Chita Valley Project

Additional Comments

• The Chita Valley Project consists of three main contiguous properties – Chita, Brechas Vacas and Minas de Pinto mineral concessions – along with five additional adjacent properties. In total, the Company controls an area of 19,883 hectares (or 199 km2).
• The Chita Valley Project is a large exploration stage porphyry system with classic alteration features, widespread porphyry style Cu-Mo-Au and polymetallic Ag-Pb-Zn mineralization hosted by Hydrothermal Phreatic Breccias and associated gold and silver-bearing polymetallic veins of intermediate sulphide composition that conformed an outcropping porphyry system at Chita and a lithocap of a porphyry system at Chinchillones.
• In 2019, Minsud signed an Earn-in Agreement with South32 to explore the Chita Valley Project.
• In 2020, the Chinchillones porphyry was discovered, and its potential was unleashed. In 2023, after completing the investment commitment of C$14 million, South32 exercised its option right to acquire 50.1% of the shares of Minera Sud Argentina SA (“MSA”). As of December 31, 2023, the total invested by South32 amounts to C$26 million.
• Between 2019 and 2023, 98 drillholes were completed for a total of 63,000 meters drilled (the historical total drilled in the project amounts to 84,000 meters).
• Current results from exploratory activities, together with previous drilling phases, have confirmed an expanded Chinchillones Porphyry Epithermal System, which is now estimated to cover a minimum area of 2 km x 2 km.
• The area is open at more than 1,000 meters depth.
• An “in-fill” drilling program has been initiated since the end of 2023 in order to generate a first mineral resource estimate at the Chinchillones target towards the end of 2024.