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Technical Assessment Report

Vicuña Joint Venture

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Technical Assessment Report

Vicuña Joint Venture

Copper-Gold Project Argentina – Chile

Report prepared for

BHP Group Limited (ABN 49 004 028 077)

171 Collins Street, Melbourne

VICTORIA 3000 AUSTRALIA

Report prepared by:

Specific type of activity and area of accountability
Mining and Economic Analysis
All sections excluding mining, economic analysis, geology and Mineral Resources
Geology and Mineral Resources
Specific type of activity and area of accountability

Filo del Sol Mineral Resource Estimate, drilling, sampling and data validation
Josemaria Mineral Resource Estimate

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Cautionary statements

This Technical Assessment has been prepared at a scoping-study level and is preliminary in nature. The assessment is based on Mineral Resources, including a material proportion of Inferred Mineral Resources, which are subject to a high degree of geological uncertainty. Inferred Mineral Resources include a level of geological uncertainty that is not sufficient to demonstrate a high confidence over technical and economic modifying factors.

No Ore Reserves have been declared for the Project.

The development concepts, operating assumptions, production schedules, economic outcomes, and processing options described in this Report are conceptual in nature and have been prepared for evaluation purposes only. They are not based on detailed engineering or feasibility-level analysis. The information contained herein does not demonstrate economic or technical viability and should not be interpreted as a development plan or a basis for decision-making.

Economic metrics such as NPV, IRR, cash flows, capital costs, operating costs, and product assumptions are indicative only and are subject to significant uncertainty. They do not represent forecasts, projections, or assurances of future performance. Actual outcomes may differ materially from those presented due to changes in geological understanding, engineering design, metallurgical performance, permitting requirements, market conditions, or financing assumptions.

Where the Report references potential products, market studies, pricing assumptions, or revenue parameters, these are provided solely for contextual purposes and do not imply product marketability, off-take readiness, or commercial agreements.

The Report does not constitute a valuation, investment recommendation, financial advice, or a commitment to proceed with any development scenario.

The conclusions and opinions expressed reflect the information available at the time of preparation and may change as additional data, technical studies, environmental assessments, and stakeholder engagements are completed. Further drilling, metallurgical testwork, engineering, and permitting studies will be required to advance the Project and reduce the current level of uncertainty.

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Executive summary
1. Introduction
2. Property description	78
2.1 Property location
2.2 Physiography
2.3 Access
2.4 Climate and length of operating season
2.5 Ownership interest
2.6 Agreements
2.7 Mineral tenure
2.7.1 Argentina
2.7.2 Chile
2.7.3 Tenure status
2.8 Surface rights
2.8.1 Argentina
2.8.2 Chile
2.8.3 General considerations
2.9 Water rights
2.9.1 Argentina
2.9.2 Chile
2.10 Royalties
2.10.1 Argentina
2.10.2 Chile
3. Geology and Mineral Resources
3.1 Property and production history
3.1.1 Exploration and study history
3.1.2 Past production
3.2 Regional geology
3.3 Local geology
3.4 Deposit geology
3.4.1 Deposit dimensions
3.4.2 Lithologies
3.4.3 Structure	89
3.4.4 Alteration
3.4.5 Weathering
3.4.6 Mineralization
3.5 Exploration activities
3.6 Drilling
3.7 Sample preparation and analysis
3.8 Quality assurance and quality control
3.9 Data verification
3.10 Mineral Resource estimation
3.11 Reasonable prospects of eventual economic extraction
3.12 Mineral Resource statement
3.13 Factors that may affect the Mineral Resource estimate
4. Technical Assessment
4.1 Ore Reserves
4.2 Mine plan
4.2.1 Subset of the Mineral Resource estimate in the mine plan
4.2.2 Geotechnical assumptions
4.2.3 Hydrogeological assumptions
4.2.4 Mine designs
4.2.5 Equipment requirements
4.2.6 Production schedule	101

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4.3 Metallurgical Testwork	103
4.3.1 Testwork	103
4.3.2 Variability assessment	103
4.3.3 Metallurgical recovery forecasts	103
4.3.4 Deleterious elements	104
4.4 Process Method	104
4.4.1 Process plant design	104
4.4.2 Reagents and consumables	104
4.4.3 Power	105
4.4.4 Water	105
4.5 Infrastructure	105
4.5.1 Overview	105
4.5.2 Logistics	105
4.5.3 Waste rock	106
4.5.4 Stockpiles	106
4.5.5 Tailings storage	106
4.5.6 Built infrastructure	106
4.5.7 Camps and accommodation	106
4.5.8 Water management and water supply	107
4.6 Environmental considerations	107
4.6.1 Baseline studies	107
4.6.2 Monitoring requirements	107
4.6.3 Closure considerations	107
4.6.4 Permitting considerations	108
4.6.5 Social and heritage considerations	108
4.7 Capital cost estimate
4.8 Operating Cost Estimate
4.9 Closure Cost Estimate
5. Market Assumptions
5.1 Market Studies
5.2 Commodity and Exchange Rate Forecasts	111
5.3 Contracts	111
6. Evaluation	112
6.1 Economic Analysis
6.2 Sensitivity Analysis
6.3 Taxation and Royalties
6.3.1 Royalties in Argentina
6.3.2 Taxes in Argentina
6.3.3 Royalties in Chile
6.3.4 Taxes in Chile
7. Risk and Mitigation
7.1 Geological and Resource Risks
7.2 Mining and Geotechnical Risks
7.3 Metallurgical and Processing Risks
7.4 Infrastructure and Execution Risks
7.5 Environmental, Social, and Permitting risks
7.6 Market and Economic Risks
8. Conclusions
9. Declarations and Consents
10 Deferences	117

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Executive summary

This Technical Assessment Report in relation to the Vicuna Joint Venture (a non-operated joint venture (NOJV) in which BHP Canada holds investments) has been prepared for public disclosure in accordance with the VALMIN Code (2015), with reference to the JORC Code (2012) for Mineral Resource reporting. The report summarises the indicative technical, environmental, and economic basis of the Vicuña Joint Venture copper-gold project (the Project) and provides a scopinglevel assessment of its development potential, risks, and opportunities. The Scoping Study has been completed with cost estimates developed to an order of magnitude level, appropriate for this stage of evaluation. The study is preliminary in nature and is based on a significant proportion of Inferred Mineral Resources.

The Project is a proposed large-scale, long-life copper-gold development located along the Argentina-Chile border in the central Andes. It integrates the Josemaría and Filo del Sol deposits under Vicuña Corp., a 50:50 joint venture between BHP Investments Canada Inc (BHP Canada) and Lundin Mining Corporation (Lundin Mining). The Project comprises of two large undeveloped copper-gold resources and is characterised by district-scale mineralisation, multiple mineralisation types, and a complex binational operating environment.

The Project is supported by Mineral Resources, defined through decades of exploration, drilling, metallurgical testwork, and technical studies. Mineralisation comprises copper-gold porphyry and high-sulphidation epithermal styles. Both the Josemaría and Filo del Sol deposits remain open at depth and along strike. No Ore Reserves are estimated, and the current assessment relies on Mineral Resources, including a large proportion of Inferred Mineral Resources. In the opinion of the Competent Persons, it is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration, however due to the uncertainty of Inferred Mineral Resources, it should not be assumed that such upgrading will occur.

Development of the Project has been assessed at a conceptual level using a staged strategy to manage capital intensity, technical risk, and execution complexity. The conceptual development sequence includes Stage 1 sulphide flotation processing, initially fed by mineralization from Josemaría; Stage 2 heap leaching of oxide and mixed material at Filo del Sol producing copper cathode and gold-silver doré; Stage 3 development inclusive of sourcing sulphide mineralization from Filo del Sol, facilities to treat high-arsenic concentrate, a mill expansion and supporting infrastructure including power supply, desalinated water supply and concentrate transport.

Metallurgical testwork completed to date has informed the conceptual selection of distinct processing routes for sulphide and oxide material. Elevated arsenic levels within portions of the Filo del Sol sulphide Mineral Resource represent a key technical challenge and have prompted conceptual evaluation of concentrate roasting to produce a low-arsenic copper calcine that may be suitable for broader smelter acceptance. This approach has implications for infrastructure, permitting, operating costs, and environmental management requiring further detailed study.

The Project has been assessed at conceptual level requiring substantial infrastructure development, including access roads, power transmission, water supply systems, tailings storage facilities, waste rock storage areas, processing plants, and workforce accommodation. The binational nature of the Project introduces additional complexity in logistics, permitting, and regulatory coordination but also allows for consideration of alternatives in infrastructure configuration and export routes.

Environmental and social considerations are integral to the Project's development. Comprehensive baseline studies have been completed across physical, biological, and socio-economic disciplines to support environmental impact assessment and permitting in both Argentina and Chile. Closure planning has been incorporated at a conceptual level, with a focus on long-term physical and chemical stability and compliance with jurisdictional regulatory requirements.

A scoping-level economic analysis has been undertaken to evaluate potential economic outcomes and to compare development options. Capital and operating cost estimates are preliminary and subject to significant uncertainty. Economic outcomes are sensitive to key assumptions, including metal prices, capital intensity, operating costs, metallurgical performance, infrastructure execution, and permitting outcomes.

The Project is exposed to a range of technical, environmental, social, market, and execution risks, reflecting its scale, complexity, and early stage of development. Conceptual risk management measures considered to date include a staged development approach, continued technical de-risking through drilling and metallurgical testwork, early and ongoing stakeholder engagement, and progressive refinement of engineering and environmental studies.

In summary, the Vicuña Project represents a large copper-gold Mineral Resource with the potential for future development subject to technical studies, environmental assessment, permitting, and stakeholder engagement. Ongoing work is required to progressively reduce uncertainty and to inform future development decisions.

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1. Introduction

This Report has been prepared in accordance with the Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets (VALMIN Code, 2015 edition). The technical assessment has been completed using the principles of Competence, Materiality and Transparency as defined by the VALMIN Code. Neither the fact that the report has been prepared for BHP Group Limited (BHP), nor the analysis contained in the report should be interpreted as acts of management or control over the NOJV's activities.

Where Mineral Resources and Exploration Results are referenced, these have been prepared and disclosed in accordance with the JORC Code (2012 Edition) or other applicable reporting standards by appropriately qualified Competent Persons who are members of Recognised Professional Organisations. The Mineral Resource information referenced in this Report has been prepared by Mr. Luke Evans, M.Sc., P.Eng. (Professional Engineers Ontario), Mr. Sean Horan, P.Geo. (Professional Geoscientists Ontario), and Mr. Paul Daigle, P.Geo. (Engineers and Geoscientists British Columbia), each of whom has relevant experience appropriate to the style of mineralisation and type of deposit described. This Report includes an update to the Mineral Resources as of 31 December 2025.

The technical assessment expressed in this Report has been prepared by independent experts. The Competent Persons responsible for Mineral Resource estimates relied upon in this Report are also independent.

Other authors contributing to this Report are employed by Vicuna Corp and are therefore not independent. Their contributions are limited to the preparation of technical, factual and descriptive information.

The authors have prepared this Report in accordance with the VALMIN Code, and, to the best of their knowledge, there are no material conflicts of interest that would reasonably be expected to influence the conclusions of this Report.

In preparing the Report, reliance has been placed, where appropriate, on information, interpretations and data prepared by suitably qualified experts in specialist disciplines. Such reliance is considered reasonable given the scale and complexity of the Project, and responsibility for those specialist inputs remains with the respective contributors.

This Report has been prepared for public disclosure and is intended for use by investors, professional advisers, and other stakeholders seeking a high-level technical assessment of the Project. It does not constitute an Ore Reserve statement, a feasibility study, or a recommendation to proceed with development and should not be relied upon for any purpose other than that for which it was prepared.

2. Property description

The Vicuña Project was formed by combining two former project areas, the Filo del Sol and the Josemaría projects, each with its own ownership history and internal property subdivisions resulting from acquisitions and the presence of provincial and international boundaries.

The Property spans the border between Argentina and Chile. Chilean mineral tenures are situated approximately 140 km southeast of Copiapó in Region III, while Argentinean mineral tenures lie roughly 350 km northwest of San Juan City within the Iglesia Department, San Juan Province.

2.1 Property location

The Vicuña Project is located in the central Andes along the international border of Argentina and Chile, within the Vicuña District. The Project area lies within the San Juan Province in Argentina and the Atacama Region in Chile.

