Latin Metals Inc.

Optioned to partner

Ownership

Option to earn up to a 100% interest, subject to cash payments and retained NSR royalties

commodity

Copper–Molybdenum

Jurisdiction

Huaral Province, Lima Department

Key Catalyst

Partner-funded drilling – up to 60,000 metres

Under the agreement, Minsur may earn an initial 75% interest by funding 60,000 metres of drilling and making US$2.6 million in staged cash payments to Latin Metals. If Minsur elects to acquire 100% ownership and exercises the royalty buy-back, Latin Metals has the potential to receive up to US$42.6 million in cash while retaining a minimum 1% NSR royalty.

DRILL PERMIT IN PLACE

Fully drill-permitted for the construction of access roads, up to 20 drill pads and 43 drill holes to depths of up to 1,000 metres, allowing Minsur to rapidly advance partner-funded drilling.

SURFACE MINERALIZATION

Extensive copper-molybdenum mineralization confirmed through systematic surface sampling, including continuous rock chip results of 136 metres grading 0.24% copper and 179 ppm molybdenum, supporting a large porphyry system.

GEOPHYSICAL SIGNATURE

Magnetic and induced polarization (IP) surveys define large coincident anomalies consistent with a buried porphyry system, with chargeability and resistivity signatures indicating sulphide mineralization and associated alteration.

MULTIPLE PRIORITY TARGETS

Integrated geological, geochemical and geophysical datasets have defined multiple high-priority drill targets across a large porphyry footprint, providing strong potential for a significant copper-molybdenum discovery.

CLASSIC PORPHYRY GEOCHEMISTRY

Copper and molybdenum anomalies are centred over priority drill targets, surrounded by zinc-lead depletion halos consistent with the geochemical zoning typical of large porphyry copper systems.

PARTNER-VALIDATED OPPORTUNITY

Following Latin Metals' systematic exploration, community agreements and drill permitting, Minsur S.A. elected to option the project, validating the technical quality of Lacsha and providing funding for the next stage of exploration.

Partner-Funded Exploration

Minsur S.A.

The Lacsha agreement provides Latin Metals with the potential to receive up to US$42.62 million in cash consideration while retaining a minimum 1% NSR royalty, with up to 60,000 metres of exploration drilling funded by Minsur S.A. Under the agreement, Minsur may earn an initial 75% interest in the Lacsha Project over a six-year period by completing 60,000 metres of drilling and making US$2.62 million in staged cash payments to Latin Metals. Minsur may subsequently acquire a 100% interest in the Project for an additional US$20 million, at which point Latin Metals' interest converts to a 2% NSR royalty. Minsur may then purchase 1% of the 2% NSR royalty for US$20 million, while Latin Metals retains a perpetual 1% NSR royalty.

Agreement with Minsur S.A.

Stage 1 – Earn 75% Interest

US$2.62 million in staged cash payments to Latin Metals
Completion of 60,000 metres of drilling
Six-year earn-in period
Fully funded exploration by Minsur

Stage 2 – Option to Acquire 100%

Option to acquire the remaining 25% interest for US$20 million
Latin Metals' interest converts to a 2% NSR royalty

Stage 3 – Royalty Buy-Back

Option to purchase 1% of the 2% NSR royalty for US$20 million
Latin Metals retains a perpetual 1% NSR royalty

EARN-IN OBLIGATIONS FOR 75%

Timing	Payment to Latin Metals (USD)	Drilling (m)
Effective Date⁽¹⁾	$220,000⁽³⁾	—
Commencement Date⁽³⁾	$250,000⁽³⁾	—
Year 1	$250,000	3,000 m
Year 2	$300,000	7,000 m
Year 3	$300,000	10,000 m
Year 4	$400,000	12,000 m
Year 5	$400,000	13,000 m
Year 6	$500,000	15,000 m
TOTAL	US$2.62M	60,000 m

_{Notes:

1. The Effective Date is defined as the date upon which the definitive agreements are executed.

2. Lacsha has an existing and valid FTA permit. Before drilling can commence, certain notices need to be filed with governmental authorities. The Commencement Date is defined as the first business day following receipt of all administrative and regulatory approvals required to commence drilling.

3.The payments of US$220,000 on the Effective Date and US$250,000 on the Commencement Date are firm commitments.}

2026 PROGRAM STATUS

Minsur is advancing Lacsha through partner-funded exploration under a six-year earn-in agreement that includes up to 60,000 metres of drilling and staged cash payments to Latin Metals. With drill permits already in place and strong technical targets defined, the Project is well positioned for systematic drilling as Minsur completes the administrative steps required to commence exploration.

Lacsha provides Latin Metals with significant long-term value through a fully partner-funded exploration program with Minsur. The agreement has the potential to deliver up to US$42.62 million in cash consideration while preserving a minimum 1% NSR royalty, allowing Latin Metals to maintain long-term exposure to discovery and future production without funding exploration or mine development.

Technical