Details of the New Santa Monica Copper Project

The flagship asset of the Resulting Issuer will be the Santa Monica Copper Project (“Santa Monica”), a3,490-hectare land package in Chile’s prolific Tres Puntas Mining District (the “Project”). The Project hosts three past-producing small-scale copper mines including the Santa Monica Copper Mine, with historical resources and exploration targets forming the basis of the Company’s exploration plans for the remainder of the year and into 2026 (See Press Release dated October 16, 2024).

The Santa Monica is supported by a 5,000 tonne per month Small Miner’s Permit, allowing for near-term copper production and the opportunity to sell copper oxide material to state-owned ENAMI, who’s oxide plant is <10 km from the Santa Monica Mine and most of the Project. Santa Monica also benefits from a permitted sulphide flotation plant and tailings site, providing a clear pathway to increased future production.

Located just 170 km north of Antofagasta and less than 12 direct kilometres from the port City of Tocopilla, Santa Monica enjoys excellent infrastructure, road and port access, and a mining-friendly jurisdiction inChile, the world’s leading copper producer. In addition to near-term restart potential, the Project offerssignificant exploration and consolidation upside, with untested oxide and sulphide zones at Santa Monica,Condor, and Katherine, and the ability to leverage its permitted processing site as a future regional hubfor the treatment of copper sulphide minerals.