The Project comprises a group of mineral properties that include the Filo del Sol and Josemaría deposits, which are situated approximately 350 km northwest of the city of San Juan, Argentina, and approximately 150 km southeast of the city of Copiapó, Chile. The Project is located in a high-altitude Andean setting, with elevations generally exceeding 4,000 m above sea level.

Regional access to the Project area is provided by a combination of paved and gravel roads connecting from established population centres in Argentina and Chile. Existing infrastructure in the region includes public road networks, border crossings, and nearby towns that provide logistical support for exploration and development activities.

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The location of the Project, including national and provincial boundaries, nearby towns, access routes, and the positions of the deposits, is shown in Figure 2-1.

Figure 2-1: Vicuña Project location

2.2 Physiography

The Project is located in a region characterised by rugged mountainous terrain, high elevations, and steep relief. The Project area lies along the crest and eastern flank of the Andean Cordillera, with elevations typically ranging from approximately 4,000 m to over 5,500 m above sea level.

Topography within the Project area is dominated by steep ridges, narrow valleys, and high-altitude plateaus. Drainage is generally poorly developed and consists of ephemeral streams and snowmelt-fed channels that flow seasonally, primarily during warmer months. Surface water availability is limited and highly variable due to climatic conditions and elevation.

The region experiences an arid to semi-arid alpine climate, with low annual precipitation, most of which falls as snow at higher elevations. Vegetation is sparse and largely restricted to isolated patches in protected areas and along drainage corridors. Large areas of exposed bedrock, colluvium, and surficial deposits are present across the Project area.

Physiographic conditions, including elevation, climate, and terrain, influence access and logistics and are important considerations in the planning and execution of activities within the Project area.

2.3 Access

The Project is accessible from regional centres in San Juan Province, Argentina, and from northern Chile via a combination of paved highways, secondary roads, and site access tracks. Regional access is provided by established public road networks connecting the Project area to nearby towns and cities that serve as logistical hubs for personnel, supplies, and services.

Access to the Project area is achieved using a network of maintained gravel roads and exploration tracks that have been developed over successive exploration campaigns. These routes provide access to key areas within the Project and are generally suitable for standard light vehicles under normal operating conditions. Due to the high elevation, mountainous terrain, and climatic conditions, access may be subject to seasonal limitations, particularly during periods of snowfall or adverse weather. Access conditions can vary year to year depending on weather patterns and maintenance requirements.

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Air access is available via regional airports located in San Juan Province and northern Chile, with helicopter support used periodically to facilitate access to remote areas, to transport personnel, and support exploration activities.

2.4 Climate and length of operating season

The Project is located in a high-altitude Andean environment characterised by an arid to semi-arid climate, cold temperatures, low precipitation, and strong seasonal variability. Elevations across the Project area generally exceed 4,000 m above sea level, resulting in Andean climatic conditions.

Precipitation is generally low and occurs predominantly as snowfall during the austral winter months. Snow accumulation, freezing temperatures, strong winds, and rapidly changing weather conditions can affect access and field operations, particularly during winter.

Exploration activities have historically been concentrated during the austral summer and shoulder seasons, when weather conditions are generally more favourable. However, recent exploration programs have demonstrated that drilling can be conducted during winter months in selected areas, subject to local conditions, access, and appropriate logistical and safety controls.

The length and continuity of the effective operating season for exploration activities therefore varies across the Project area and from year to year, depending on elevation, terrain, weather patterns, and the specific nature of the work being undertaken. Seasonal and climatic constraints remain an important consideration in planning and scheduling exploration programs.

2.5 Ownership interest

The Vicuña Project is held under a joint venture arrangement between two parties, with each party holding an equal ownership interest in the Project. The joint venture structure governs the exploration, evaluation, and development activities within the Project area.

The Project is owned and operated by Vicuña Corp., which was formed following a series of corporate transactions completed in January 2025 that resulted in the consolidation of ownership of the Josemaría and Filo del Sol deposits under a single operating entity. The joint venture between BHP Canada and Lundin Mining is governed by a shareholders' agreement that defines governance, operator designation, funding and capital contribution obligations, approval of programs and budgets, and decision-making processes.

The Project comprises a group of mineral properties located in Argentina and Chile, with ownership interests held through locally registered, wholly owned subsidiaries in each jurisdiction, in accordance with applicable national and provincial laws. These subsidiaries hold the relevant mineral concessions, surface access agreements, and contractual rights associated with the Project.

Ownership interests in the Project are subject to the terms and conditions of the joint venture and related agreements, which define the rights and obligations of the parties with respect to funding, management, decision-making, and transfer of interests.

The Mineral Resource estimates presented in this report are stated on a 100% Project basis. Attributable interests are derived by applying the relevant ownership percentages to the reported Mineral Resources. The Mineral Resource estimates include an update from the estimates reported by BHP in the Annual Report.

2.6 Agreements

The Vicuña Project is subject to a number of material agreements that govern mineral tenure, surface access, royalties, and cross-border activities. These agreements provide the legal and contractual framework under which exploration and evaluation activities are conducted within the Project area.

Material agreements applicable to the Project include mineral tenure agreements, option and acquisition agreements associated with certain properties, net smelter return royalty arrangements on selected concessions, and agreements relating to surface access and infrastructure corridors. These agreements are typical of large, multi-property mineral projects and reflect the historical evolution of land tenure and exploration activity within the Project area.

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The Project is also subject to the Mining Integration and Complementation Treaty between Chile and Argentina, which establishes a legal framework to facilitate mining activities in designated border regions. Under this treaty, specific additional protocols may be established to govern exploration and development activities for binational mining projects.

Exploration activities at the Josemaría and Filo del Sol deposits have been conducted within the framework of a specific additional protocol established under the treaty. The treaty and associated protocols provide for coordination between the two jurisdictions with respect to permitting, access, and regulatory oversight applicable to cross-border mining activities.

The agreements described above are considered customary for projects of this nature and stage and do not, in themselves, constitute a guarantee of future development or project advancement.

2.7 Mineral tenure

Mineral tenure for the Project comprises granted exploration and exploitation concessions located in both Argentina and Chile. The Project is located within a binational setting along the Argentina-Chile border, and mineral tenure is therefore governed by the respective national and provincial mining legislation in each jurisdiction.

2.7.1 Argentina

In Argentina, mineral concessions are administered by the provincial mining authority of San Juan Province. The Project includes multiple granted exploitation concessions (minas) and exploration permits (cateos) covering the areas hosting the Josemaría and Filo del Sol deposits.

Mineral tenure in Argentina is held by locally registered entities and consists primarily of exploitation concessions, together with a smaller number of exploration permits. The Mineral Resource estimate for the Josemaría deposit is predominantly hosted within a single exploitation concession, with minor overlap into adjacent concessions. The portion of the Filo del Sol deposit located in Argentina is hosted within a group of contiguous exploitation concessions. The relationship between the deposits and the Argentine mineral tenure is shown in Figure 2-3.

Figure 2-3: Mineral tenure location plan. Argentina

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2.7.2 Chile

In Chile, mineral tenure comprises granted mining concessions, including both exploitation and exploration concessions, administered in accordance with Chilean mining legislation. The Chilean portion of the Project includes multiple granted concessions covering the area of the Filo del Sol deposit.

The Mineral Resource estimate for the Chilean portion of the Filo del Sol deposit is located within a defined group of granted mining concessions. The relationship between the deposit and the Chilean mineral tenure is shown in Figure 2-4.

Figure 2-4: Mineral tenure location plan. Chile

2.7.3 Tenure status

All material mineral concessions comprising the Project were confirmed to be current and in good standing as of the effective date of this report, subject to ongoing compliance with applicable legislative requirements, including the payment of fees and fulfilment of statutory obligations.

2.8 Surface rights

Surface rights required for exploration activities within the Project area are secured through a combination of ownership, statutory rights associated with mineral tenure, easements, and negotiated access agreements with relevant landholders and government authorities.

2.8.1 Argentina

In Argentina, mineral concessions forming part of the Project are located within a multiple-use area of the San Guillermo Provincial Reserve, where mining activities are permitted in accordance with applicable provincial regulations. Certain areas of the Project are subject to environmental oversight requirements associated with the Guillermo Provincial Reserve and its designated buffer zones. Access and exploration activities within these areas are conducted subject to compliance with applicable environmental approvals and supervision requirements.

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Surface access and infrastructure requirements in Argentina are supported by occupancy easements granted or requested through the provincial mining authority. These easements relate to activities such as access roads, infrastructure placement, and water use. Some easements have been granted, while others remain subject to ongoing administrative processes. The current status of surface rights and easements does not preclude the conduct of authorized exploration activities.

2.8.2 Chile

In Chile, surface access to the Project area is secured through a combination of statutory rights associated with granted mining concessions and negotiated access agreements. Agreements are in place to provide surface access to the Tamberías property (Figure 2-4) and other areas of the Chilean tenure holdings, in accordance with Chilean mining and land access legislation.

2.8.3 General considerations

Surface access arrangements across the Project area consider existing land uses, environmental protection measures, and regulatory requirements applicable in each jurisdiction. Surface rights are managed in a manner consistent with the stage of exploration and evaluation of the Project.

2.9 Water rights

Water resources applicable to the Project are regulated under jurisdiction-specific legislative frameworks in Argentina and Chile.

2.9.1 Argentina

In the Province of San Juan, water resources are owned by the province and are administered by the relevant provincial authorities. Water use for exploration activities within the Project area is currently supported by temporary water permits issued in accordance with applicable regulations. These permits are typical for exploration-stage activities and are subject to regulatory conditions, monitoring, and renewal requirements.

2.9.2 Chile

In Chile, water rights are privately held and are regulated under Chilean water legislation. The Project does not currently rely on permanent water rights in Chile for exploration activities. Water supply options for potential future stages of the Project have been evaluated in technical studies and include a range of alternatives consistent with regulatory requirements and environmental considerations.

These alternatives include the potential use of desalinated seawater sourced from the Chilean coast and conveyed to the Project area via a pipeline. Such options remain subject to further technical evaluation, permitting, and regulatory approvals and do not form part of the current exploration-stage water supply arrangements.

2.10 Royalties

The Project is subject to royalties arising under applicable Argentine and Chilean fiscal regimes, as well as contractual royalties associated with certain mineral tenures.

2.10.1 Argentina

Mineral tenure within Argentina are subject to statutory royalties in accordance with provincial mining legislation. In addition, certain tenures are subject to contractual royalty arrangements.

Contractual royalties applicable to the Argentine portion of the Project include net profit interest (NPI) royalties on specific properties that host portions of the Mineral Resource, primarily within the area of the Josemaría deposit. A smaller portion of the Mineral Resource associated with the Filo del Sol deposit is subject to a one-time contingent payment obligation triggered upon the commencement of commercial production within specified concessions.

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These contractual royalty arrangements are considered customary for properties of this nature and stage and would apply only in the event of future mining operations.

2.10.2 Chile

Mineral tenures within Chile are subject to statutory royalties under Chilean mining and fiscal legislation. In addition, certain Chilean concessions forming part of the Project are subject to a contractual net smelter return (NSR) royalty under an option agreement relating to the Tamberías property.

The contractual NSR royalty would apply to mineral production from the relevant concessions. If the option is exercised and the concessions are acquired. The royalty terms include provisions that allow for modification or extinguishment of the royalty under specified conditions.

3. Geology and Mineral Resources

3.1 Property and production history

3.1.1 Exploration and study history

Exploration activity within the Project area was conducted intermittently over several decades and has included surface geochemical sampling, geophysical surveys, geological mapping, and diamond and reverse circulation drilling programs undertaken by several operators.

Early-stage exploration primarily focused on regional reconnaissance and surface evaluation, including mapping and geochemical sampling, aimed at identifying areas of potential mineralisation. These activities informed the targeting of subsequent drilling programs.

More systematic exploration drilling was undertaken during later campaigns, incorporating both reverse circulation and diamond drilling methods. Drilling programs were designed to test geological, alteration, and mineralisation concepts interpreted from surface work and early drilling results. Drill hole data collected during these programs contributed to evolving geological interpretations of the deposit area.

As exploration advanced, additional drilling was completed to further define the spatial distribution of mineralisation and to provide data suitable for mineral resource estimation. Geological modelling, assay data analysis, and supporting technical work were undertaken concurrently with these drilling programs by the project operators and their consultants.

Mineral Resource estimates were prepared and updated periodically as additional drilling and technical data became available. These estimates were completed by independent consultants in accordance with applicable reporting standards current at the time of preparation.

Subsequent technical studies, including conceptual economic studies, were completed to evaluate potential development scenarios based on the available geological, metallurgical, and engineering information. These studies incorporated assumptions and inputs appropriate to their respective study levels and were prepared using the data available at the time.

