Proyecto Riotinto East

Exploration project covering two investigation permits (Penas Blancas and Cerro Negro) totalling 10,016 hectares located immediately east of Proyecto Riotinto in Andalusia. Entered into via a December 2020 Memorandum of Understanding with a local private Spanish company to acquire a 100% beneficial interest in three permits (Penas Blancas, Cerro Negro and Los Herreros, totalling approximately 12,368 hectares); the Los Herreros investigation permit was rejected in June 2022 following a short drilling campaign. During 2025, gravimetric ground surveys and soil geochemistry works defined coincident gravity and geochemical targets at Cerro Negro and Penas Blancas. Drilling is expected to commence at both permits in the coming weeks.