• Ground floor opportunity in a brand new Lundin exploration vehicle
• Experienced, successful team backed by some of the most successful resource investors in the world
• Strong network to source new opportunities
• Los Helados - Exposure to rising copper and gold prices through ownership of a strategic resource in an operating mining district
• Exciting exploration target at Potro Cliffs
• Active drill program underway
• Experienced, successful team backed by some of the most successful resource investors in the world
• Los Helados - Exposure to rising copper and gold prices through ownership of a strategic resource in an operating mining district

Q1 2023 OPERATING HIGHLIGHTS AND OUTLOOK

Initial Drill Program at Potro Cliffs Delivers High-grade Discovery

In January 2023, the Company initiated its maiden drill program at Potro Cliffs in San Juan Province, Argentina, a highly prospective exploration target located in the middle of the Vicuña District. Two initial reconnaissance holes, DPDH001 and DPDH002, were respectively drilled at the top and bottom of the cliffs. Hole DPDH002 intersected multiple zones of massive to semi-massive sulphide veins and breccias, including:

• 4.0m at 8.44% CuEq from 150.0m;
• 60.0m at 7.52% CuEq from 212.0m;
  • Including 10.0m at 18.00% CuEq and 6.0m at 14.00% CuEq; and
• 10.0m at 7.08% CuEq from 574.0m.

The initial results from DPDH002 are currently interpreted to be the first intercepts into the edges of a significant new copper-gold system, which would be the fourth major deposit discovered in the giant metal district by the Company or its predecessor entities. The style of mineralization intersected typically occurs above, or lateral to, porphyry copper-gold systems and the grades and thickness of the mineralization observed in DPDH002 are positive indicators of the strength and potential of the system that is the source of these high-grade structures.

Assay results from hole DPDH002 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).

² Lengths reported are drilled lengths, additional drilling is required in order to establish geometry and true widths of the mineralized zones.

Following the discovery in hole DPDH002, the program was immediately expanded and to date six holes totalling 3,969 metres have now been completed, with an additional two holes in progress. A summary of the technical objectives and status of each of these holes is provided below:

With the onset of winter, the Company is concluding its final two holes of the highly successful drill campaign. Over the winter months in South America, the Company will review this season’s drill results, along with geophysical survey data gathered during the campaign, to develop a follow-up program commencing in late 2023.

Assay results from the remaining holes of the 2023 Potro Cliffs drill program will be released as they are received, analyzed and confirmed by the Company.

Continued Extension of Multiple High-grade Zones at Los Helados

During the first quarter of 2023, the Company continued its 2022-2023 drill campaign at Los Helados, located in Region III, Chile. The program, which commenced in November 2022, has focused primarily on defining 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.

During the three months ended March 31, 2023, and the period subsequent thereto, the Company has received and released preliminary assay results from the 2022-2023 campaign, which have successfully confirmed continuity and extension of all three zones. 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 with the highest grade intersection of the zone to date.

Alicanto Zone

• LHDH083 and LHDH086 successfully extended the mineralization 90m east and 60m west of the discovery hole, 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.

In addition, holes completed to date in the Fenix Zone have returned some of the highest grades ever encountered at the project. 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 returned notable molybdenum (Mo) grades, which significantly exceed the averages observed at the deposit to date.

Assay results received, analyzed and released by the Company in relation to 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.

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.

As of the date of this MD&A, several additional holes have been completed with assays underway, and the final hole of the campaign, LHDH087, is nearing completion. A summary of the status and drilling direction of each of these holes is provided below:

Assay results will be released as they are received, analyzed and confirmed by the Company.