Cerro Bayo & La Flora Projects
Optioned to Partner
Argentina
Cerro Bayo And La Flora
Partner Status
Duara has a right to earn up to 80%
Commodity
Gold–Silver
Jurisdiction
Santa Cruz Province
Key Catalyst
The projects are fully permitted for drilling and are being advanced through a partner-funded exploration program, positioning Cerro Bayo and La Flora for near-term drilling.
Cerro Bayo and La Flora comprise a large gold–silver exploration project in Santa Cruz Province, Argentina, located within the Deseado Massif, a globally significant precious metals district. The projects is fully drill permitted, and is being advanced through a partner-funded option agreement with Daura Gold Corp.
Partner-Funded Exploration
The Cerro Bayo and La Flora Projects are optioned to Daura Gold Corp., which is funding exploration under a staged earn-in agreement to earn up to an 80% interest. The agreement includes substantial cash payments and drilling commitments, with 28,000 metres of drilling required to complete the initial 75% earn-in. There after Daura Gold has an option to top up to 80%.
EARN-IN OBLIGATIONS FOR 75%
| Payment to Latin Metals (USD) | Assumed Payment to Underlying Vendor (USD) | Drilling (m) | |
|---|---|---|---|
| Within 3 Days of Effective Date | $200,000(1)(2) | $100,000(1)(3) | - |
| On or before April 30, 2026 | $100,000 | $150,000(1)(4) | 1,500(1) |
| On or before December 31, 2026 | $150,000 | $100,000(1)(3) | 1,500 |
| On or before June 15, 2027 | - | $150,000(4) | - |
| On or before December 31, 2027 | $250,000 | - | 10,000 |
| On or before December 31, 2028 | $1,000,000 | - | 15,000 |
| $1,700,000 | $400,000 | 28,000 |
(1) $450,000 payments to Latin Metals and the Underlying Vendor, and 1,500m of drilling are irrevocable commitments.
(2) $200,000 payable to Latin Metals in cash or shares, at Daura's election, through the issuance of an equivalent monetary amount in Daura Shares.
(3) $100,000 to be retained by Latin Metals as reimbursement for amounts paid to the Underlying Vendor in 2025.
(4) Payments to be forwarded by Latin Metals to the Underlying Vendor.
TOP UP TO 80%
To exercise the Top-Up Right, Daura must make cash payments to Latin Metals based on the measured, indicated and inferred mineral resources included in the mineral resource estimate set out in the Technical Report, as follows:
- US$7.00 per gold equivalent ounce of measured and indicated resources; and
- US$5.00 per gold equivalent ounce of inferred resources.
UNDERLYING VENDOR
Under an option agreement with Tres Cerros Exploraciones S.R.L. (“TCE”). Under the terms of the Agreement, Latin Metals has agreed to purchase the remaining 29% (aggregate 100%) on the following terms:
- Total consideration of US$400,000, payable in three tranches:
- US$100,000 on or before June 30, 2025 (paid)
- US$150,000 on or before June 30, 2026
- US$150,000 on or before June 30, 2027
- TCE retains a 0.75% Net Smelter Return (NSR) royalty
- Latin Metals holds a buyback right on 0.5% of the NSR for US$1 million
2026 PLANNED WORK
Following execution of the option agreement in late 2025, Daura initiated field activities at Cerro Bayo, including extensive induced polarization surveys to refine drill targets. Pole-Dipole IP profiling was completed, and gradient array IP surveys are currently underway. With drill permits in place, initial drilling has commenced.
Technical
Presentation