Zaha project
optioned to partner
Argentina
Zaha
ownership
Option to earn 100% interest, subject to NSR royalties to underlying owners
commodity
Copper and Gold
Jurisdiction
San Juan Province
Key Catalyst
Partner-funded exploration is advancing a large copper–gold porphyry system with extensive historical drilling. Multiple priority targets remain to be tested across a district-scale footprint.
Zaha is a large, advanced copper–gold exploration project in San Juan Province, Argentina. More than 8,500 metres of diamond drilling have confirmed a robust, open mineralized system, which is now being advanced through partner-funded exploration by Moxico Resources.
Drilling has returned standout results, including 387 metres grading 0.57% copper and 0.27 g/t gold from surface, demonstrating the scale and continuity of mineralization across the broader system.
Partner-Funded Exploration
Optioned to Moxico Resources
The Zaha Project is optioned to Moxico Resources, which is funding exploration under a staged earn-in agreement that can result in 100% ownership of the project. Latin Metals retains a 2.0% NSR royalty, providing ongoing exposure to exploration success without funding ongoing programs.
Key commercial terms are summarized below
EARN-IN OBLIGATIONS
| Milestone Payment Dates | USD Cash to LMS | Drilling Commitment (m) | NI 43-101 Technical Report |
|---|---|---|---|
| 7 October 2024 | $350,000 (paid) | - | - |
| 7 October 2026 | $200,000 | 15,0001 | Mineral Resource Estimate |
| 7 October 2027 | $225,000 | 20,000 | Preliminary Economic Assessment |
| 7 October 2028 | $350,000 | 15,000 | - |
| 7 October 2029 | $500,000 | 15,000 | - |
| 7 October 2030 | $1,050,000 | - | Bankable Feasibility Study |
| Total: | $2,675,000 | 65,000 | - |
2026 PROGRAM STATUS
Moxico is advancing Zaha through continued partner-funded exploration, including 15,000 metres of drilling committed by October 2026, subject to permitting.
In parallel, Moxico is advancing environmental and social programs, including hydrological and hydrogeological studies in partnership with leading Argentine research institutes, as well as completion of a baseline social study. This work is expected to support a drilling permit application targeted for approval in Q1 2026.
UNDERLYING VENDOR
The Zaha Project is subject to two option agreements with underlying vendors.
The summaries below outline the key commercial terms of the underlying option agreements.
ESPERANZA
The Esperanza property is subject to an underlying option agreement that provides a clear pathway to 100% ownership through a series of scheduled milestone payments.
| Milestone Payment Dates | USD Cash | USD Deemed Value of Latin Metals Shares |
|---|---|---|
| Prior Payments | $1,173,0001 (paid) | - |
| 21 July 20252 | $250,0003 (paid) | - |
| 30 June 2026 | $250,000 | - |
| 30 December 2026 | $250,000 | $250,000 |
| 30 June 2027 | $383,00 | $250,000 |
| 7 October 2030 | $1,050,000 | - |
| Total: | $2,306,000 | $500,000 |
Note 1. Payments made prior to Underlying Option.
Note 2. Payment made by Moxico.
HUACHI
The Huachi property is subject to a definitive option agreement that provides Latin Metals with the right to acquire up to a 100% interest through staged expenditures and cash payments. Under the terms of the agreement, Latin Metals may earn an initial 75% interest through a combination of exploration spending and cash payments, with the right to acquire the remaining 25% interest for an additional cash payment.
| Anniversary Following the Commencement Date | Work Commitment USD | Cash Payments USD | Vesting |
|---|---|---|---|
| First Anniversary | $100,000 | $100,000 | - |
| Second Anniversary | $150,000 | $150,000 | - |
| Third Anniversary | $250,000 | $250,000 | - |
| Fourth Anniversary | $500,000 | $500,000 | 75% |
| Top-Up Right | - | $2,000,000 | 25% |
| Total | $1,000,000 | $3,000,000 | 100% |
Note: Work commitments and cash payments commence on the first anniversary of approval of the environmental permit (Declaración de Impacto Ambiental or DIA), approving the start of exploration activities including drilling (the "Commencement Date").
Technical
Presentation