progress, delaying full integration of North American projects and any potential share buyback
- Ongoing AFCU-related legal proceedings, with Ameerex retaining new counsel and pursuing formal responses
ATLANTA, GA / ACCESS Newswire / July 13, 2026 / Ameerex Corporation, also known as HIRU Corporation (OTCID:HIRU), today provided an update on its North American resource program, including the Corcoran silver-gold project and its Canadian oilfield interests, alongside continued progress on the Ameerex-Patagonia lithium joint venture.
North American Program
Ameerex is advancing two North American projects: the Corcoran silver-gold project and a Canadian oilfield business.
These projects will be acquired and held by Qatar-based investment entities linked to the Company's Chairman and other major shareholders. These entities provide the funding and hold the assets for now. Ameerex holds contractual rights to share in the projects' future economics.
The program is backed by USD 10,000,000 in private capital committed by the Chairman and other major shareholders. This funding covers project review, closing costs, and transaction execution.
The projects are expected to be integrated into Ameerex at a later stage, after completion of the audit. Definitive documentation and transaction milestones will be announced as they are completed.
The acquisition documentation for both projects will follow the Company's new acquisition structure plan, consistent with the terms to be confirmed by the sellers.
This structure allows technical review, permitting, and deal execution to proceed using private shareholder capital - with no public-market financing and no dilution for Ameerex shareholders.
The Chairman has previously contributed substantial assets to Ameerex, including the Balfour copper-cobalt project in Australia, which has been the subject of prior technical evaluation and disclosure. He is committed to ensuring future assets are integrated under a structure that properly reflects their value. The acquisition structure, the audit, and the shareholder value plan all serve that objective.
Ongoing Audit
The Company's audit is in progress and is expected to result in updated financial statements. A target completion timeline will be communicated as part of the Company's ongoing disclosure updates. The Company will provide further guidance on integration of the North American projects once the audit is complete.
Legal Matters
Ameerex has retained new legal counsel in connection with the previously disclosed AFCU matter and is pursuing formal responses and further legal proceedings, as outlined in the Company's prior release. Additional detail will be provided as the matter progresses.
Shareholder Value Plan
The Company's Board is evaluating a potential share buyback program. If authorized, it would be implemented following completion of the audit and in compliance with applicable securities regulations. Further details on program timing will be announced in due course.
Ameerex-Patagonia JV
The Ameerex-Patagonia lithium joint venture (ASX:PL3), disclosed via ASX announcement on January 9, 2026, is focused on Ameerex's participation in Patagonia Lithium's ("PL3") development pipeline, including an updated JORC Mineral Resource Estimate, a Scoping Study, and a Bankable Feasibility Study supporting a proposed 1,000-tonne lithium carbonate demonstration plant at the Formentera project in Jama, Argentina. Ameerex and PL3 are in discussions regarding funding participation in the demonstration plant and potential involvement in PL3's rare earth assets in Brazil.
PL3 recently reported drilling results at Cilon Lithium Well 8 in Argentina, including 116 metres drilled, a successful first packer test, and favorable brine indicators.
PL3 has reported a lithium carbonate equivalent (LCE) resource estimate of approximately 551,400 tonnes at the Formentera/Cilon project. For illustrative purposes only, PL3 has noted that each 100,000 tonnes of LCE corresponds to approximately USD 2.4 billion in gross contained commodity value at a lithium carbonate price of USD 24,000 per tonne - a figure that does not account for recovery rates, development costs, taxes, royalties, permitting, financing, or project-level discounting, and should not be relied upon as an estimate of project value.
This JV is separate from Ameerex's directly held Balfour copper-cobalt project in Australia.
Technical Advisory
Ameerex is working with Panopus Pte Ltd, a Singapore-based exploration consultancy, on geological evaluation and technical planning for the North American program.
About Ameerex Corporation
Ameerex Corporation (OTCID:HIRU) is a U.S.-based public company focused on acquiring and developing natural resource and energy assets, including precious metals, critical minerals, and oil and gas interests.
Forward-Looking Statements
This release contains forward-looking statements regarding Ameerex's North American resource program, acquisition structure, audit process, potential share buyback, legal proceedings, and the Ameerex-Patagonia JV. These statements are subject to risks and uncertainties, including completion of definitive agreements, regulatory and Board approvals, audit outcomes, and market conditions. Actual results may differ materially. References to resource values and commodity pricing are illustrative only and are not intended as an estimate of project or Company value. Ameerex undertakes no obligation to update these statements except as required by law.
Investor Relations
Ameerex Corporation - Doha, Qatar
3379 Peachtree Road NE, Suite 700
Atlanta, GA 30326
Email: info@ameerex.com
Phone: +1 775-312-2773
Corporate Communications
https://x.com/thehirucorp
OTC Markets
https://www.otcmarkets.com/stock/HIRU
SOURCE: Ameerex Corp
View the original press release on ACCESS Newswire