Altar

Cluster of large Miocene porphyry copper-gold deposits ~10 km from the Chile-Argentina border and ~180 km west of the city of San Juan, with mineralization in five zones (Altar East, Altar Central, Altar North, QDM-Radio Porphyry ~3 km west, and the recently discovered Altar United). Held 80% by Aldebaran / 20% Sibanye-Stillwater through Peregrine following completion of the Altar JV earn-in (US$15M cash, 19.9% equity, US$55M funding); Nuton (Rio Tinto) terminated its US$250M option in November 2025 after paying US$30M. The October 2025 PEA (SRK, effective September 1, 2025) outlines a 60,000 tpd flotation concentrator fed by an open pit (223 Mt @ 0.44% Cu) and underground block caves (768 Mt @ 0.50% Cu) over a 48-year life; first-20-year output averages 121,445 t CuEq/yr at C1 $1.71/lb. Updated MRE due Q2/Q3-2026, PFS targeted Q4-2026/Q1-2027, RIGI application planned; mineralization remains open in several directions.