The deal, which requires shareholder approval, would see New Century managing director Patrick Walta and chairman Evan Cranston, businessman John Carr and their partners in Century Bull control around one-third of New Century.
Carr, Cranston and Walta each control 25% of Century Bull.
The move to 100% ownership by Century Zinc will see the issue of 126 million shares escrowed for 12 months and 35 million A42c options in return for the transfer of the 30% stake that New Century does not control.
The options, if triggered in the next three years, would see a $47.5 million cash injection into the company.
The deal will end July’s earn-in agreement between the two, including the requirement for New Century to commit $10 million to earn its 70% stake.