Investors Newsletter, June 2024

INVESTOR NEWSLETTER
JUNE 2024

Dear Investor,

This month was dominated by third party deal making, the Eid holiday and that inevitable complement to our exploration activities; permits and licenses. Drill permits at Alouana in Morocco have passed a crucial initial regulatory stage and are now on the agenda for local community approval, and newly identified copper gold applications have been filed and are in process in Saudi Arabia.

It’s been 18-months since our strategic shift and the Company has been absorbed by and become completely miscible with its new surroundings. We do however still hold the rights to some impressive exploration assets in Colombia and interestingly, as an aside, we have seen third party interest this month coupled with some engagement with government and regional players over perhaps unlocking some of the porphyry copper potential under our applications in the south of the country.

Exploration Update

Saudi Arabia Our field reconnaissance teams continue to identify new copper and gold opportunities across the Arabian Shield. Our four new exploration license applications submitted towards the end of May are continuing to be processed. All three Exploration Licenses at Jabal Sahabiyah were fully awarded allowing us to submit our application for the Exploration Enablement Program which aims to support Greenfield Exploration in the KSA, as well as starting the Environmental permitting process for potential drilling in Q4.

As part of our commitment to develop the next generation of national geological talent, we welcomed eight undergraduate students from two Saudi Universities for our first Summer Internship Program in the Kingdom. These students are currently participating in our planned exploration activities at Jabal Sahabiyah including our geochemical program. Permits for drone-borne surveys have been submitted.

Next in Saudi Arabia

• Focussed reconnaissance activity with a view to submit additional exploration license applications
• Detailed structural mapping and results from surface geochemistry to better define drill targets at Jabal Sahabiyah in the near-future

Morocco

At Alouana our activity has been focused on drill-permitting and awaiting results of infill soil and drainage geochemical sampling from neighbouring titles.
In terms of acquisitions our interest is focusing on a district hosting three neighbouring properties where we have uncovered some interesting copper and gold potential.

Next in Morocco

• Permits and site preparation at Alouana
• Results from additional geochemical sampling
• Advancing on third party acquisitions

CEO Spotlight

We invite you to watch our CEO, Tim Coughlin, discuss the upcoming drilling plans, expected news flow, and the challenges our company is currently navigating.

World Risk Report 2023

MineHutte and Mining Journal Intelligence's latest annual mining investment risk assessment recognises Saudi Arabia for its exceptional mining investment environment. The report provides a valuable tool for comparing investment risks across 121 jurisdictions, based on legal, governance, social, fiscal and infrastructure categories.

The Global Risk Report 2023 highlights Saudi Arabia as a top-performing mining jurisdiction both regionally and globally, with significant improvements in reducing mining investment risk over the past five years, placing it among the top 10 countries with the lowest legal and financial risks.

These favourable results are a consequence of the comprehensive sector reforms initiated in 2018 to attract mining investment.

Upcoming Events

We will be attending the Precious Metal Summit in Beaver Creek from September 10-13.This event presents a perfect opportunity for us to meet and provide you with an update on our latest developments. We look forward to seeing you there

As always, we appreciate your confidence in our vision. Let’s continue building this story together.

Yours sincerely,
Camila Gutiérrez