Quiulacocha Tailings Reprocessing Project (El Metalurgista)

The Company's 100%-owned flagship project at the El Metalurgista mining concession in central Peru, granting the right to explore and exploit the Quiulacocha Tailings within its assigned area, with enforceability confirmed by Peru's General Mining Bureau. The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold approximately 75 million tonnes of material deposited from the 1920s to the 1990s. The tailings were generated from processing over 16 million tonnes of copper-silver-gold mineralization (historical mined grades up to 10% Cu, 4 g/t Au, over 300 g/t Ag) followed by more than 58 million tonnes of zinc-lead-silver material (average historical mined grades 7.41% Zn, 2.77% Pb, 90.33 g/t Ag). The surface-level nature of the material implies minimal mining cost and a circular-economy, low-impact reprocessing model that also addresses environmental remediation; critical-metal credits such as gallium add appeal. A May 28, 2024 land easement enabled the Phase 1 drilling and engineering program (sampling, geochemical and mineralogical studies, metallurgical testing, resource estimation and economic assessment); a formal NI 43-101 mineral resource estimate had not yet been completed as of this reporting period, and the historical tonnages and grades cited are historical in nature.