Strong Copper-Silver Drill Results Delivered Ahead of San Antonio Resource Upgrade

Importantly, several drill holes recorded higher grades than estimated in the current San Antonio Inferred resource model.

• New copper (Cu) and silver (Ag) intersections from resource up-grade drilling of the high- grade San Antonio resource, part of the Company’s low-altitude, Costa Fuego senior copper development in Chile
• Highlights include:
  • 21m grading 1.6% CuEq (1.6% Cu, 3.2g/t Ag) from 74m depth downhole
  • 13m grading 1.3% CuEq (1.3% Cu, 3.2g/t Ag) from 133m depth downhole
    including 2m grading 3.7% CuEq (3.5% Cu, 7.6g/t Ag)
  • 7m grading 1.6% CuEq* (1.5% Cu, 4.8g/t Ag) from 11m depth downhole
    including 2m grading 4.0% CuEq (3.9% Cu, 12.9g/t Ag)
  • 4m grading 1.7% CuEq (1.7% Cu, 3.9g/t Ag) from 170m depth downhole
  • 4m grading 1.6% CuEq (1.4% Cu, 6.4g/t Ag) from 115m depth downhole
• New results positively impact existing Inferred resource (4.2Mt grading 1.2% CuEq), which is set to be upgraded to Indicated classification in next Costa Fuego resource update, expected later this year
• Final drill results from the Valentina high grade copper-silver deposit expected shortly, regulatory application for follow-up drill programme being prepared
• Drilling continuing at Santiago Z porphyry exploration target - five drill holes complete, results pending

The new drill results will upgrade the classification of the existing resource at San Antonio from Inferred to Indicated – allowing the resource to be included in open pit reserve estimates for the Costa Fuego Pre- feasibility Study (PFS).

A total of thirteen Reverse Circulation (RC) drill holes for 2,009m were complete across the San Antonio resource window to test extensional potential, as well as in-fill areas of lower geological confidence. Seven RC drill holes recoded significant intersections. In addition, three diamond holes for 495m were completed for metallurgical testwork purposes.

The current resource at San Antonio ((Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag, reported March 2022) extends from surface over a strike length of approximately 1km, and is amenable to open pit mining with relatively low strip-ratio.

Drilling undertaken across San Antonio, and its neighbouring high grade deposit Valentina, have provided significant encouragement for the addition of two potential high grade, front-end, open pit, ore sources for the combined Costa Fuego coastal copper super-hub.

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