Why are the results of the 2024 drilling campaign so promising for the Aurora project?

We completed 10 new holes, totaling approximately 8,400 m, which added to the 23 holes drilled since 2022 for 18,305 m. Every hole in 2024, and the previous years, intersected significant copper, molybdenum and silver mineralization, extending the deposit over 1.1 km by 1 km and to a depth of 1,200 m. We intercepted intervals of 200-300 m with copper equivalent (CuEq) grades ranging from 0.6% to 0.8%, alongside molybdenum grades ranging from 0.1% to 0.3%. When converted to CuEq, 0.1% molybdenum is roughly equivalent to 0.5% copper. As a result, we are looking at close to 1% CuEq in the deeper parts of these holes, mainly due to the high-grade molybdenum. We also completed a metallurgical study that confirmed high recoveries of 86-96% for copper, molybdenum and silver, with concentrate grades exceeding industry standards 28.7% copper and 49.7% molybdenum.

We hold an option on a 400-hectare area, where our 2024 drilling campaign expanded the known mineralization. We identified an extension to the southeast over another 300 m and this remains open. To the northwest, there are still showings of copper oxides at surface approximately 200 m northwest of the drilling. We estimate we still have an additional 300-400 m of mineralization on either side of the drilling both in the northwest and southeast. This suggests substantial growth potential and Aurora is taking shape to be a remarkable deposit, with high molybdenum content, which is quite unusual for South America, potentially ranking amongst the highest-grade molybdenum deposits globally. 

Is the increasing price of copper enhancing the project's economics?

With prices on the rise, the timing for releasing our maiden resource estimate in Q1 of 2025 aligns well with market conditions. We have calculated CuEq values using conservative prices with US$18/lb Mo, well below current market levels, and US$3.34/lb Cu and US$21.87 Ag. We expect the project economics for Aurora to improve over the next five years, which is the timeline we are targeting to complete all work and ideally move to development.

Strong community relations are vital in mining. What distinguishes DLP from its peers?

We have built strong support from the Parobamba community, employing around 160 to 170 locals and invested around US$450,000 in local initiatives. We have learned from challenges that other projects in the area faced in the past, emphasizing the importance of consistent, transparent communication and leadership presence. 

What makes the Miocene sub-Andean belt a promising exploration target?

Aurora sits in the underexplored Miocene sub-Andean belt, extending through Bolivia into northern Argentina. In fact, Aurora did not appear on geological maps until recently. Prior to that, most exploration focused on the coastal Paleocene-Eocene belt, where copper mines like Cerro Verde are located. Aurora could be comparable to the Toromocho copper-molybdenum mine in terms of size, which has a similar age and geology and lies in the Miocene Belt to the NW.

Are you seeking strategic partnerships?

Aurora’s scale as a porphyry copper-molybdenum project demands significant financing, which can be challenging for a junior company. Raising US$30-40 million introduces substantial dilution, making strategic partnerships crucial. Ideally, we aim to attract a partner to help advance Aurora through a PEA and later a PFS. In the past decade, only about 4 million tons of new copper supply have been added through discoveries. We believe Aurora is an interesting opportunity for major players, potentially bridging the gap between exploration and large-scale development.

How would you define the investment thesis for DLP in 2025?

We are preparing a maiden resource estimate on Aurora by the end of February 2025, which will give us a clearer picture of its scale and potential. We are also very active in exploring additional opportunities in Peru. One key project is the Esperanza porphyry copper-molybdenum project of 4,600 hectares, 100% DLP owned and located just 35 km southeast of the Cerro Verde copper mine. Early sampling at Esperanza has revealed notable copper and molybdenum values, including samples with up to 4% copper. In 2025, we plan to conduct magnetic and IP geophysical surveys with the aim of moving Esperanza to a drill-ready stage by the end of 2025.