Exploration drilling and technical studies have continued in parallel with ongoing geological interpretation and data review. The current understanding of the Project reflects the cumulative outcome of these exploration and study activities.

3.1.2 Past production

No mining, bulk sampling for commercial sale, or processing of mineralised material for production purposes has been undertaken.

There has been no historical or current commercial mineral production from the Project area to date.

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3.2 Regional geology

The Project is located within the Andean Cordillera of northern Chile and western Argentina, a region characterised by longlived magmatic, tectonic, and metallogenic activity associated with subduction along the western margin of the South American plate. The Project's regional geological setting is illustrated in Figure 3-1.

Figure 3-1: Regional geological setting of the Vicuña Project (after Devine, 2025).

The regional geological setting comprises a sequence of volcanic, volcaniclastic, and intrusive rocks of predominantly Mesozoic to Cenozoic age, which have been affected by multiple phases of deformation, magmatism, and hydrothermal alteration, resulting in a variety of mineral deposit styles across the broader region.

Regional-scale structures, including faults and lineaments, reflect a complex tectonic history involving compressional and extensional regimes. These structures have influenced the emplacement of intrusive bodies and the distribution of alteration and mineralisation at a regional scale.

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Magmatic activity within the region is represented by a range of intrusive and extrusive lithologies, including intermediate to felsic compositions. Hydrothermal systems associated with this magmatism have locally resulted in alteration assemblages and mineralisation typical of Andean metallogenic belts.

The regional geology provides a geological framework for the Project area; however, mineralisation is controlled by local geological, structural, and hydrothermal factors, which are described in subsequent sections.

3.3 Local geology

The Project area is underlain by a sequence of volcanic, volcaniclastic, sedimentary, and intrusive rocks that have been mapped and interpreted based on surface mapping, drill core logging, and supporting geophysical and geochemical data. The local geological setting of the Project area is shown in Figure 3-2.

Figure 3-2: Local geological map of the Vicuña Project area (after Vicuña, 2025).

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Volcanic and volcaniclastic units form a significant component of the local stratigraphy and comprise a range of intermediate to felsic compositions. These units occur as flows, tuffs, and volcaniclastic sequences and exhibit variable degrees of alteration and deformation. Sedimentary units are present locally and include clastic lithologies deposited in continental to shallow marine environments.

Intrusive rocks occur within the Project area as stocks, dykes, and irregular intrusive bodies of intermediate to felsic composition. These intrusions have been identified through surface mapping and drilling and are spatially associated with zones of alteration and mineralisation described in subsequent sections.

The Project area has been affected by multiple phases of deformation, resulting in the development of faults and fracture systems at a range of orientations and scales. Structural features observed include major faults and subsidiary structures, which locally influence lithological contacts and alteration patterns. The relative timing and kinematics of these structures have been interpreted based on field observations and drill core data.

Hydrothermal alteration is widespread within the Project area and includes assemblages typical of magmatic–hydrothermal systems. Alteration intensity and assemblage types vary spatially and are observed across multiple lithologies. Alteration styles and their spatial distribution are described in more detail in the mineralisation section of this report.

The local geological interpretation reflects the current understanding derived from cumulative exploration activities and technical studies completed to date. Ongoing exploration and data collection may result in refinement to this interpretation.

3.4 Deposit geology

3.4.1 Deposit dimensions

Mineralisation within the Project area occurs within two principal deposits, Filo del Sol and Josemaría, which together comprise multiple mineralised zones delineated through surface exposure and drilling completed to date. The dimensions described below reflect the current interpreted spatial extent of mineralisation based on available drilling and geological information and do not imply continuity beyond the limits of data and may be refined as additional drilling or technical work is completed.

The Filo del Sol deposit, including the Tamberías, Aurora, and Bonita zones, extends over an approximate strike length of 6.5 km in a northeast-southwest orientation. In plan view, the width of mineralisation varies along strike and reaches a maximum of approximately 1.5 km in the Aurora zone. Drilling has intersected mineralisation to depths of up to approximately 1.8 km below surface, with the vertical extent varying across the deposit. Based on drilling completed to date, mineralisation at Filo del Sol remains open to the north, south, east, west, and at depth.

The Josemaría deposit is partly exposed at surface and has an interpreted plan extent of approximately 1.0 km east-west by 1.5 km north-south, as defined by surface mapping and drilling. Mineralisation at Josemaría has been intersected to vertical depths of approximately 600 m to 700 m below surface, with the depth extent constrained by the limits of current drilling. The deposit remains open to the south beneath a thickening cover of post-mineralised volcanic rocks and also at depth.

3.4.2 Lithologies

At Filo del Sol, lithologies include a complex assemblage of volcanic and volcaniclastic units of intermediate to felsic composition, together with intrusive rocks that occur as stocks, dykes, and irregular intrusive bodies. Volcanic and volcaniclastic units comprise lava flows, tuffs, breccias, and reworked volcaniclastic material, which display variable textures, grain sizes, and degrees of alteration. These units are intercalated locally with sedimentary horizons.

Intrusive rocks at Filo del Sol have been intersected in multiple drill holes and intrusions vary in geometry and texture and include porphyritic and equigranular phases. Contacts between intrusive and volcanic or volcaniclastic units are locally irregular and have been interpreted based on drilling and geological observations.

At the Josemaría deposit, lithologies are dominated by volcanic and volcaniclastic rocks intruded by intermediate to felsic intrusive bodies. Volcanic units include flows and volcaniclastic sequences that are variably altered and locally overprinted by intrusive phases. Intrusive rocks occur as stocks and dykes and have been identified through surface exposure and drilling.

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Across both deposits, lithological contacts are variably affected by deformation and hydrothermal alteration, resulting in locally diffuse or modified boundaries between units. Lithological interpretations are based on the integration of surface mapping, drill core logging, and supporting geological data.

The lithological framework described above reflects the current geological interpretation derived from available data. Ongoing drilling and geological studies may result in refinement to lithological boundaries and unit classifications.

Maps showing the Filo del Sol and Josemaria geology are provided in Figure 3-3 and Figure 3-4 respectively.

Figure 3-3: Deposit geological map, Filo del Sol (after Vicuña, 2025).

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Figure 3-4: Deposit geological map, Josemaria.

3.4.3 Structure

The Project area has been affected by multiple phases of deformation, resulting in the development of structural features at a range of orientations and scales. Structural interpretations are based on surface mapping, drill core logging, and the analysis of drill hole data.

Observed structural features include faults, fracture zones, and joint sets that locally influence lithological contacts and alteration patterns. Faults occur at a range of orientations and displacements and are expressed variably in surface exposures and drill intersections. Some faults are interpreted to be regionally significant, while others appear to be more local and associated with the mineralisation.

Fracturing and jointing are widespread and vary in intensity across different lithologies and alteration zones. These features have been identified through drill core observations and surface mapping and contribute to local variations in rock fabric and competency.

Structural complexity varies across the deposits and reflects the cumulative effects of deformation, intrusion, and hydrothermal alteration. Structural interpretations remain subject to refinement as additional drilling and geological data become available.

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3.4.4 Alteration

Hydrothermal alteration is widespread within the Project area and has been identified through surface mapping, drill core logging, and supporting geological studies. Alteration assemblages vary spatially and are observed across multiple lithologies and structural domains.

At the Filo del Sol deposit, alteration includes assemblages typically associated with magmatic-hydrothermal systems and comprises a range of alteration styles, including potassic, phyllic, argillic, advanced argillic, and propylitic alteration. These alteration styles occur in differing proportions and intensities across the deposit and locally overprint earlier lithological and structural features. Zones of intense alteration are observed in both near-surface and deeper parts of the system, as defined by drilling and surface exposure.

At the Josemaría deposit, alteration assemblages include potassic, phyllic, and propylitic styles, together with locally developed argillic alteration. Alteration is variably developed across the deposit and has been identified in association with both volcanic and intrusive lithologies. The distribution and intensity of alteration at Josemaría have been interpreted based on surface mapping and drill core observations.

Across both deposits, alteration boundaries are locally diffuse and may be modified by later deformation and superimposed alteration events. Alteration interpretations reflect the current understanding derived from available geological data and are subject to refinement as additional drilling and geological studies are completed.

3.4.5 Weathering

Weathering has affected the upper portions of the deposits within the Project area and is expressed by oxide and transitional zones overlying less weathered material at depth. The depth and intensity of weathering vary across the deposits and reflect a combination of geological, structural, and topographic factors.

At the Filo del Sol deposit, weathering extends from surface to variable depths below surface, as defined by drilling and surface exposure. The weathered profile locally includes zones of strong oxidation and leaching, together with transitional intervals where weathering effects decrease with depth. The thickness and continuity of weathering vary spatially across the deposit.

At the Josemaría deposit, weathering is generally less extensive and is influenced by surface exposure and local geological conditions. Weathered material occurs near surface and transitions to less weathered rock at depth, with the depth to fresh rock varying across the deposit.

The boundaries between weathered, transitional, and less weathered material are locally diffuse. The weathering profile described above reflects the current understanding based on available drilling and surface data and may be refined as additional information becomes available.

3.4.6 Mineralization

Mineralisation within the Project area comprises copper and gold, with arsenic present as an associated element, occurring in multiple mineralised zones within the Filo del Sol and Josemaría deposits.

At the Filo del Sol deposit, mineralisation occurs in several zones, including the Tamberías, Aurora, and Bonita zones, and is present in both near-surface and at depth. Copper mineralisation is observed in oxide, transitional, and sulphide forms, while gold mineralisation occurs in association with both oxidised and sulphide material. Arsenic is present locally within mineralised intervals and has been identified in association with sulphide mineralisation. The distribution of mineralisation varies spatially and reflects the complex geological setting of the deposit as defined by drilling and geological interpretation.

At the Josemaría deposit, mineralisation is characterised by copper and gold, and arsenic occurring as an associated element. Mineralisation occurs within both volcanic and intrusive host rocks and has been intersected from surface to depth in multiple drill holes. Mineralisation occurs in oxidised and sulphide forms, with transitional material present locally.

Across both deposits, mineralisation boundaries are irregular and locally diffuse. Variations in metal content, associated elements, mineral assemblages, and oxidation state are observed both laterally and vertically, and continuity of mineralisation varies within and between zones. The descriptions provided above reflect the current interpretation based on available drilling and surface data and do not imply continuity beyond the limits of existing information.

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3.5 Exploration activities

Exploration activities within the Project area were conducted in multiple phases by various operators and included geological mapping, geochemical sampling, geophysical surveys, and drilling. These activities were undertaken to improve the geological understanding and to delineate mineralised zones identified through surface exposure and subsurface data.

Early exploration work focused on regional and local scale geological mapping at scales ranging from 1:5,000 to 1:10,000 and surface sampling, including 8,207 talus, 2,296 rock chip and 3,729 trench and road cut samples to characterise lithologies, structures, and alteration. This work contributed to the identification of prospective areas within the Project boundary and informed the location of subsequent exploration programs.

Geophysical surveys, including airborne and ground-based methods such as induced polarization, resistivity, magnetic, magneto telluric data acquisition (MIMDAS), and controlled source audio magneto telluric surveys, were completed over portions of the Project area at various stages of exploration.

These surveys were used to assist in the interpretation of subsurface geology and structural features and to support drill targeting. The coverage, resolution, and survey parameters vary between programs and areas.

Exploration activities were conducted in accordance with applicable regulatory requirements and industry practices at the time they were undertaken. The exploration data generated through these activities form the basis for the current geological interpretations and technical studies; however, the results and interpretations are subject to the limitations inherent in the spacing, depth, and distribution of exploration data.

3.6 Drilling

Drilling within the Project area was undertaken over multiple exploration phases by different operators using a combination of diamond drilling and reverse circulation drilling. Drilling programs were designed to test geological interpretations derived from surface mapping, geophysical data, and prior drilling results, and to evaluate mineralisation at depth.

As of 31st October 2025, a total of 1,029 drill holes comprising approximately 378,662 m of drilling had been completed across the Project area (Figure 3-8).

Figure 3-8: Drill collar location map, Vicuña Project Area

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This total includes exploration drilling completed at the Josemaría and Filo del Sol deposits, together with additional drilling undertaken for purposes such as potential site infrastructure investigations, hydrogeological studies, and water supply. Not all drill holes were included in the geological or mineralisation datasets used for technical studies. Drill core obtained from diamond drilling was also used, where appropriate, for geotechnical logging, hydrogeological observations, and the collection of samples for metallurgical testwork.

