• Early stages of a brand new high grade discovery at Lunahuasi
• Experienced, successful team backed by some of the most successful resource investors in the world
• Fully-funded with recently completed financing for C$85 million in August 2023
• Set to embark on the largest drill program in the company’s recent history at Lunahuasi
• Los Helados is a large-scale copper-gold project with a large defined mineral resource next to an operating mine

Q2 2023 OPERATING HIGHLIGHTS AND OUTLOOK

Lunahuasi Drill Campaign Makes Major New Discovery in Emerging Vicuña District

The Company’s first ever drill program at the Lunahuasi Project, located in San Juan Province, Argentina, completed 4,912 metres of diamond drilling and successfully identified a major new high-grade copper-gold-silver discovery in the Vicuña metals district. The 2023 campaign, which ran from January to May, drilled a portion of the Lunahuasi target that is comprised of a large swarm of quartz-sulphide veins carrying high values of copper, gold and silver, and is currently interpreted to be the outer halo of a yet to be discovered porphyry copper centre in close proximity. Following up on this potentially transformative discovery will be the key focus for the Company during the next field season.

A total of eight holes were completed during the 2023 campaign, comprised of two on the plateau that is the upper part of the system (DPDH001 and DPDH003) and six (DPDH002, DPDH004, DPDH005, DPDH006, DPDH007, DPDH008) in the valley, which is approximately 750 meters below the plateau. All six of the holes completed in the valley returned multiple high-grade vein intersections, highlighted by:

• DPDH002, which returned 60.0m at 7.52% copper equivalent (“CuEq”) from 212.0 metres and 10.0m at 7.08% CuEq from 574.0 metres;
• DPDH005, which returned 33.4m at 3.50% CuEq from 636.0 metres; and
• DPDH007, which returned 90.0m at 4.05% CuEq from 74.0 metres and 20.8m at 8.08% CuEq from 439.2 metres.

The grades and thickness of the mineralization observed within drill holes completed in the valley are positive indicators of the strength and potential of the system that is the source of these high-grade structures. The two plateau holes drilled distal alteration and appear to be on the periphery of the system.

Composited intervals from the 2023 drill campaign undertaken at Lunahuasi are summarized as follows:

¹ CuEq for drill intersections is calculated based on US$ 3.00/lb Cu, US$ 1,500/oz Au and US$ 18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).

Following the conclusion of the maiden drill campaign at Lunahuasi in May 2023 with the onset of winter in South America, the Company has been reviewing this season’s drill results, along with geophysical survey data gathered during the campaign, to develop a follow-up program which will commence early in the fourth quarter of 2023.

High-grade Zones at Los Helados Continue to Grow

In May 2023, the Company concluded its 2022-2023 drill campaign at Los Helados, located in Region III, Chile, which commenced in November 2022 to further define the geometry and size of the Fenix and Alicanto Zones, additional high-grade centres that were identified at Los Helados in early 2022. These zones are distinct from, and in addition to, the Condor Zone, the high-grade breccia phase at the core of the deposit, around which the Los Helados Mineral Resource estimate is centered.

Holes completed in the Fenix Zone have returned some of the highest grades ever encountered at Los Helados. Namely, LHDH081-2 intersected 343.8m at 0.90% CuEq, including 63.8m at 1.25% CuEq, LHDH081-3 intersected 234.0m at 0.90% CuEq, including 28.0m at 1.49% CuEq, and LHDH084 intersected 390.0m at 1.13% CuEq. These results demonstrate the potential for the Fenix Zone to develop into a significant new centre of mineralization for the deposit, and also illustrate the broader opportunity for new satellite zone discoveries to increase the Mineral Resource at Los Helados. Intersections from the recently drilled holes in the Fenix and Alicanto Zones have also returned notable molybdenum (Mo) grades, which significantly exceed the averages observed at the deposit to date.

Most of the new drilling into the Fenix and Alicanto Zones is outside of the current Los Helados Mineral Resource and both zones remain open to expansion in several directions.

All assay results from the successful 2022-2023 campaign have now been received and released. Summarized highlights include:

Fenix Zone

• LHDH081, which drilled across the Fenix Zone and returned 1,168.8m at 0.43% CuEq, successfully extending the zone 130m to the northwest.
• LHDH084 extended the Fenix Zone to the south and included some of the highest grades ever encountered at the Los Helados deposit to date.
• LHDH085 returned 568.0m at 0.53% CuEq, including 234m at 0.65% CuEq, and successfully extended the Fenix Zone towards the Condor Zone to the east.

Alicanto Zone

• LHDH083 and LHDH086 successfully extended the mineralization 90m east and 60m west of the discovery hole, LHDH078.
• LHDH086-1, a daughter hole of LHDH086, returned 678m at 0.53% CuEq and provided extension towards the east.
• LHDH086-2 returned 874m at 0.47% CuEq and confirmed extension of the Alicanto Zone at depth, beneath LHDH078.

Condor Zone

• LHDH079 and LHDH082 both provided extension and confirmation of continuity, with the former returning 1,215.2m at 0.43% CuEq, including 256.9m at 0.65% CuEq and 100.2m at 0.64% CuEq, and the latter intersecting 981.3m at 0.48% CuEq, including 826.0m at 0.73% CuEq within a broader intersection of 489.7m at 0.60% CuEq.

Composited drill hole intervals from the 2022-2023 Los Helados program are summarized as follows:

¹ CuEq for drill intersections is calculated based on US$ 3.50/lb Cu, US$ 1,700/oz Au and US$ 20/oz Ag, with metallurgical recoveries of 88% for copper, 76% for gold and 60% for silver based on a comprehensive program of metallurgical testwork. The formula is: CuEq % = Cu % + (0.6117 * Au g/t) + (0.0057 * Ag g/t). Molybdenum grades are not included in the CuEq calculation.

² Los Helados hosts large-scale porphyry and associated breccia mineralization and drilled lengths are interpreted to be approximate true widths.

In addition to drilling, the Company completed a comprehensive targeting exercise which used detailed geophysical surveys and geological mapping completed during the 2022-2023 field campaign to generate a number of new targets with signatures similar to those associated with the Condor, Fenix, and Alicanto Zones. Analysis of this season’s drill results and target generation work is now underway, which will guide the Company’s strategy at Los Helados moving forward.