Peru

Located in the Moquegua and Puno Departments of southern Peru. The copper-silver project comprises of 27 mining concessions covering an area of around 200km2 and is prospective for multiple styles of copper mineralisation.

• Located approximately 17km east northeast of the San Gabriel Au-Cu-Ag Project, owned by Compania de Minas Buenaventura S.A.A. (“Buenaventura”), which hosts Reserves of 14.9 MT with 4.04 g/t Au and 6.43 g/t Ag, representing 1.94MOz Au; and resources: 24.86 MT with 2.10 g/t Au and 8.46 g/t Ag1.
• Prospective for epithermal, stratabound, polymetallic carbonate replacement (“CRD”) and porphyry style copper mineralisation with several untested significant surface geochemical and geophysical anomalies.
• Several drill‐ready targets identified in review of previous exploration data comprising geochemical sampling, geological mapping and IP/Resistivity surveys.

A maiden diamond drilling program commenced in October 2023, comprising of ~ 5,000m, designed to test four targets within the Effective Area:

Cobremani Target

Assay results have been received for drillhole 23PCMD0001 which include 1.3m @ 18.6 g/t Ag from 64.10m adding to the previous best result of 13m @ 2.81% Cu and 27.1g/t Ag from 2m (using a cut-off of 0.1% Cu).

Maricate Target

Drill-hole 23PMCD0001 was completed at the Maricate Target which was designed to test a surface geochemistry anomaly (channel sample of 17.6m @ 1.95% Cu). No significant copper mineralisation was observed with only trace to minor amounts of chalcopyrite noted.

Cumbre Coya Target

Three drillholes have been completed 23PCCD0001, 23PCCD0002, 24PCCD0004 with a fourth drillhole commenced. In addition, drillhole 24PCCD0003 was completed southwest of Cumbre Coya, around 420m southwest of 23PCCD0002.

Drilling at 23PCCD0001 intersected significant polymetallic mineralisation, results included 15.5m @ 0.72% Cu, 130g/t Ag 1.92% Pb and 0.16% Zn from 3.25m. The Company confirmed the mineralised structure extends over 170m in strike length and is open in all directions.

Significant assay results from 23PCCD0002 comprised of the following (using a 0.1% Cu cut-off):

• 3.15m @ 0.16% Cu and 1.6g/t Ag from 65.25m
• 2.85m @ 0.51% Cu and 4.4g/t Ag from 72.7m
• 0.75m @ 1.16% Cu and 7.3g/t Ag from 82.05
• 1.15m @ 2.30% Cu and 11.3g/t Ag from 91.35m

Fundicion Target

Two drillholes have been completed at the Fundicion Target, drillhole 23PFND0001 and 24PFND0002. Drillhole 23PFND001 intersected distal indicators of a potential porphyry system from around 250m, including sheeted quartz veins, intervals of phyllic alteration and significant pyrite mineralisation.

Drill-hole 24PFND0002 was designed to test part of the Induced Polarisation (IP) chargeability anomaly and is located around 500m north of the first drillhole 23PFND0001.