At the Filo del Sol deposit, drilling was conducted across multiple mineralised zones, including the Tamberías, Aurora, and Bonita zones. Drill holes were collared from surface and oriented to test mineralisation over a range of depths and spatial extents. The Filo Mineral Resource estimate is supported by 236 diamond drill holes (186,588.5 m), and 196 reverse circulation drill holes (47,491 m).

Drilling continues at Filo del Sol however, data from the post-cut-off drilling has not been incorporated the technical studies.

At the Josemaría deposit, drilling was completed from surface and tested mineralisation across the interpreted extent of the deposit. Drill hole locations, orientations, and depths vary across the deposit and reflect the geological understanding at the time of drilling. Drilling used to support the estimation of Mineral Resources consists of 195 diamond drill holes (89,966.2 m) and 48 reverse circulation drill holes (17,538 m). No additional drilling has been completed at Josemaría since December 2022.

Diamond drilling provides continuous core for geological logging and sampling, while RC drilling has been used primarily for shallower drilling and as pre-collars for deeper diamond drill holes. Drill hole locations, orientations, and depths are recorded in the Project database and form the basis for geological interpretation and subsequent technical evaluations. Drilling coverage, spacing, and depth vary across the Project area, and the level of geological confidence differs accordingly.

Standardised logging protocols and specialised software were employed to systematically document geological and geotechnical data. This could include lithology, alteration characteristics, structural features, mineralisation descriptions, sulphide content percentages, mineralogical analysis, spectrometry (ASD), X-ray fluorescence, magnetic susceptibility and electrical conductivity, core photography, rock quality designation (RQD), recovery rates, and specific gravity measurements.

The diamond drill holes at Filo del Sol achieved an overall average core recovery rate of 95%. Sample recovery varies according to the level of oxidation from 91% in oxide and 95% in sulphur. The drill core obtained from the Josemaría deposit consistently demonstrates high competency. Core recovery rates showed minimal variation across drilling programs, with averages ranging between 94% and 95%.

Differential global positioning system (GPS) instruments were used to locate drill collars. Instrumentation used for downhole surveys varied by campaign, and included Reflex multi-shot instruments, SRG-gyroscope surveys, and Champ Navigator tools. Down hole survey depths varied from 10–50 m intervals.

For both copper and silver at Filo del Sol, drilled widths are essentially true widths, as the steep to vertical drill holes pierce the zones at near-perpendicular angles. Gold distribution is more complex, manifesting in both disseminated, subhorizontal layers and presumed steep, structurally controlled zones. The drilled widths for the disseminated and subhorizontal gold-bearing zones are essentially true widths, similar to those for copper and silver; however, the drilled width of the structurally controlled zones are likely to exceed the true widths. Josemaría is classified as a porphyry deposit. The reported and described interval thicknesses are regarded as representing true thicknesses.

3.7 Sample preparation and analysis

Sampling and assaying within the Project area were conducted over multiple exploration phases by different operators using procedures consistent with industry practices at the time the work was undertaken. Samples primarily on consists of diamond drilling and reverse circulation drilling.

For diamond drilling, core was typically cut using a core saw, with a portion of the core retained for reference and the remaining portion submitted for analysis. Core samples ranged from 1-2 m lengths. Over the course of the Project's exploration history, the retained reference portion evolved from half-core to quarter-core practices, reflecting changes in sampling protocols implemented at different times. Sampling intervals were generally selected based on geological boundaries, with sample lengths varying according to lithology, alteration, and mineralisation characteristics. Reverse circulation samples were collected at regular intervals and handled using standard procedures appropriate for the method of drilling.

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For reverse circulation drilling, samples were collected at the drill rig at regular intervals. At Josemaría, RC samples were typically collected over two-metre intervals, with bulk sample weights of approximately 40 kg. At Filo del Sol, RC samples were typically collected over one-metre intervals, with bulk sample weights of approximately 30 kg to 40 kg. In both cases, samples were split at the rig, with representative sub-samples of approximately 5 kg submitted for laboratory analysis. In some programs, consecutive RC intervals were composited prior to submission. Sample handling, splitting, and transport were conducted using industry-accepted practices applicable at the time of drilling.

Bulk density measurements were collected on diamond drill core during multiple exploration campaigns at both the Josemaría and Filo del Sol deposits. Density determinations were typically completed using the water immersion (Archimedes) method on unsealed core samples. During portions of the 2021 and 2022 programs at Josemaría, some samples were wrapped in plastic film prior to immersion; however, this practice was discontinued after it was determined that trapped air introduced a positive bias in the results. Density measurements affected by this practice were excluded from use in Mineral Resource estimation. Density data were collected across a range of lithologies, alteration styles, oxidation states, and mineralisation types and were stored in the project database for use in Mineral Resource estimation. Beginning in 2024, bulk density determinations were routinely completed by ALS Global as part of the laboratory sample preparation workflow, rather than being measured on site by project personnel. The density measurement procedures were reviewed by the SLR Competent Person during site visits and were found to be consistent with standard industry practice.

Sample preparation and analytical work were undertaken by independent commercial laboratories, including ALS Global, SGS Minerals Services, and Bureau Veritas Commodities, or their predecessor entities, depending on the timing of individual exploration programs. These laboratories are independent of BHP, Lundin Mining and their related entities.

The laboratories used for sample preparation and analysis operate facilities accredited to internationally recognised quality management standards, including ISO/IEC 17025 or equivalent accreditation applicable at the time the work was completed.

Samples were dried, crushed, and pulverized. Crushing and pulverization sizes varied by campaign. Crushing included >70% passing -2 mm mesh, and 85% passing 10 mesh sizes. Pulverizing included >85% passing -75 µm screen, 85% passing 200 mesh, and 95% passing 200 mesh sizes,

Analytical methods employed were appropriate for the determination of copper, gold, silver, arsenic, and other elements of interest. The specific analytical techniques and detection limits varied between programs and laboratories and reflect the analytical standards and practices in place at the time of analysis. Gold was typically determined using fire assay and an atomic absorption spectroscopy (AAS) finish. Other elements, including copper and silver, were determined using a multielement analysis (suite of elements varied from 27 to 48). Copper and silver could also be determined individually with an AAS finish. Acid-soluble and cyanide-soluble copper were determined from sequential analysis in some campaigns.

3.8 Quality assurance and quality control

Quality assurance and quality control (QA/QC) procedures were implemented during sampling and assaying programs to monitor analytical performance and data quality. QA/QC practices were applied by different operators over multiple exploration phases and reflect industry-accepted practices in place at the time the work was undertaken.

QA/QC measures included the routine insertion of certified reference materials (standards), blanks, and duplicate samples into the sample stream at predetermined frequencies. These control samples were used to assess analytical accuracy, precision, and potential contamination during sample preparation and analysis. The types and frequencies of QA/QC samples varied between programs over time and included blanks, standards and field-, pulp- and assay duplicates. For assay quality control, certified reference materials, blanks, and duplicate samples were typically inserted at a frequency of approximately one control sample per ten routine assay samples, while bulk density determinations submitted to the laboratory were processed in batches of approximately 50 samples, with five samples randomly re-submitted in each batch to monitor measurement repeatability.

QA/QC results were reviewed on an ongoing basis as part of exploration and technical evaluation workflows. Where identified, anomalous results or departures from expected performance were investigated and addressed in accordance with established procedures, which included re-analysis or resampling where appropriate.

Based on reviews completed to date, the analytical data generated from the sampling and assaying programs are considered suitable for use in geological interpretation and subsequent technical studies.

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3.9 Data verification

Data used in geological interpretation and technical studies for the Project have been generated through exploration activities conducted over multiple phases by different operators. Data verification has been undertaken through a combination of routine internal processes and targeted third-party reviews completed for specific technical purposes.

Verification activities included checks of drilling, sampling, and assay data during data capture and database management processes. These checks comprised reviews of collar locations, downhole survey data, sample intervals, and assay results to identify potential errors, inconsistencies, or omissions. Database validation procedures and internal consistency checks were applied as part of ongoing data management and technical workflows.

In addition to routine internal verification, selected aspects of the Project data and geological interpretations were subject to external technical review. These reviews included assessments of geological models, inputs to Mineral Resource, and underlying drilling and sampling data, and were undertaken to support technical evaluation and study work. The reviews were limited in scope to their stated purposes and did not constitute independent audits of the Project data as a whole.

As part of recent data management activities, the drill hole and sampling database was reviewed to support data integrity, validation, and internal consistency within the current database structure. This work focused on data completeness, structure, and logical consistency and did not include independent verification of geological interpretation or analytical results.

The data verification activities described above are considered appropriate for the nature and stage of the Project and form the basis for the geological interpretations and technical studies referenced herein, subject to the inherent limitations associated with data density, spatial distribution, and historical exploration practices.

3.10 Mineral Resource estimation

Mineral Resource estimates were prepared for the Josemaría and Filo del Sol deposits using geological, drilling, sampling, and analytical data generated through multiple phases of exploration. The estimates were completed as part of formal technical studies and were prepared in accordance with the JORC Code (2012).

Geological models were developed for each deposit based on interpretations of lithology, alteration, mineralisation, and structure derived from drilling data and supporting studies. These models defined geological and mineralised domains that formed the framework for grade estimation.

At Filo del Sol, Mineral Resource estimation was carried out using conventional block modelling techniques. Assay data were composited to appropriate lengths prior to estimation, considering the variability of the mineralisation. Variography was undertaken within defined geological domains to inform the selection of estimation parameters and interpolation strategies. Grade interpolation methods were selected based on the spatial characteristics of the mineralisation and the available data density, supported by statistical analysis of assay data.

At Josemaría, the Mineral Resource estimate was developed using conditional simulation techniques to better represent grade variability and uncertainty within the deposit. Assay data were composited prior to simulation, considering the variability of the deposit, and variograms modelling was undertaken to characterise spatial continuity within the defined geological domains. Simulated grade realisations formed part of the estimation workflow and informed classification decisions consistent with the geological understanding of the deposit and the available data.

For both deposits, bulk density values were assigned to the Mineral Resources based on available density measurements collected from drill core and other relevant data. Density domains were defined where appropriate to reflect variations associated with lithology, alteration, and oxidation state

Model validations were undertaken as part of the estimation process and included comparisons of estimated grades against input drill hole data, visual inspection of grade distributions in plan and section, and statistical checks to assess global and local agreement between input data and model outputs. These validations assessed the reasonableness of the Mineral Resource estimates relative to the underlying data and geological interpretation.

Mineral Resources were classified into appropriate categories based on the level of geological confidence, taking into account factors such as drilling density and spacing, data quality, geological continuity, and the reliability of the geological and estimation models. Classification criteria were supported by stochastic simulation studies.

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3.11 Reasonable prospects of eventual economic extraction

Mineral Resources for the Project have been reported with consideration of reasonable prospects for eventual economic extraction in accordance with the JORC Code (2012). The assessment of reasonable prospects was undertaken using conceptual open pit constraints informed by the scoping study and supporting technical studies.

For both deposits, Mineral Resources were constrained within conceptual open pit shells optimised on net smelter return (NSR). NSR values were calculated on a block-by-block basis and incorporated long-term metal price assumptions, estimated metallurgical recoveries, concentrate treatment and refining charges, transportation and logistics costs, royalties, and operating cost assumptions appropriate to each deposit and mineralisation type.

Conceptual pit optimisations were completed using industry-standard optimisation techniques and geotechnical slope assumptions derived from site-specific studies. Processing and general and administrative costs were applied as the primary pit discard criteria, with blocks required to demonstrate a positive or marginal NSR value to be included within the reporting constraints. Where relevant, revenue deductions associated with deleterious elements were incorporated into the NSR calculations.

At Filo del Sol, conceptual pit shells were generated based on block model estimates using appropriate economic and technical parameters. At Josemaría, reasonable prospects were evaluated through pit optimization applied to each realization of the stochastic simulation, with Mineral Resources reported as the average of multiple optimized outcomes.

The resulting optimised pit shells are conceptual in nature and are not intended to represent mine designs or Ore Reserves. However, they provide a reasonable basis for demonstrating that the reported Mineral Resources have potential for eventual economic extraction under assumed technical and economic conditions. Mineral Resources are reported in situ and do not include modifying factors such as dilution, mining recovery, or detailed production scheduling, which will be addressed in subsequent stages of project evaluation.

3.12 Mineral Resource statement

The Mineral Resources for the Project are reported on an in-situ basis and are reported in accordance with JORC Code (2012). The Mineral Resource estimates comprise the combined estimates for the Josemaría and Filo del Sol deposits and form the basis for subsequent technical and economic evaluations referenced in this report.

