01 Quantum Inc. — Capital/Financing Update 2024

Jan 25, 2024

Arizona Sonoran MainSpring Drilling Intersects Near Surface Mineralization; Intersects 1,053 ft (321 m) of 0.20% Total Copper from 147 ft (45 m) depth

Casa Grande, AZ and Toronto, ON, January 25, 2024 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), is pleased to release drill assay results from an exploration program at the MainSpring property, situated within the Cactus copper project in Arizona. A total of 7 of 11 ASCU drilled holes completed last year (see PR Nov 20, 2023 ), and 22 legacy holes from the previous option holder are reported here and indicate mineralization from the Parks/Salyer deposit nears surface as it extends south (see FIGURES 1- 14 ). Future drilling will test the open pit potential of MainSpring with the intent of updating the Cactus Mineral Resource Estimate post-Prefeasibility Study (“PFS”).

Drilling Highlights:

• ECM-194: 1,053 ft (321 m) @ 0.20% CuT, of mineralization from 147 ft (45 m) depth

• 48 ft (15 m) @ 0.35% CuT, 0.25% Cu TSol, 0.001% Mo (oxide)

• 471 ft (144 m) @ 0.3% CuT, 0.29% Cu TSol, 0.001% Mo (enriched)

• ECM-195: 503 ft (153 m) @ 0.27% CuT of mineralization from 145 ft (44 m) depth

• 41 ft (12.5 m) @ 0.63% CuT, 0.59% Cu TSol from 145 ft (44 m) depth (enriched)

• 208 ft (63 m) @ 0.44% CuT, 0.40% Cu TSol, 0.001% Mo (enriched) from 440 ft (134 m)

• 41 ft (12.5 m) @ 0.63% CuT, 0.59% Cu TSol, from 145 ft (41 m) depth

• ESC-010: 1,027 ft (313 m) @ 0.30% CuT of continuous mineralization

• 170 ft (52 m) @ 0.59% CuT, 0.46% Cu TSol, 0.017% Mo (enriched)

• 857 ft (261 m) @ 0.24% CuT, 0.009% Mo (primary)

• ESC-047: 216 ft (66 m) @ 0.60% CuT, 0.51% Cu TSol, 0.011% Mo (enriched)

• ESC-046: 175 ft (53 m) @ 0.68% CuT, 0.65% Cu TSol, 0.004% Mo (enriched)

• ESC-030: 249 ft (76 m) @ 0.41% CuT, 0.31% Cu TSol, 0.006% Mo (oxide)

NOTE: True widths are not known

George Ogilvie, Arizona Sonoran President and CEO commented , “The MainSpring Property shows early signs of promise with continuous mineralization starting from near surface, that may have the potential for being open pittable. Given we only started drilling MainSpring late in 2023, it will not feature in our soon to be released PFS. However, with continued drilling in 1H24, it has the

potential to be included in future technical studies that may further enhance the production profile and economics of the Project.”

He also commented: “The Cactus property continues to show itself as a lower risk copper project with few barriers to entry and low discovery costs. We are showing discovery costs per pound at Cactus of less than two cents per pound, indicating that we should continue our exploration programs, while concurrently developing our main project. Our high-performing team continues to deliver excellent results and we expect this to continue with our 2024 work program which is currently being finalized and will be announced to the market shortly.”

MainSpring Property

Title to the MainSpring property will be transferred upon making payment to the former landowner, due in February as part of the budgeted 2024 work program. The Company re-zoned PADII, the northern parcel of MainSpring, from industrial use to mining and is currently rezoning PADIII, the southern parcel, to mining use from residential. The PADIII re-zoning exercise is expected to be completed in the next few weeks. Going forward, the Company is testing the potential for MainSpring to become a starter pit for Parks/Salyer, similar to Cactus West for Cactus East.

