Can you introduce Latin Metals’ presence in Argentina?

Latin Metals is a prospect generator that came to market in 2019 with a business model designed to protect shareholders from dilution. We focus on the earliest stages of exploration, where our key skill lies in identifying projects that larger companies will find compelling. We add initial value through early-stage work, and once a project reaches a point where a major partner can take it forward, we market it to those larger groups and agree on commercial terms. The beauty of this model is that partners fund the high-risk, high-cost work, while our shareholders retain exposure through retained interests or royalties. That structure allows us to maintain a larger portfolio of projects because once projects are optioned out, there is effectively no limit to how many we can manage. 

Over time, we can generate sufficient revenue from partner payments, thereby eliminating the need to raise capital through equity. We already receive cash from partners, and that contribution is growing, especially as relationships mature and continue for many years. Our model aims to deliver exposure to discovery without constant dilution. It appeals to shareholders who think carefully about capital structure and risk. 

What is the status of your Organullo project?

AngloGold made the decision to withdraw from the Organullo gold project in Salta early 2026, as part of a global shift in their greenfields exploration strategy. We now hold 100% ownership of a fully drill-permitted gold project with several high-priority, untested targets defined by a world-class exploration team.

How does the Esperanza project differ from other copper targets?

Esperanza is unusual because the system is exposed at surface. Argentina is less explored than Chile, but it can host similar copper systems. In Chile, most of the easy, near-surface targets have already been found, so explorers there often pursue deeper targets. At Esperanza, we drilled in 2018 using a small, portable rig, and from the very first meter to the bottom of the hole, we intersected a long mineralized interval, 357 m grading 0.57% copper and 0.27 g/t gold, ending at 387 m, where our lightweight rig could not continue. Mineralization remains open. Compared with greenfield projects, Esperanza feels like a discovery ready for expansion rather than a blind search.

What is the latest update on your gold projects in Santa Cruz?

We have two projects in Santa Cruz, La Flora and Cerro Bayo, both located right in the middle of the Deseado Massif, one of the most productive precious metal belts in the world. In November 2025, we signed an option agreement with Daura Gold, and they’ll be moving quickly into the field. As part of the agreement, Daura will complete an initial 1,500 m of drilling and deliver assay results to us by April 2026. They can earn up to 80% of the interest by making staged cash payments and completing a total of 28,000 m of drilling. The permits are already in place for 21 drill pads, so they’re ready to go. For Latin Metals, it’s precisely how our prospect-generator model is supposed to work — a well-funded partner advancing high-quality projects. At the same time, we retain a meaningful carried interest and exposure to discovery.

How have recent changes in Argentina affected Latin Metals and partner interest?

The national conversation and regulatory shifts have had a significant and positive impact on us. Companies that were not previously considering Argentina are now entering the market, which increases our audience for partnerships. For new entrants, a company like ours is helpful because we already have projects that are mapped, advanced, drill-ready, and in some cases permitted. Today, Argentina is attracting capital and companies, and we are well-positioned to partner with projects that can be implemented quickly and efficiently.

What should investors expect over the coming months?

We have approximately US$19 million of partner-funded expenditures coming in over the near to medium term across multiple projects, including drilling. Each program has the potential to serve as a catalyst, depending on its results. We are working to increase the number of partners in Argentina and expect to have additional partnerships in place for some of our projects within roughly six months. The goal is to have multiple programs entering the pipeline so that by year-end, we can build momentum across several high-quality assets.