The Mineral Resource estimates for both Filo del Sol and Josemaria deposits are stated as at December 31, 2025. The information in this report that relates to Mineral Resource estimates for the Vicuña Project was prepared by Competent Persons Mr. Luke Evans for Filo del Sol and Mr. Sean D. Horan and Mr. Paul Daigle for the Josemaría estimate.

Mr Evans is a full-time employee of SLR Consulting (Canada). Mr Evans has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Evans consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mr Horan is a full-time employee of Resource Modeling Solution Ltd. Mr Horan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Horan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mr Daigle is a full-time employee of AGP Mining Consultants Inc. Mr Daigle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Daigle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The detailed Mineral Resource statement, including a breakdown by deposit, zone, and classification, is presented in Table 3-1.

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Table 3-1: Vicuña Project Mineral Resource as of 31 December 2025

Deposit Zone		Tonnes (Mt)	Grades		Contained Metal
	Category		Cu (%)	Au (g/t)	Ag (g/t)	Cu (kt)	Au (Moz)	Ag (Moz)
		Measured	648	0.33	0.25	1
		Indicated	961	0.25	0.15	1
Josemaría	Sulphide	Inferred	683	0.22	0.11	1
		Total	2,290	0.26	0.17	1
		Measured	—	—	—	—
	Indicated	301	—	0.25	3
	Gold Oxide	Inferred	711	—	0.18	3
		Total	1,010	—	0.20	3
		Measured	—	—	—	—
		Indicated	467	0.32	0.27	3
	Copper Oxide	Inferred	431	0.23	0.20	2
		Total	898	0.28	0.24	2
	Filo del Sol Silver Oxide	Measured	—	—	—	—
		Indicated	71	0.36	0.36	120
		Inferred	95	0.08	0.14	35
		Total	166	0.20	0.23	71
		Measured	—	—	—	—
		Indicated	1,730	0.46	0.34	6
	Sulphide	Inferred	8,720	0.34	0.18	3
		Total	10,500	0.36	0.21	3
		Measured	648	0.33	0.25	1
	Indicated	3,530	0.34	0.27	6
Vicuña Project Total		Inferred	10,600	0.30	0.18	3
		Total	14,800	0.31	0.20	4	46,600	97.4	1,780

Notes:

1. Mineral Resources reported in accordance with the JORC Code (2012)
1. Mineral Resources are reported in situ. The Filo del Sol estimates were current at December 31, 2025, and the Josemaría estimates were current at December 31, 2025.
1. Mineral Resources are reported on a 100% basis. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. BHP Canada's attributable interest in the Mineral Resource estimate is 50%.
1. The Competent Person for the Filo del Sol estimates is Mr. Luke Evans, M.Sc., P.Eng., an SLR Consulting (Canada) Ltd. employee. The Competent Persons for the Josemaría estimate are Mr. Sean D. Horan, P.Geo., a Resource Modelling Solutions Ltd. employee and Mr. Paul Daigle, P.Geo. a AGP Mining Consultants Inc. employee,
1. Mineral Resource estimates for Filo del Sol were constrained within a pit shell with pit slope angles of up to 45^o . Metal prices used were US\$4.60/lb. copper, US\$2,875/oz gold, and US\$32.50/oz silver. Net smelter return (NSR) cut-off values and metallurgical recoveries varied by zone, and included:
Gold Oxide: 73% gold; 63% silver recoveries with an NSR cut-off value of US\$10.68/t;
Copper and Silver Oxide: 67% copper, 63% gold, and 78% silver recoveries with an NSR cut-off value of US\$16.58/t;
Sulphide: 78% copper, 62% gold, and 62% silver recoveries with an NSR cut-off value of \$9.84/t.
Mining cost: \$1.64/t (base cost at 4885 m) + incremental costs of \$0.049/t/bench below and \$0.031/t/bench above
Processing cost: \$7.78/t (gold oxide); \$14.13/t (copper and silver oxides); \$4.74/t (sulphide)
Water cost: \$2.19/t processed
Tailing cost: \$0.19/t processed
G&A cost: \$1.64/t processed
Stockpile reclaiming cost: \$0.79/t reclaimed
ROM hauling cost: \$0.36/t processed (gold oxide)
Sustaining mining cost: \$0.33/t mined
Sustaining tailing & mill cost: \$1.09/t processed
Refining costs: \$0.07/lb. (copper); \$5.0/oz. (gold); \$0.5/oz. (silver)
Treatment costs: \$70.0/dmt
Royalties: 3.0% of gross payable revenue
1. Mineral Resource estimates for Josemaría were constrained within a pit shell with pit slope angles of up to 45o. Metal prices used were US\$4.60/lb. copper, US\$2,875/oz gold, US\$32.50/oz silver and an NSR cut-off value of US\$9.59/t. Other inputs included average metallurgical recoveries of 82%, 60% and 56% for Cu, Au and Ag respectively
Mining cost: \$1.86/t (base cost at 4535 m) + incremental costs of \$0.049/t/bench below and \$0.031/t/bench above
Water cost: \$2.19/t processed
Processing cost: \$4.48/t processed
Tailing cost: \$0.19/t processed
G&A cost: \$1.64/t processed
Sustaining mining cost: \$0.33/t mined
Sustaining tailing & mill cost: \$1.09/t processed
Refining costs: \$0.07/lb. (copper); \$5.0/oz. (gold); \$0.5/oz. (silver)
Treatment costs: \$70.0/dmt
Royalties: 3.0% of gross payable revenue
1. MI = Measured and Indicated

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3.13 Factors that may affect the Mineral Resource estimate

The Mineral Resource estimates for the Project are subject to a range of factors that may affect their reliability, continuity, classification, and potential future modification. These factors are inherent to mineral exploration and resource estimation and reflect the nature and stage of development of the Project.

Mineral Resource estimates are based on geological interpretations derived from drilling, sampling, and analytical data. Uncertainty remains in the interpretation of geological domains, structural controls, and the continuity of mineralisation, particularly in areas with wider drill spacing or limited data coverage. Additional drilling may result in changes to the interpreted geometry, grade distribution, and extent of mineralisation.

Sampling and analytical results are subject to limitations associated with sample recovery, sample representativity, analytical precision, and laboratory performance. While quality assurance and quality control procedures have been applied, such measures do not eliminate all sources of uncertainty inherent in the data.

Estimation methodologies rely on assumptions regarding spatial continuity, grade variability, and bulk density. The selection of compositing lengths, variogram models, interpolation parameters, simulation approaches, and density assignments involves professional judgement and may influence estimated grades, tonnages, and classifications.

Mineral Resource classification reflects the level of geological confidence at the time of estimation and is influenced by factors such as drilling density, data quality, geological complexity, and model reliability. Changes to any of these factors, including the incorporation of new data, may result in reclassification of Mineral Resources.

The assessment of reasonable prospects for eventual economic extraction incorporates assumptions relating to mining methods, processing options, metallurgical performance, geotechnical conditions, and economic parameters. Changes in these assumptions, or in external factors such as commodity prices, costs, regulatory requirements, environmental considerations, or social and permitting conditions, may impact the consideration of reasonable prospects of eventual economic extraction.

Mineral Resource estimates are reported in situ and do not account for modifying factors such as mining dilution, mining recovery, detailed mine design, or production scheduling. As the Project advances through further technical studies, the Mineral Resource estimates may be refined, re-estimated, or converted to Ore Reserves, or portions of the Mineral Resources may not ultimately be economically extractable.

4. Technical Assessment

4.1 Ore Reserves

No Ore Reserves are estimated for the Vicuña project.

This Technical Assessment report discusses the results of a Scoping Study based on Mineral Resources. The Scoping Study is based on low-level technical and economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised.

4.2 Mine plan

4.2.1 Subset of the Mineral Resource estimate in the mine plan

At the current stage of the Technical Assessment, the Vicuña Project has been evaluated at a conceptual level using a multiphase, district-scale plan integrating the Josemaría and Filo del Sol deposits along the Argentina–Chile border. The proposed development sequence prioritises early contribution from the Josemaria deposit, leveraging its shallow, highgrade core and comparatively low strip ratio to enable accelerated cash flow generation. This sequencing will provide additional time at Filo del Sol to advance infill drilling to upgrade resource confidence, expand metallurgical testwork to better define domain-specific processing performance, and progress engineering for arsenic removal from concentrate while confirming long-term stabilization of arsenic for safe disposal. The approach also allows for staged waste stripping at Filo, where higher strip requirements are necessary to expose higher-grade mineralization, thereby enhancing overall project value and reducing early technical and execution risk.

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Stage 1 (Sulphide Mill) assumes run-of-mine material processed through a crush–grind–flotation concentrator at an average nominal throughput of approximately 175,000 tonnes per day (tpd), producing a copper concentrate with gold credits. Initial mineralization is sourced from the Josemaría deposit, considering conventional truck-and-shovel open-pit mining, transitioning to mineralization from Filo del Sol later in the production schedule, once appropriate supporting infrastructure is available (including material transfer via an approximately 12 km overland conveyor system between the mine sites).

Stage 2 (District Leaching) have been evaluated considering the option of oxide processing at the Filo del Sol site via leach based methods. Indicative processing rates of up to approximately 90,000 tpd with copper cathode and gold/silver doré as potential products. The production assumption and economic assessments apply a seasonal derating factor (limited operations to approximately nine months annually) reflecting winter limitations for on/off pad leaching operations at high elevation.

Stage 3 (Sulphide Expansion) have been evaluated considering the option of processing Filo del Sol sulphide mineralisation via staged integration with the Josemaría concentrator, including material transfer via an approximately 12 km overland conveyor system between the mine sites. A subsequent expansion will increase total processing capacity to approximately 293,000 tpd.

At this stage, the specific proportions of Measured, Indicated and Inferred Mineral Resources supporting the conceptual production profile, and the subset of the Mineral Resource estimate incorporated into each phase of the mine plan, are pending confirmation of the controlling Mineral Resource estimate(s), pit optimisation outputs, and scheduling assumptions.

Over 97% of the Mineral Resource recoverable metal reporting in the conceptual production schedule during the initial payback period consists of Measured and Indicated Resources. The proportion of material as Measured, Indicated and Inferred is shown in Figure 4-1. Blue and purple colours represent Measured and Indicated Resources while orange and yellow represent Inferred Resources. Measured and Indicated Resources represent greater than 97% of revenues from the proposed production schedule during the initial payback period. The payback metric is derived from a preliminary Scoping Study cash-flow model, and the conceptual production schedule is illustrative only and subject to a high level of uncertainty. No Ore Reserves have been declared.

Figure 4-1: Vicuna Production Schedule by Measured, Indicated and Inferred Resources

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4.2.2 Geotechnical assumptions

Conceptual development scenarios have been evaluated considering open pit mining is planned for the Josemaría deposit and for the Filo deposit, based on high level assumptions with a conventional large-scale truck-and-shovel open pit approach. At this stage of the Technical Assessment, slope design criteria, bench geometry, inter-ramp and overall slope angles, geotechnical domain definitions, rock mass classification parameters, and design acceptance criteria are based on geotechnical studies and conceptual mine design.

The conceptual mine design for both pits is based on 15 m benches (often double benching), with slope angles ranging from 33-45º. Stack heights of 60-120 m were implemented into pit mine designs to decouple potential failure planes and reduce likelihood of large-scale, deep-seated instability.

4.2.3 Hydrogeological assumptions

Pit inflows have been assessed and are conceptually expected to comprise of the following potential sources:

Direct precipitation: The annual average precipitation is approximately 240 mm. Precipitation occurs as rainfall in the summer months, and snow in the winter. Most precipitation occurs as snowfall during the austral winter from May to August.
Runoff from surrounding watershed: The principal water source is anticipated to be snowmelt. The majority of infiltration is expected to evaporate from soil moisture; some may infiltrate to groundwater, while some may flow as shallow interflow toward creeks.
Groundwater seepage (discharge): Groundwater inflows to the pit are anticipated to increase over time as the pit deepens, and additional groundwater flow is intercepted. Seepage is likely to occur along geological contacts, fractures, and faults where most groundwater flow should occur. Preliminary hydrogeological assessment and available data indicate overall groundwater flows are projected to remain low, at less than 3 L/s.

Water pumped from dewatering wells and discharge from horizontal drains: These flows will be directed to sumps, tanks, or channels and subsequently conveyed to sumps or sedimentation ponds.