Drilling Recap

Eleven diamond core holes for 13,627 feet (4,154 m) were completed at the MainSpring property in 2023. Assay results for 4 holes were reported last year (PR dated Nov 20, 2023 ). The seven remaining holes, including assays from the final primary mineralization from drill hole ECM-190, are reported in this press release. Additionally, ASCU has received data, drill core, rock chips, coarse rejects and assay pulps for 22 legacy holes totaling 22,091 feet (6,734 m) drilled on the property by the previous holder.

Drilling has confirmed the presence of shallow mineralization 140 ft (43 m) from surface at the MainSpring property consisting of oxide, enriched and primary mineralization. Bounding normal faults to the east and west create a shallow horst block that gently drops into the deeper highgrade Parks/Salyer deposit to the north through a series of north-dipping normal faults. Drilling on the MainSpring property resumed in January 2024 with three diamond core rigs, which are working to complete a 500 ft (152.4 m) grid pattern, focused on filling out an initial inferred resource.

Assay results from MainSpring and highlights from legacy drilling are available in TABLE 1 below. For full legacy drilling results, please see TABLES 3 and 4 .

TABLE 1: Drilling Highlights (MainSpring and Legacy Drilling)

Hole	Zone	Feet	Feet	Feet		Meters		CuT %	Cu Tsol %	Mo %
		from	to	length	from	to	length
ECM- 188	enriched	291.0	343.2	52.2	88.7	104.6	15.9	0.14	0.08	0.002
	enriched	435.0	553.1	118.1	132.6	168.6	36.0	0.53	0.47	0.002
	including	435.0	444.2	9.2	132.6	135.4	2.8	3.00	2.96	0.003
	and	517.4	538.4	21.0	157.7	164.1	6.4	1.19	1.17	0.002
	enriched	683.0	711.6	28.6	208.2	216.9	8.7	0.57	0.56	0.002
	primary	711.6	944.0	232.4	216.9	287.7	70.8	0.18	0.03	0.003
	including	852.2	929.0	76.8	259.8	283.2	23.4	0.28	0.04	0.005
ECM- 189	oxide	137.0	155.3	18.3	41.8	47.3	5.6	0.12	0.06	0.001
	enriched	245.2	317.0	71.8	74.7	96.6	21.9	0.27	0.27	0.002
	enriched	439.7	472.0	32.3	134.0	143.9	9.8	0.81	0.81	0.001
	oxide	677.0	707.0	30.0	206.3	215.5	9.1	0.87	0.78	0.001
	enriched	707.0	810.5	103.5	215.5	247.0	31.5	0.52	0.46	0.001
	including	707.0	732.0	25.0	215.5	223.1	7.6	1.23	1.07	0.001
	primary	810.5	1,061.0	250.5	247.0	323.4	76.4	0.13	0.02	0.001
ECM- 190	primary	769.0	1,196.0	427.0	234.4	364.5	130.1	0.14	0.04	0.001
ECM-190 final assays from holepreviouslyreleased					in 2023
ECM- 192	oxide	380.0	397.5	17.5	115.8	121.2	5.3	0.35	0.17	0.001
	enriched	532.7	573.0	40.3	162.4	174.7	12.3	0.44	0.42	0.006
	enriched	656.6	832.0	175.4	200.1	253.6	53.5	0.33	0.32	0.005
	primary	1102.0	1,132.0	30.0	335.9	345.0	9.1	0.10	0.09	0.007
	primary	1403	1608.9	205.9	427.6	490.4	62.8	0.154	0.016	0.007
ECM- 193	oxide	258.0	286.6	28.6	78.6	87.4	8.7	0.38	0.36	0.002
	enriched	318.0	398.7	80.7	96.9	121.5	24.6	0.64	0.61	0.002
	including	374.0	398.7	24.7	114.0	121.5	7.5	1.60	1.59	0.001
	enriched	607.4	680.0	72.6	185.1	207.3	22.1	0.49	0.36	0.001
	including	637.5	658.0	20.5	194.3	200.6	6.2	1.03	0.58	0.001
	primary	708.0	753.3	45.3	215.8	229.6	13.8	0.28	0.03	0.001
ECM- 194	oxide	147.0	194.5	47.5	44.8	59.3	14.5	0.35	0.25	0.001
	enriched	395.9	867.0	471.1	120.7	264.3	143.6	0.30	0.29	0.001
	including	422.0	451.4	29.4	128.6	137.6	9.0	0.76	0.74	0.001
	including	515.8	557.2	41.4	157.2	169.8	12.6	0.58	0.57	0.001

