Cactus Project

Combined open-pit and underground copper porphyry complex comprising the Cactus West, Cactus East, and Parks/Salyer deposits, plus a historic stockpile. Located approximately 3 miles northwest of Casa Grande, Arizona, accessed via a paved road off the West Maricopa-Casa Grande Highway, with grid power supplied by NV Energy and water from on-site wells. Property covers 7,843 acres of private fee simple land and state exploration permits, assembled through multiple acquisitions since 2020 including the historic ASARCO Sacaton mine site. Hosts Laramide-age porphyry copper mineralization with significant supergene enrichment chalcocite blankets. Originally operated by ASARCO from 1974 to 1984; acquired by the current operator in July 2020. 2025 PFS outlines a 28 Mtpa heap leach and SX-EW operation over a 20-year LOM producing 198 Mlb Cu/yr at C1 cash costs of US$1.34/lb, with initial capex of US$977M and after-tax NPV8% of US$2.3B. First cathode production targeted for H2 2029. Flagship Arizona copper asset.