4.2.4 Mine designs

Conceptual open pit limits were established using industry-standard pit optimisation techniques including Lerchs-Grossmann and direct block scheduling algorithms applied to the block model Mineral Resource estimate. Indicative revenue factors were derived from long-term consensus metal price assumptions and metallurgical recovery projections, with NSR values calculated for each block for evaluation purposes. High level mining, processing, general and administrative, and selling costs were incorporated to derive indicative economic cut-off values. Preliminary geotechnical slope parameters were applied by sector and lithological domain based on available geotechnical investigations.

A series of nested pit shells was generated to define the preliminary ultimate economic envelope and to support staged development planning scenario. The selected pit limits reflect a balance between maximising economic value and deferring stripping requirements as much as practical, haulage geometry, and operational constraints while enabling consistent plant feed and production rates.

Conceptual mine designs were prepared for most phases, incorporating high level operational and safety criteria including bench heights, berm widths, inter-ramp and overall slope angles, ramp gradients, haul road widths, and minimum mining widths compatible with the selected equipment fleet. Practical mining shapes suitable for scoping level study evaluation replaced theoretical optimisation shells to reflect constructability considerations. Figure 4-2 shows pit phasing of the Josemaria deposit while Figure 4-3 shows pit phasing of the Filo deposit.

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Figure 4-2: Josemaria pit phasing plan view (colours represent different pit phases)

Figure 4-3: Filo pit phasing Planview (colours represent different pit phases)

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4.2.5 Equipment requirements

Conceptual development scenarios have been evaluated considering that mining will be based on conventional large-scale open pit truck-shovel methods supported by drill-and-blast operations. A shared mobile equipment fleet is assumed to be deployed across the Josemaria and Filo del Sol deposits, allowing equipment to be transferred between operating areas as development progresses and providing flexibility to match phased production requirements.

Indicative mining assumptions include potential use of ultra-class haul trucks (360 t payload) loaded by a combination of electric rope shovels and large hydraulic excavators. At assumed steady-state operations in development scenario used for evaluation purposes, the fleet could start at approximately 20-30 haul trucks, and may eventually consist of about 90-100 haul trucks, supported by 8-10 primary loading units (electric rope shovels and hydraulic excavators combined), sufficient to sustain peak annual material movements approaching 300 Mtpa of ore and waste. Wheel loaders are assumed for stockpile management, rehandle, and supplementary loading duties. Production drilling is assumed to be conducted using large-diameter rotary blast hole drills (270 mm), with an indicative requirement of 8-10 production drills to maintain advance drilling rates consistent with planned mining volumes for development scenario.

High level assumptions of ancillary equipment support conceptual mining activities, including dozers for dump construction and push operations, graders for haul road maintenance, water trucks for dust suppression, and service and maintenance equipment. These support units were scaled proportionally to the primary fleet and assumed material movement rates for development scenario.

Conceptual consideration has also been given to the operating philosophy including autonomous haulage, with semiautonomous drilling, while auxiliary equipment is assumed to be manually operated. This approach may have potential to improve utilisation, reduce operating costs, and enhance safety performance however no operating model has been selected and further technical, economic and regulatory assessment would be required prior to any development decision.

4.2.6 Production schedule

Conceptual development scenario has been evaluated only assuming a staged approach to optimise capital deployment and resource extraction sequencing. The scenario prioritises sulphide concentrator development (Stage 1) with initial production from Josemaría, followed by oxide leaching production at Filo del Sol (Stage 2), and later sulphide expansion with integrated processing of both Josemaría and Filo del Sol sulphide ores (Stage 3).

Stage 1 concentrator throughput is assumed to be approximately 175,000 tpd. The Stage 2 leach facilities are assumed to be approximately for 90,000 tpd; however, the derived production scenario applied a seasonal derating to approximately nine months of annual operation for on/off pad leaching at high elevation.

The Stage 3 expansion will increase the combined processing capacity to approximately 293,000 tpd, expanding the concentrator configuration to increase capacity for crushing, grinding, flotation, regrinding, concentrate handling, and tailings management. Supporting infrastructure to transition sulphide mill feed to Filo del Sol occurs during this stage, including development of an approximately 12 km overland conveyor (including tunnels).

This conceptual development scenario is preliminary in nature and has been prepared for evaluation scenario analysis only. It is based on a Mineral Resource of which more than 50% is classified as Inferred Resources, which are subject to a high level of geological uncertainty. There is no certainty that further exploration work will result in the determination of Indicated or Measured Resources, or that the conceptual production schedule will be realised. No Ore Reserves have been declared, and economic viability has not been demonstrated.

Key outputs from conceptual development scenario are shown in Table 4-3. Metal output from the first 30 years of a conceptual production schedule is shown in Figure 4-4.

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Table 4-3: Conceptual development scenario key outputs

Item	Unit	Value
Potential life of mine (based on resources only)	years	~74
Production schedule mill feed - concentrator	Bt	~7.0
Production schedule grades (ROM) through concentrator
Copper	percent	~0.36
Gold	grams per tonne	~0.25
Silver	grams per tonne	~3.7
Production schedule mill feed - leaching	Mt	~660
Production schedule grades (ROM) leaching
Copper	percent	~0.24
Gold	grams per tonne	~0.28
Silver	grams per tonne	~17.9
Production schedule waste tonnes	Bt	~7.1
Production schedule strip ratio (waste: ore)	ratio	~0.9:1
Production schedule average annual payable metal production
Copper	tonnes per year (000's)	~300
Gold	ounces per year (000's)	~500
Silver	ounces per year (000's)	~10,000
Proportion of scenario duration feed classified as inferred	%	~50%
Proportion of feed classified as measured and indicated during scenario payback period	%	~97%

Figure 4-4: Initial 30-year conceptual production schedule metal output

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4.3 Metallurgical Testwork

4.3.1 Testwork

Preliminary metallurgical testwork program was undertaken to characterise the processing response of the Josemaría and Filo del Sol mineralisation across oxide, transitional, and sulphide domains. Testwork was conducted progressively over several years and included contributions from multiple accredited laboratories.

For Josemaría sulphide material, testwork programs included comminution testing (JK drop weight, Bond ball mill work index), mineralogical characterisation, batch flotation testing, locked-cycle flotation testing, and concentrate quality analysis. These programs support preliminary concentrator sizing, grinding circuit selection, and recovery forecasting.

For Filo del Sol oxide material, testwork focused on column and bottle leach tests to evaluate copper and gold leach kinetics, acid consumption, and recovery variability across oxide and mixed oxide-sulphide material. Results inform the conceptual selection of heap leaching with solvent extraction-electrowinning (SX-EW) for copper recovery and Merrill-Crowe processing for precious metals.

For Filo del Sol sulphide material, metallurgical testwork included conceptual mineralogical studies, flotation response testing, regrind sensitivity testing, and concentrate impurity analysis, with a particular focus on arsenic deportment.

Testwork confirmed that conventional flotation alone would result in elevated arsenic levels in concentrate, indicating additional concentrate treatment.

The scope and results of metallurgical testwork are considered appropriate for a scoping-level assessment and have been used to inform conceptual process option and recovery assumption subject to significant uncertainty and further test work.

4.3.2 Variability assessment

Metallurgical variability has been assessed at scoping level through a structured program of testing across multiple lithological units, alteration styles, grade ranges, and mineralisation types. Variability testing has been undertaken to inform an understanding of potential influence of the impact of mineralogy, grain size, and sulphide assemblage on comminution characteristics, flotation performance, and leach kinetics.

Josemaría sulphide material generally indicates relatively consistent flotation performance across the majority of the mineral resource, with variability observed primarily associated with changes in alteration intensity and sulphide mineral proportions. Comminution variability has been used to inform preliminary grinding circuit design assumptions.

Filo del Sol oxide material displays greater variability in leach kinetics and acid consumption, particularly in transitional zones where partial sulphide content influences leach behaviour. Variability testing has informed the conceptual assumption of crush size, lift height, and irrigation rates for heap leaching.

Filo del Sol sulphide material shows significant variability in arsenic content and mineralogical associations, which has implications for flotation performance, concentrate quality, and downstream treatment requirements. Variability data have been used to inform into preliminary recovery models and high-level process assumptions.

4.3.3 Metallurgical recovery forecasts

Indicative Metallurgical recovery assumptions have been developed for scoping level evaluation based on the results of testwork completed to date and preliminary recovery modelling for each conceptual processing stage. These recovery assumptions have been applied solely to inform comparative assessment of conceptual processing scenarios and do not represent forecasts or expected operating performance.

For Stage 1 sulphide processing, indicative life-of-mine average recoveries of approximately 83-85% for copper and 60-65% for gold are assumed. Recovery is influenced by grind size, mineralogy, and sulphide liberation characteristics.

For Stage 2 oxide processing, indicative copper recoveries are expected to be high for oxide material, with gold and silver recovered through downstream Merrill-Crowe circuits. Recovery forecasts consider variability in leach kinetics and acid consumption.

For Stage 3 sulphide processing expansion, indicative flotation recoveries are impacted by mineralogical complexity and arsenic deportment. Preliminary recovery forecasts inform the conceptual combined flotation and concentrate treatment flowsheet, with overall metal recovery dependent on roasting performance and downstream handling.

Recovery forecasts remain preliminary and will be refined through additional testwork, pilot testing, and process optimisation in subsequent study phases.

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4.3.4 Deleterious elements

Arsenic is the principal deleterious element affecting portions of the Filo del Sol sulphide resource. Arsenic occurs primarily within enargite and related copper-arsenic sulphide minerals, resulting in elevated arsenic concentrations in conventional flotation concentrates.

The presence of arsenic limits the marketability of untreated concentrate and exposes the Project to penalty charges and smelter acceptance constraints. To address this issue, the Scoping Study assumes the use of a dedicated concentrate roasting facility to thermally treat high-arsenic concentrates and produce a low-arsenic copper calcine. The scoping study assumes conceptual costs associated with building and operating a roaster; this solution will be further evaluated in future study phases.

Metallurgical testwork and conceptual engineering studies indicate that roasting can effectively reduce arsenic levels to within acceptable smelter specifications while producing a stable arsenic-bearing residue suitable for disposal. This approach is consistent with industry practice for similar high-arsenic concentrates.

4.4 Process Method

4.4.1 Process plant design

The conceptual process plant design for the Vicuña Project was developed considering the distinct metallurgical characteristics of the Josemaría and Filo del Sol deposits, and to support a staged development strategy. Different processing routes were assumed for sulphide and oxide material, reflecting mineralogy, grade distribution, and product requirements.

Stage 1 processing will consist of a conventional sulphide concentrator incorporating primary crushing, secondary crushing, grinding, and flotation. The grinding circuit configuration was selected based on comminution testwork and includes a combination of semi-autogenous grind (SAG) and ball milling to achieve the target grind size required for effective sulphide liberation. The flotation circuit will include rougher, scavenger, and cleaner stages to produce a coppergold concentrate suitable for downstream treatment.

Stage 2 processing will focus on oxide and mixed oxide-sulphide material and will use heap leaching as the primary extraction method. Ore will be crushed to a suitable size and placed on lined leach pads, where it will be irrigated with leach solution to dissolve copper and precious metals. Pregnant leach solutions will be processed through SX-EW circuits to produce copper cathode, while gold and silver will be recovered via Merrill-Crowe processing.

Stage 3 processing will include an expansion of concentrator capacity. Sulphide processing is expected to transition to sourcing feed from the Filo del Sol deposit during this stage and the addition of concentrate treatment facilities to manage elevated arsenic levels is required. This stage will include regrinding of flotation concentrates and thermal treatment through roasting to produce a low-arsenic copper calcine.

4.4.2 Reagents and consumables

Reagents and consumables required for conceptual processing will include grinding media, flotation reagents (collectors, modifiers), leaching reagents (sulphuric acid), cyanide for precious metal recovery, lime for pH control, and fuels and lubricants for plant operation. Standard flotation and leaching reagents will be used.

Preliminary reagent consumption estimates were developed based on metallurgical testwork results and benchmarking against comparable operations. Consumables usage will vary by processing stage, with sulphide flotation requiring a different reagent suite to heap leaching and concentrate roasting.

The availability, transport, and storage of reagents were considered at a conceptual level, particularly in light of the Project's remote, high-altitude location. Final reagent selection and consumption rates will be confirmed during detailed engineering.

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4.4.3 Power

Power demand for the process plants will be significant and reflects the scale of comminution, flotation, electrowinning, and concentrate treatment operations. The highest power consumption will occur during sulphide processing stages, particularly in grinding and roasting circuits.