											Mo % 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.007 0.007 0.017 0.023 0.009 0.001 0.006 0.002 0.012 0.001 0.002 0.004 0.004 0.003 0.008 0.010 0.018 0.004 0.011
	Hole	Zone		Feet			Meters		CuT %	Cu Tsol %	Mo %
			from	to	length	from	to	length
		including	788.3	839.4	51.1	240.3	255.8	15.6	0.80	0.80	0.002
		primary	867.0	1,200.3	333.3	264.3	365.9	101.6	0.11	0.03	0.001
	ECM- 195	oxide	145.0	186.0	41.0	44.2	56.7	12.5	0.63	0.59	0.001
		including	147.0	162.0	15.0	44.8	49.4	4.6	1.48	1.46	0.001
		enriched	344.4	401.6	57.2	105.0	122.4	17.4	0.26	0.25	0.001
		enriched	440.0	647.6	207.6	134.1	197.4	63.3	0.44	0.40	0.001
		including	523.0	583.0	60.0	159.4	177.7	18.3	0.72	0.70	0.001
		enriched	1001.0	1,057.0	56.0	305.1	322.2	17.1	0.17	0.17	0.001
		enriched	1090.2	1,134.0	43.8	332.3	345.6	13.4	0.10	0.07	0.001
		primary	1214.0	1,299.0	85.0	370.0	395.9	25.9	0.13	0.02	0.001
	ECM- 196	oxide	362.0	493.0	131.0	110.3	150.3	39.9	0.36	0.34	0.002
		including	415.3	447.0	31.7	126.6	136.2	9.7	0.99	0.98	0.001
		enriched	543.0	627.3	84.3	165.5	191.2	25.7	0.41	0.39	0.001
		including	543.0	581.3	38.3	165.5	177.2	11.7	0.57	0.56	0.001
		primary	637.0	672.0	35.0	194.2	204.8	10.7	0.13	0.07	0.001
		primary	707.0	983.0	276.0	215.5	299.6	84.1	0.21	0.02	0.001
		including	888.0	953.0	65.0	270.7	290.5	19.8	0.36	0.04	0.001
	ESC- 010	enriched	876.0	889.1	13.1	267.0	271.0	4.0	0.93	0.90	0.007
		enriched	954.7	974.4	19.7	291.0	297.0	6.0	0.59	0.55	0.007
		enriched	1013.8	1,183.4	169.6	309.0	360.7	51.7	0.59	0.46	0.017
		including	1020.3	1,082.7	62.3	311.0	330.0	19.0	0.83	0.77	0.023
		primary	1183.4	2,040.7	857.3	360.7	622.0	261.3	0.24	0.01	0.009
	ESC- 030	oxide	282.2	306.4	24.3	86.0	93.4	7.4	0.14	0.05	0.001
		oxide	374.0	616.8	242.8	114.0	188.0	74.0	0.42	0.32	0.006
		including	390.4	436.4	45.9	119.0	133.0	14.0	0.73	0.53	0.002
		and	498.7	531.5	32.8	152.0	162.0	10.0	0.73	0.66	0.012
	ECM- 046	leached	255.0	275.0	20.0	77.7	83.8	6.1	0.12	0.02	0.001
		enriched	440.0	455.0	15.0	134.1	138.7	4.6	0.39	0.35	0.002
		enriched	515.0	690.0	175.0	157.0	210.3	53.3	0.68	0.65	**0.004 **
		including	580.0	610.0	30.0	176.8	185.9	9.2	1.19	1.15	0.004
		and	645.0	690.0	45.0	196.6	210.3	13.7	1.01	0.98	0.003
	ECM- 047	enriched	643.0	682.4	39.4	196.0	208.0	12.0	0.46	0.45	0.008
		enriched	909.9	1,076.1	166.2	277.4	328.0	50.6	0.43	0.40	0.010
		including	1,049.9	1,076.1	26.2	320.0	328.0	8.0	0.92	0.85	0.018
		enriched	1,131.9	1,181.1	49.2	345.0	360.0	15.0	0.67	0.65	0.004
		enriched	1,230.3	1,446.9	216.5	375.0	441.0	66.0	0.60	0.51	0.011

