Proyecto Ossa Morena

Exploration portfolio located along the Ossa-Morena Metallogenic Belt in southwest Spain. Acquired in December 2021 via a 51% interest in Rio Narcea Nickel, S.L. (renamed Atalaya Ossa Morena, S.L.U. on 31 January 2022), which owned 9 investigation permits; the acquisition also provided a 100% interest in three further permits along the same belt. In Q3 2022, Atalaya increased its ownership to 99.9% via a capital increase to fund exploration; during 2022 eight investigation permits were rejected. The portfolio includes the Alconchel-Pallares copper-gold project (step-out drilling underway in 2025; three holes completed in Q3 2025) and the Guijarro-Chaparral gold-copper project (drilling expected to commence shortly). Total cash consideration of EUR 2.5m payable in three instalments (EUR 0.5m paid on signature; EUR 1.0m on Environmental Impact Statement; EUR 1.0m on final mining permits) plus a 1% NSR royalty over all acquired permits.