Chita Valley Project

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.

• According to the NI 43-101 published by MINSUD RESOURCES CORP. on 14th February 2025
• Indicated Resources: 776,000 tonnes of copper equivalent (188 MT at 0.41% copper equivalent), consisting of 466,000 tonnes of copper, 0.674 Moz of gold, 63.5 Moz of silver, 6.8 Kt of molybdenum, and 291,000 tonnes of zinc (188 MT with grades of 0.25% copper, 0.11 g/t gold, 10.6 g/t silver, 36 ppm molybdenum, and 0.16% zinc).
• Inferred Resources: 2,049,000 tonnes of copper equivalent (573 MT at 0.36% copper equivalent), consisting of 1,244,000 tonnes of copper, 1.65 Moz of gold, 165.6 Moz of silver, 53.2 Kt of molybdenum, and 616,000 tonnes of zinc (573 MT with grades of 0.22% copper, 0.09 g/t gold, 9.0 g/t silver, 93 ppm molybdenum, and 0.11% zinc).