The Scoping Study contemplates connection to high-voltage transmission networks in both Argentina and Chile, providing redundancy and flexibility in power supply. Power distribution within the processing facilities will include substations, transformers, and motor control centres designed to support staged expansion.

Power supply strategies, including potential use of renewable energy sources, will be evaluated further as part of future study phases.

4.4.4 Water

Water is a critical input to the processing facilities, used for grinding, flotation, leaching, solution management, and dust suppression. Water demand will vary significantly between processing stages, with sulphide flotation and heap leaching representing the largest consumers.

The water supply strategy incorporates a staged approach, with initial reliance on permitted groundwater abstraction and longer-term supplementation through desalinated seawater sourced from the Chilean coast. Extensive water recycling within the process plants was incorporated into conceptual designs to minimise freshwater demand.

Process water quality requirements and water balance assumptions were evaluated at a high level and will be refined through detailed water balance modelling in subsequent study phases.

4.5 Infrastructure

4.5.1 Overview

The Vicuña Project requires extensive on-site and off-site infrastructure to be constructed to support potential large-scale, long-life mining and processing operations in a high-altitude, remote, and binational setting. Conceptual infrastructure development was planned in a staged manner to align with the staged Project development strategy, and to manage capital intensity, permitting complexity, and construction risk.

Infrastructure elements will include access roads, processing facilities, tailings storage facilities, waste rock storage areas, power transmission and distribution systems, water supply and distribution systems, concentrate and product transport infrastructure, camps and accommodation, and supporting services. The design and location of infrastructure are strongly influenced by topography, climate, seismicity, environmental constraints, and the Argentina–Chile border.

4.5.2 Logistics

Logistics planning for the Project reflects the need to support major construction activities, ongoing operations, and product transport over long distances and challenging terrain. Construction materials, consumables, fuel, and equipment will be transported to site primarily via established road networks in Argentina and Chile, with upgrades and new alignments required in certain areas.

For product transport, multiple logistics corridors were evaluated. Copper concentrate and calcine products are planned to be transported westward to Chilean ports for export. Logistics options considered include road haulage, overland conveyors, and slurry pipelines, with selection driven by topography, environmental considerations, permitting requirements, and operating cost.

The binational nature of the Project requires coordination of customs, border controls, and regulatory compliance for crossborder movements. Logistics planning remains at a conceptual level and will be refined as Project design advances.

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4.5.3 Waste rock

Waste rock management strategies were developed based on geochemical characterisation, geotechnical considerations, and long-term closure objectives. Waste rock storage facilities are planned to accommodate large volumes of material generated during open pit mining and are designed to ensure physical stability and chemical integrity.

Geochemical testwork indicates that a proportion of waste rock has the potential to generate acid and metalliferous drainage. As a result, waste rock storage designs incorporate segregation, encapsulation, and water management measures to mitigate long-term environmental risks.

Waste rock storage facilities will be constructed in stages and integrated with mine scheduling. Detailed waste rock management plans will be developed during future study phases.

4.5.4 Stockpiles

Ore stockpiles are incorporated into the conceptual mine plan to provide operational flexibility, manage grade variability, and support blending requirements for different processing streams. Stockpile locations were selected based on proximity to pits and processing facilities, topography, and material handling efficiency.

Stockpile designs consider material characteristics, oxidation potential, and drainage management. Stockpiles will be managed to minimise rehandling and maintain ore quality.

4.5.5 Tailings storage

Tailings storage is a critical component of the Project infrastructure and was evaluated in the context of large-scale sulphide processing, seismic conditions, and long-term closure requirements. Multiple tailings storage facilities are planned to manage flotation tailings and leach residues generated during different Project stages.

Conceptual tailings storage facility designs incorporate staged construction, centreline or downstream embankment configurations, and robust seepage control systems. Design criteria reflect applicable international standards and guidelines, including those related to seismic design and dam safety.

Tailings management strategies will be refined through detailed geotechnical investigations, dam break analyses, and operational risk assessments in subsequent study phases.

4.5.6 Built infrastructure

Built infrastructure includes processing plants, maintenance workshops, warehouses, laboratories, offices, control rooms, fuel storage facilities, and other support buildings required for construction and operations.

Facility layouts have been developed at a conceptual level to optimise material flow, maintenance access, and operational efficiency while considering safety and environmental requirements. Detailed layout and building design will be undertaken during future engineering stages.

4.5.7 Camps and accommodation

Construction and operations camps are planned to accommodate the workforce during different stages of the Project. Camp design considers workforce size, roster arrangements, high-altitude working conditions, and health and safety requirements.

Camps are expected to include accommodation, catering, medical facilities, recreation areas, and supporting services. The scale and configuration of camps will evolve as construction and operational workforce requirements are refined.

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4.5.8 Water management and water supply

Water management infrastructure may include collection and diversion systems for contact and non-contact water, process water distribution systems, reclaim water systems, and water treatment facilities where required.

Water supply infrastructure could be developed in stages, initially supporting groundwater abstraction and subsequently incorporating desalinated seawater delivered from the Chilean coast. Water management strategies prioritise recycling, minimisation of freshwater abstraction, and prevention of uncontrolled discharge.

Detailed water balance modelling and infrastructure design will be completed in future study phases.

4.6 Environmental considerations

4.6.1 Baseline studies

Preliminary environmental baseline studies were undertaken across the Vicuña Project area to support environmental impact assessment, permitting, and long-term environmental management. Baseline programs were conducted over multiple years and seasons to capture natural variability and to address the binational nature of the Project.

Completed baseline studies encompassed physical, biological, and socio-economic components and include surface water and groundwater hydrology, hydrogeochemistry, air quality, noise, climate, soils, flora and fauna, aquatic ecology, and socio-economic conditions. Studies were designed and executed in accordance with regulatory requirements in both Argentina and Chile.

The high-altitude Andean setting presents specific environmental sensitivities, including fragile ecosystems, limited water availability, and seasonal climatic extremes. Baseline data will be used to establish pre-development conditions and provide the foundation for impact prediction, mitigation design, and monitoring program development.

4.6.2 Monitoring requirements

Environmental monitoring requirements were defined at a conceptual level based on baseline study findings, regulatory expectations, and the scale and nature of proposed mining and processing activities. Monitoring programs are intended to verify impact predictions, assess the effectiveness of mitigation measures, and ensure ongoing compliance with permit conditions.

Proposed monitoring programs include surface water and groundwater quality and quantity, air quality (including particulate matter), noise and vibration, biodiversity indicators, tailings and waste rock facility performance, and social and community indicators. Monitoring locations, frequencies, and parameters will be refined during detailed environmental assessment and in consultation with regulatory authorities.

4.6.3 Closure considerations

Conceptual mine closure planning will be integrated into Project development from an early stage to ensure that environmental and social considerations are addressed throughout the life of the operation. Closure concepts were developed for key infrastructure elements, including open pits, waste rock storage facilities, tailings storage facilities, heap leach pads, processing plants, access roads, and camps.

Closure strategies will aim to achieve long-term physical stability, chemical stability, and, where practicable, progressive rehabilitation will be undertaken. Design considerations include landform stability, erosion control, water quality protection, and post-mining land use consistent with stakeholder expectations and regulatory requirements.

Closure planning remains at a conceptual level and will be further developed through detailed closure studies, cost estimation, and engagement with regulators and communities.

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4.6.4 Permitting considerations

The Vicuña Project is subject to environmental permitting and approval processes in both Argentina and Chile. Permitting pathways differ by jurisdiction and reflect national and provincial regulatory frameworks, as well as the binational characteristics of the Project.

In Argentina, the Project is subject to provincial environmental impact assessment processes administered by the San Juan provincial authorities. Permits and approvals are required for mining, processing, water use, waste management, and supporting infrastructure. Historical exploration activities at the Josemaria and Filo del Sol deposits have been conducted under approved Declaración de Impacto Ambiental (DIAs), which have been periodically updated. The most recent update to the Josemaria exploration DIA is currently under review. Separate exploitation-phase DIAs, which are required prior to commencement of major earthworks, plant construction and operations, remain to be obtained and form part of the planned development schedule.

In Chile, environmental permitting is administered through the Sistema de Evaluación de Impacto Ambiental (SEIA), with requirements for Environmental Impact Studies (EIA) covering processing facilities, water supply infrastructure, concentrate treatment facilities, and transport corridors.

Permitting schedules and critical path considerations have been evaluated at a high level. Ongoing engagement with regulatory authorities is intended to support timely permitting and alignment of approvals across jurisdictions.

At the date of this Technical Assessment, no material permitting impediments were identified that would preclude advancement of the Project in accordance with the proposed staged development strategy. Outstanding permits are considered typical for projects at the current stage of study and are expected to be obtained through the normal course of regulatory review.

4.6.5 Social and heritage considerations

Social and cultural considerations are a key component of Project development, given the proximity of local communities and the presence of cultural and heritage values within the region. Stakeholder engagement programs were implemented to inform communities about Project activities and to identify and address potential concerns.

Completed baseline social studies include assessments of local demographics, livelihoods, land use, and cultural heritage. Engagement activities aim to build long-term relationships, support local development opportunities, and ensure that Project benefits are shared in a manner consistent with stakeholder expectations.

Cultural heritage management plans will be developed to identify, protect, and manage archaeological and cultural sites in accordance with applicable legislation in Argentina and Chile.

4.7 Capital cost estimate

Capital cost estimates for the Vicuña Project were prepared at a scoping-study level AACE Class 5 (+50%/-35%) and intended to support evaluation of conceptual development scenario. The development scenario adopted staged development strategy, large scale of the operation, and binational infrastructure requirements. Estimates were developed using a combination of conceptual engineering, preliminary equipment sizing, vendor quotations where available, and benchmarking against comparable large-scale copper–gold projects.

Capital costs include direct costs associated with mining, processing, tailings storage facilities, waste rock storage facilities, power and water infrastructure, access roads, camps, and other site facilities. Indirect costs included engineering, procurement, construction management, temporary facilities, freight, construction services, and contractor overheads. Owner's costs, such as project management, permitting, study, and contingency costs, were also included.

For evaluation purposes, capital estimates were prepared in real terms (2026 basis) and have been grouped into indicative development stages corresponding to conceptual Sulphide and Oxide processing scenarios, including Stage 1 sulphide development, Stage 2 oxide leaching, Stage 3 sulphide expansion (inclusive of Filo del Sol sulphide development and supporting infrastructure). Given the early stage of Project definition, capital cost estimates are subject to a high level of uncertainty and will be refined through subsequent study phases.

The conceptual capital cost estimate is shown in Table 4-4.

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Table 4-4: Initial Capital Cost Estimate (US\$ B)

WBS Description	Stage 1 (Sulphide Mill)*	Stage 2 District Leaching	Stage 3 Filo Sulphides
Mine	1.0	0.3	0.8
Process 1	0.2	1.2	0.9
Process 2	0.9	0	1.5
Tailing Management	0.2	0	0.1
On-Site Infrastructure	0.5	0.5	0.1
Off-Site Infrastructure	0.8	0	0.3
Sub Total Direct	3.7	2.1	3.8
Indirect Cost	2.0	1.0	1.8
Sub Total Direct and Indirect	5.6	3.1	5.7
Owner Cost	0.5	0.1	0.1
Contingency	0.9	0.7	1.4
Total Capital Cost estimate	7.1	3.9	7.1

^*Costs are from FID (assumed as close of calendar year 2026)

Where references are made to development 'stages', these are used solely as analytical groupings for comparative evaluation of conceptual development scenarios. They do not represent an adopted development sequence, approved execution plan, or committed capital schedule

4.8 Operating Cost Estimate

Operating cost estimates were prepared at a conceptual level to support scoping-level economic analysis. Operating costs included mining, processing, tailings and waste rock management, power and water supply, logistics, site services, general and administrative costs, and sustaining capital.

Mining operating costs reflected large-scale open pit operations using truck-and-shovel fleets, with cost drivers including material movement rates, haul distances, equipment productivity, and fuel consumption. Processing operating costs varied by stage and processing route, with sulphide flotation, heap leaching, SX-EW, and concentrate roasting each exhibiting distinct cost profiles.

Infrastructure-related operating costs included power transmission charges, desalination and water transport costs, tailings facility operation, and maintenance of access roads and camps. Logistics costs include transport of concentrates, calcine, cathode, and consumables.

Operating cost estimates were prepared in real terms (2026 basis) and exclude royalties, taxes, and financing costs.

Operating costs will be refined through detailed engineering, scheduling, and contracting strategies in future study phases.

A summary of the operating costs is shown in Table 4-5.

