Arc had signed a confidentiality and six-month exclusivity agreement with a subsidiary of Anglo American in July over its majority-owned Zamsort and Zaco copper licences in Zambia.

Under the agreement, Arc was continuing drilling while Anglo American conducted a technical review, which could result in an extension of the exclusivity and the negotiation of a commercial transaction.  

The former Anglo American executive told Junior Indaba last week the company had reported "phenomenal results" from drilling at the former Anglo American assets, including 18m at 2.35% copper and 39m at 1.47%, which was generating further interest.

"Our game plan is to really exploit as many of these targets that we've identified to make it attractive to potential suitors," von Schirnding said.

"Because of the exclusivity with Anglo, we are not able or, in fact, desirous to enter into discussions with any other group, but I can say that we have had further follow-up approaches by two major miners, which obviously we are not able progress at this stage.

"We'll have to see what Anglo decide to do … but we're in a very good place, we're in a very sweet spot, with a lot of interest."

He described the junior as operating "in the right postcode", saying the western part of Zambia's copper belt accounted for more than 80% of the country's copper production, thanks to Barrick Gold's Lumwana and First Quantum Minerals' Sentinel and Kansanshi mines.

He said exploration was "a tough game" but the company was fortunate to have good backers.

It also appointed Access Bank Zambia chairman Caleb Mulenga as non-executive director in October.

The company had reported a loss on continuing operations after taxation of £2.9 million for the year to March 31, but noted it had not included in its accounts up to US$53 million from potential royalties relating to the sale of two gold projects.

Arc shares (AIM: ARCM) have risen from 1.27p in March to 4.8p recently.

They last closed at 3.4p to capitalise it at £33.3 million (US$44 million).