Aldebaran Resources Inc.

Aldebaran Resources Inc. is a junior copper exploration company headquartered in Vancouver, Canada, operating primarily in South America. The company's portfolio consists of 2 projects, comprising 1 development and 1 suspended project, in addition to several early-stage exploration prospects. Key assets include Altar. The company's business model is centered on the acquisition, exploration, and evaluation of mineral properties, with a specific focus on advancing large-scale, moderate-grade porphyry systems. It was established in 2018 as a strategic spin-out from Regulus Resources Inc. to hold a specific portfolio of assets. The operational approach is distinguished by a sophisticated understanding of complex geology, including the differentiation of supergene and hypogene mineralization to optimize potential processing paths and mitigate deleterious elements. A key technological advantage is being pursued through a formal collaboration with Nuton LLC, a Rio Tinto venture, to evaluate the application of proprietary primary sulphide leaching technologies. This initiative aims to unlock value from mineralization types that may be challenging for conventional methods. The organization is led by a management team with a documented history of creating significant shareholder value, including the successful development and subsequent sale of a previous exploration company, Antares Minerals, to a major producer. This background provides a competitive edge in identifying and advancing large, technically complex deposits that are attractive to major mining companies.

Strategic priorities are focused on systematically de-risking and advancing the company's principal asset through a phased expenditure program. The immediate objective involves executing a second option agreement to increase ownership from 60% to 80% by funding an additional US$25 million in expenditures over a 3-year period. This work is designed to support the completion of an updated Mineral Resource Estimate, which is scheduled for H2-2024. This updated resource will serve as the foundation for the project's first preliminary economic assessment (PEA), targeted for completion in H1-2025. The de-risking strategy is comprehensive, encompassing extensive drilling campaigns alongside baseline environmental monitoring, geotechnical analysis, water and glacial studies, and advanced hyperspectral core characterization. Capital allocation is managed primarily through equity financing from strategic partners, as demonstrated by a significant 2023 private placement. This approach allows the company to fund its ambitious exploration and development programs while maintaining financial flexibility. The organization also actively evaluates its portfolio of earlier-stage projects for potential partnerships or joint ventures to unlock further value.

Executive leadership is composed of a core team—John E. Black (CEO), Dr. Kevin B. Heather (CGO), and Mark Wayne (CFO)—that also serves as management for Regulus Resources. This team possesses a proven and highly successful track record, having previously advanced the Haquira deposit through their company Antares Minerals, which was subsequently sold to First Quantum Minerals in 2010 for approximately C$650 million. This history demonstrates deep expertise in advancing large-scale projects from exploration to a value-realizing transaction. The governance framework includes a Board of Directors that adheres to recommended corporate governance guidelines for public companies, with an audit committee that meets quarterly with management to review financial, operating, and internal control matters. Key management personnel provide services through private companies, a structure that is fully disclosed in related party transactions. Management's alignment with shareholder interests is further evidenced by their direct participation in equity financings alongside institutional investors. This structure combines entrepreneurial drive and technical expertise with established governance practices.

The company's approach to sustainability is integrated into its project advancement strategy, with a focus on establishing baseline data and proactive management. Environmental stewardship initiatives include the implementation of comprehensive monitoring programs for environmental conditions, water resources, and glacial activity, which are essential for supporting future feasibility and permitting efforts. The technical team actively works to mitigate potential environmental challenges through geological modeling, such as identifying that a high percentage of arsenic is contained within a specific mineralization type that may be amenable to processing technologies where the element is not recovered. Social responsibility is demonstrated through a commitment to increasing community relations activities, highlighted by the establishment of a dedicated project information office in a local community to foster transparent communication. On the governance front, the company has adopted a formal anti-corruption policy and ensures compliance with relevant legislation, including the Canadian Extractive Sector Transparency Measures Act and the Corruption of Foreign Public Officials Act, to mitigate risks associated with its international operations.

The company was formed in 2018 through a Plan of Arrangement with Regulus Resources Inc., which spun out its portfolio of properties in a specific jurisdiction to create Aldebaran. The entity's primary asset is held through a joint venture with Stillwater Canada LLC, an indirect subsidiary of Sibanye-Stillwater; after fulfilling initial expenditure requirements to earn a 60% interest in 2023, the company is now proceeding with an option to acquire an additional 20% interest. In January 2024, a strategic collaboration agreement was established with Nuton LLC, a Rio Tinto Venture, to evaluate the use of proprietary leaching technologies. The corporate structure is supported by significant strategic investors, including South32 Limited and Route One Investment Company LLC, which were major participants in a non-brokered private placement that closed in September 2023. Additionally, the company has engaged in portfolio optimization by optioning its 100% owned El Camino II claim to NOA Lithium Brines S.A., a subsidiary of NOA Lithium Brines Inc., under an agreement that includes cash payments and a retained royalty.