Skellefte Belt Project

Earn-in exploration project covering a land package in the Skellefte Belt, a well-established volcanogenic massive sulphide (VMS) district in Sweden hosting many large-scale VMS deposits and mines owned by Boliden AB. Pursuant to binding agreements entered into in November 2024 with Mineral Prospektering i Sverige AB (MPS), Atalaya may earn an initial 75% interest via a staged earn-in: initial funding commitment of US$3m over a 24-month period, Stage 1 option of an additional US$3m for 51% ownership, and Stage 2 option of US$6m plus completion of scoping studies for 75%. Atalaya has confirmed its election to proceed to Stage 1 Exploration Operations following fulfilment of its Minimum Expenditure commitments. Following a successful autumn 2025 drilling campaign, operations resumed in early January 2026 with three rigs on-site (split with the Rockliden Project); over 5,000 metres of drilling have been completed in 2026 to date, primarily focused on the Skellefte Belt Project. Ground-based FLEM geophysical surveys are targeting promising VTEM anomalies; several new targets are currently being tested at the Kedtrask nr 1 licence. Funding to MPS (combined across Skellefte Belt and Rockliden) was EUR 3.8m in 2025 (2024: EUR 1.2m); given early stage, costs are expensed rather than capitalised.