Drill Planning Advances At Picha Copper Project Peru

Firetail Resources Limited ("Firetail" or "the Company") (ASX: FTL) is pleased to provide an update and the future works planned for the Picha Copper Project (“Picha) in Peru.

Highlights:

• Firetail receives strong shareholder approval with ~88% of the votes in favour of the transaction. Acquisition is expected to be completed in the first week of September 2023.
• Exploration camp site works have commenced with onsite installation to start in September at the nominated location in Peru.
• Well-regarded local drilling contractor has been awarded “preferred status” to finalise contract.
• Final regulatory approvals already granted for the area of Picha which allows for up to 120 holes to be drilled within the approved Effective Area (see Figure 2), comprising up to 40 drill platforms with three holes per platform.
• The initial program will comprise up to nine diamond drill holes for a total of around 5,000m at the Cobremani, Cumbre Coya, Maricate and Fundicion prospects to test a range of potential mineralisation styles (copper-silver stratabound, carbonate replacement type, epithermal and porphyry).
• Maiden diamond drilling (“DD”) program is scheduled to commence in early October 2023.

"We are delighted to announce the strong support for the acquisition of the Copper Projects in Peru, and we are looking forward to starting our exploration activities on the ground in the near-term.

“With the integration of the existing Valor geological team into Firetail, we have inherited an experienced team that has ensured the activities in Peru continue to progress, with the exploration camp build and detailed drill planning well underway.

“I need to acknowledge the technical rigour which has gone into the exploration approach at Picha by the in-country team with the support from Valor’s Perth office. It is a real credit to Valor, and the Firetail Board is privileged to have this continued involvement after closure of the acquisition.

“The targets identified represent the outcome of outstanding multi-disciplinary geological work which has significantly de-risked the exploration process and positioned the project to make a significant discovery.

“The Board, including our soon to be appointed Director George Bauk, are very excited to bring the significant work completed on Picha into the drill phase, unlocking the enormous potential of this asset.”

Exploration Manager for Firetail and Valor, Robin Wilson, added:

“These are compelling targets with significant geophysical anomalies and supported by strong surface geochemistry including significant channel sampling results. We are very excited about what the upcoming drilling might reveal.”

Picha Copper Project, Peru

Transaction Timeline

On 21 August 2023, shareholders of Firetail voted to approve the issue of shares and performance rights relating to Firetail’s acquisition of up to an 80% interest in Valor’s Picha Copper Project and Charaque Copper Project in southern Peru¹.

Under the acquisition agreement, Firetail will acquire up to 80% of the issued share capital of Kiwanda S.A.C. (Kiwanda), a wholly-owned subsidiary of Valor which holds the mining concessions that make up the Picha and Charaque Projects.

With shareholder approval now in place, the transaction is scheduled for completion by the first week of September 2023.

As part of the transaction, Firetail will inherit Valor’s experienced in-country management and technical team as well as the recently announced Earn-in Agreement with leading global gold and copper producer Barrick Gold Corporation covering the Charaque Project².

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