Proyecto Masa Valverde

Polymetallic project comprising the Masa Valverde and Majadales deposits located in Huelva, Spain, in the Iberian Pyrite Belt. Acquired on 21 October 2020 through a definitive purchase agreement for 100% of Cambridge Mineria Espana, S.L. (since renamed Atalaya Masa Valverde, S.L.U.) for an aggregate EUR 1.4m cash consideration in two instalments (EUR 0.7m paid in January 2024 on permit grant; balance due on first production). The exploitation permit for Masa Valverde and Majadales was officially granted in November 2023, and the Unified Environmental Authorisation (AAU) has also been granted - both key permits required for development. During 2025 infill and extensional drilling continued with two rigs active and further geotechnical drilling completed, focused on stockwork-style mineralisation expected to be amenable for processing at existing Riotinto facilities. Initial focus on copper zones. Development of the access ramp is subject to final Board approval. Further infill drilling planned for 2026.