Hole	Zone		Feet			Meters		CuT %	Cu Tsol %	Mo %
		from	to	length	from	to	length
	including	1,230.3	1,276.2	45.9	375.0	389.0	14.0	0.84	0.80	0.012
	and	1,401.2	1,433.7	32.5	427.1	437.0	9.9	1.67	1.27	0.014
	primary	1,446.9	1,554.1	107.3	441.0	473.7	32.7	0.18	0.03	0.007

1. Intervals are presented in core length and are drilled with vertical, or steep dip angles. Legacy holes were drilled with inclinations between vertical to –60 degrees.

2. Drill assays assume a mineralized cut-off grade of 0.1% CuT reflecting the potential for heap leaching of open pit material in the case of Oxide and Enriched or in the case of Primary material to provide typical average grades. Holes were terminated below the basement fault. Legacy holes were mostly terminated prior to the basement fault.

3. Assay results are not capped. Intercepts are aggregated within geological confines of major mineral zones.

4. True widths are not known.

Table 2: Drilling details

Hole	Easting (m)	Northing (m)	Elevation(ft)	TD(ft)	Azimuth	Dip
ECM-188	421844.3	3644041.7	1360.0	1117.0	0.0	-90.0
ECM-189	421845.0	3644188.0	1360.0	1220.0	0.0	-90.0
ECM-192	421700.0	3644494.0	1360.0	1716.5	0.0	-90.0
ECM-193	422146.0	3644189.0	1360.0	937.0	0.0	-90.0
ECM-194	421693.0	3644197.0	1360.0	1342.8	0.0	-90.0
ECM-195	421694.0	3644349.0	1360.0	1480.6	0.0	-90.0
ECM-196	421998.0	3644346.0	1360.0	1156.0	0.0	-90.0
ESC-010	421428.6	3644468.1	1359.0	2180.0	0.0	-90.0
ESC-030	422175.8	3643881.0	1379.9	919.5	230	-75.0
ESC-046	421847.4	3644566.4	1,393.3	690.0	230	-60.0
ESC-047	421740.1	3644684.8	1,395.5	1,557.0	230	-60.0

Quality Assurance / Quality Control

Drilling completed on the project between 2020 and 2024 was supervised by on-site ASCU

personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson, AZ for analysis.

MainSpring legacy drilling data obtained from the previous option holders of the property were prepared and shipped using a full QA/QC program similar to ASCU’s. The sealed samples were sent to Skyline Laboratories in Tucson, AZ. These samples were prepped and analyzed using the

sample procedures as ASCU samples. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.

Technical aspects of this news release have been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.

Links from the Press Release

Figures 1-14: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/ TABLE 3 and 4 – Legacy Highlights: https://arizonasonoran.com/projects/exploration/overview/ November 20, 2023: https://arizonasonoran.com/news-releases/arizona-sonoran-explorationdrilling-intersects-near-surface-mineralization-2-500-ft-762-m-south-of-parks-salyer/

Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

About Arizona Sonoran Copper Company ( www.arizonasonoran.com | www.cactusmine.com ) ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company's principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

For more information

Alison Dwoskin, Director, Investor Relations 647-233-4348 adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director 416-723-0458 gogilvie@arizonasonoran.com

Forward-Looking Statements

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals.

Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.