Table 4-5: Initial Operating Cost Estimate (all costs US\$)

Area	Unit	Unit Costs
Mine	\$/t mined	2.94
Concentrator and roaster	\$/t JM sulphide throughput	7.80
Leach process	\$/t leach throughput	11.16
Site services and water	\$/total throughput	3.67
G&A miscellaneous	\$/t total throughput	1.62
Product transport and freight	\$/t total throughput	1.76
Total	\$/t total throughput	19.60

Note: Costs do not total evenly due to differences between the various unit bases

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Operating cost assumptions are indicative only and have been prepared at a scoping-study level for evaluation purposes. The breakdown reflects conceptual operating activities and processing options evaluated and does not represent adopted operating strategies, defined production stages, or steady-state operations. Operating costs are subject to significant uncertainty and will be refined through subsequent study phases

Stage 3 infrastructures, including desalinated water supply, concentrate pipeline transport, port handling and a concentrate roaster, was assumed to be developed under a build–own–operate or third-party service delivery model rather than being owned and directly operated. While these facilities will be established through capital investment at the time of construction, ongoing access to the services was treated as contracted operating expenditure.

Under this structure, the initial capital outlay could be borne by the infrastructure provider and recovered through longterm service agreements, with the Project incurring fixed annual charges and unit rates based on throughput (e.g., per cubic metre of water delivered or per tonne of concentrate transported). As a result, these costs were incorporated within operating costs rather than sustaining capital and were reflected in the financial model as recurring annual payments over the potential life of mine.

This treatment was consistent with common practice for large-scale Andean mining operations where shared or third-party infrastructure reduces upfront capital intensity and transfers construction, financing and operating risk to specialist providers. For evaluation purposes, the resulting charges were modelled as predictable fixed and variable operating costs that scale with production rather than as direct capital expenditures.

4.9 Closure Cost Estimate

Closure cost estimates were developed at a conceptual level to support evaluation of development scenario and are aligned with the closure strategies described in Section 4.6.3. Closure costs reflect the activities required to achieve longterm physical and chemical stability and to meet regulatory and stakeholder expectations in both Argentina and Chile.

Closure cost components included decommissioning and demolition of processing facilities, reshaping and rehabilitation of waste rock and tailings storage facilities, heap leach pad closure, water management and treatment where required, access road decommissioning, camp closure, and long-term monitoring, treating and maintenance.

Closure costs were estimated in real terms (2026 basis) and are based on high-level assumptions regarding closure methodologies, equipment requirements, labour, and materials. These costs are assumed to occur within the financial model at the end of the prospective project life.

Closure cost estimates will be refined in accordance with jurisdictional regulatory requirements and updated as closure plans are further developed.

A preliminary closure cost estimate is provided in Table 4-6.

Table 4-6: Initial Closure Cost Estimate (US\$ B)

Area	Cost
TSF	0.8
Plant and Infrastructure	0.4
Mining	0.3
Water Treatment	1.6
Total	3.0

5. Market Assumptions

5.1 Market Studies

Market studies were reviewed to provide high level context regarding the long-term supply and demand fundamentals for copper, gold, and silver and to inform indicative market parameters for the Project's anticipated product streams. These studies drew on publicly available market data, consultant reports, and internal analyses and were intended to support a scoping-level economic assessment.

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The conceptual project development scenario is expected to produce a suite of products, including copper concentrate, roasted copper calcine, copper cathode, and gold-silver doré. Market studies considered the size and growth of global copper demand, driven by electrification, renewable energy deployment, and decarbonisation trends, together with constraints on new supply arising from declining grades, permitting challenges, and capital intensity.

Precious metals markets were assessed in the context of global investment demand, industrial use, and central bank activity.

The completed market studies remain high-level and are not intended to represent price forecasts.

5.2 Commodity and Exchange Rate Forecasts

Commodity price and exchange rate assumptions are required for economic evaluation but remain preliminary at the time of this report. Long-term price assumptions for copper, gold, and silver were based on consensus market views and publicly available forecasts and were expressed in real terms (2026 basis). The metal prices used in the economic analysis are shown in Table 5-1.

Table 5-1: Metal Prices used in Scoping-Level Economic Analysis

Metal	Units	Value
Copper	US\$/lb	4.60
Gold	US\$/oz	3,300
Silver	US\$/oz	40.00

Exchange rate assumptions reflected the binational nature of the Project and the exposure to multiple currencies, including the Argentine peso, Chilean peso, and US dollar. Inflation assumptions and escalation factors will be applied consistently across capital and operating cost estimates.

The capital cost estimate was stated in United States dollars (USD or US\$) at the Q2 2025 currency exchange rate of 1USD : 1,300ARS where converted from local currency.

The exchange rates were used to convert currencies of origin (vendors and contractors) to the reporting currency.

High levels of inflation have persisted in Argentina throughout the latter part of the 20th century and throughout the entirety of the 21st century with interspersed periods of hyperinflation. In 2023, Argentina experienced another round of hyperinflation which has recently decreased owing to economic reforms put in place by the current government, although it has still been at levels well above those seen in developed economies. The Project assumes that under the new RIGI investment regime (see Section 6.3), the impact of inflation on project economics will become much less prevalent than in the past with the allowance for US\$ rather than Argentine peso book-keeping, the improvements in value-added tax treatment and unshackling the ability of foreign companies to freely keep and/or move export revenue outside of Argentina's borders.

5.3 Contracts

Marketing and offtake arrangements for the Project's products have not yet been finalised. Market studies assume that products will be sold into prevailing spot and contract markets consistent with industry practice.

For copper concentrate and calcine, assumptions reflect treatment and refining charge structures, penalties for deleterious elements, and logistics costs to port. For copper cathode and gold-silver doré, assumptions reflect refined metal pricing and standard marketing deductions.

Contractual arrangements, including offtake agreements, transport contracts, and concentrate treatment arrangements, will be developed as the Project advances. JOGMEC has an option to purchase an offtake of 40% of Josemaria concentrate at prevailing market prices should they choose to exercise the right, subject to the terms and conditions of the relevant agreement.

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6. Evaluation

6.1 Economic Analysis

An economic analysis was undertaken at a scoping-study level to assess the potential economic outcomes for the conceptual development scenario of the Vicuña Project and to inform comparison of development options. The analysis is based on preliminary capital and operating cost estimates, conceptual mine plans, metallurgical recovery assumptions, and high-level market assumptions. It does not represent an investment recommendation and does not demonstrate economic viability since no Ore Reserves have been declared.

The economic model for the conceptual development scenario reflects the staged development strategy. The analysis includes estimates of revenue, operating costs, sustaining capital, closure costs and high-level taxation but excludes financing structures.

Economic results are preliminary and subject to a high degree of uncertainty due to the early stage of Project definition and reliance on Inferred Mineral Resources.

For clarity and consistency with the annual budgeting cycle, the evaluation reference date for the economic analysis is 1 January 2027, which corresponds to the start of the first full fiscal year following assumed project start date.

Costs used in the calculation of economic metrics are provided from the evaluation date moving forward.

This evaluation has relied in part on Inferred Mineral Resources which carry high uncertainty and may never yield the metal or characteristics that eventually result in Ore Reserves and metal production.

The after-tax net present value, at an 8% discount rate assuming mid-year discounting is US\$9.5 B. The internal rate of return, after-tax, is 14.8%. The payback period is 8.4 years from start of processing.

A summary of the preliminary cashflow analysis is provided in Table 6-1.

Table 6-1: Preliminary Economic Summary

Project Metric	Units	Indicative Value
After-tax NPV @ 8%	US\$ billion	9.5
After tax IRR	percent	14.8
Undiscounted after-tax cash flow (project duration)	US\$ billion	86
Payback period from start of processing (undiscounted, real after-tax cash flow)	years	8.4
Sustaining capital expenditure (excluding closure) for project duration	US\$ billion	21.9
C1 cash costs (net of byproducts)	US\$/lb Cu	0.74
All-in sustaining cash costs (net of byproducts)	US\$/lb Cu	1.38

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6.2 Sensitivity Analysis

Sensitivity analyses were conducted at a high level to evaluate the Project's exposure to variations in key input assumptions. Sensitivities typically considered changes in metal prices, operating costs, capital costs, and metallurgical recoveries.

Sensitivity results were used to identify key value drivers and risk areas rather than to provide definitive evaluation outcomes.

6.3 Taxation and Royalties

6.3.1 Royalties in Argentina

San Juan Provincial Royalty

San Juan provincial royalties will be applicable to all copper concentrate sales. According to current legislation, the rate of provincial royalty is capped at 3% of pithead value. The pithead value has been calculated by deducting all site operating costs (processing, infrastructure and G&A), except mining operating costs, from project net revenue. Ongoing negotiations with the provincial government of San Juan are progressing towards allowing the province of San Juan to declare the powerline and access road of provincial interest which would allow Vicuna to offset the significant expenditure in powerline and access road against 70% of royalty payments, reducing the provincial payment for a number of years until that investment is fully paid off. At the end of the life of the mine, Vicuña would turn ownership of the access road and powerline over to the province.

The updated RIGI law (refer to Section 6.3.2) allows the provinces to charge up to 5% royalties to a mining project. It is believed that the provincial trust fund (discussed below) would be considered as part of the maximum royalty. The ultimate rate of provincial royalty, infrastructure funding requirements and associated offsets for infrastructure costs incurred by the Project will be mutually agreed between Vicuña and the Government of the Province of San Juan in conjunction with the project approvals and permitting process.

San Juan Provincial Trust Fund

Recently the government of San Juan enacted a 1.5% of gross sales "provincial trust fund" payment on mining properties under its jurisdiction, including the Veladero mine located nearby to Josemaria. Based on negotiations between Vicuña and the San Juan government, it is assumed that this fee will be enacted on Vicuña and has hence been modelled in the financial model.

Lirio DPMA Royalty

One private royalty was considered in accordance with advice received from Josemaria Resources. This royalty, Lirio DPMA, is applicable to the majority of the lease, and was modelled as applying to all sales. It consists of a \$2M lump-sum payable in the third year of production and 0.5% net profit royalty for the subsequent 10 years of production.

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6.3.2 Taxes in Argentina

Incentive Framework for Large Investments (RIGI)

A bill for a new tax law known in Spanish as the "Regimen de Incentivo para Grandes Inversiones" (RIGI) or Incentive Framework for Large Investments was passed by the Argentine congress on June 28, 2024. This law applies to projects soliciting new foreign investment of US\$200M or more with maximum benefits afforded to Long-Term Strategic Export Projects requiring in excess of US\$2B of foreign investment, known as RIGI PEELP. The Vicuña Project has made an application to enter into the RIGI PEELP fiscal stability program to be eligible for the maximum benefits.

Notable benefits include the following:

Corporate income tax rate: change from 35% to 25%.
Export duties: change from a sliding scale based on copper price to 0%.
Value-added tax: gives the special-purpose vehicle the ability to pay value-added taxes by federally endorsed Tax Credit Certificates that do not require any outlay of actual money, therefore reducing value-added tax impacts on working capital and inflation erosion to zero;
Debits and credits tax: debits and credits become can be 100% offset against corporate income tax.
Allows inflation adjustments for income tax assessments pursuant to Argentina's Consumer Price Index and allowance for book-keeping in US\$.
Carry forward of net operating losses for future application against income taxes without any time limit.

Foreign proceeds from exports will become freely available to the enterprise after four years of enrolment in RIGI (the stage 1 construction project will take at least four years, so revenue will be fully available to the enterprise as soon as production commences).

In order to access the RIGI benefits, the local special-purpose vehicle must submit an investment plan for the operation and must agree to spending at least 20% of the minimum amount for the application (20% of \$2 B) over the following two years but can be retroactive to the time when the bill passed congress (June 2024); Vicuña will spend \$400M in the year of 2026 to meet this initial requirement.

Tax Stability

Under the Federal Mining Investment Law and RIGI, tax/fiscal stability for mining projects is granted for a period of 30–40 years (40 years for Long-Term Strategic Export Projects, applicable to Vicuña) which ensures the mining company maintains a consistent taxation regime over the enforceable period.

Tax stability dispute resolution is conducted under the rules of ICC or ICSID with arbitrators who are neither Argentine nor nationals of the investor's country.

Corporate Tax

Corporate income tax was modelled in a simplified manner, as is appropriate for a scoping-level of study. The current rate of Argentina corporate income tax is 35%; however, RIGI reduces this rate to 25%. Accordingly, the rate of corporate income tax applied in the base case model is 25%.

RIGI has full allowance for tax losses to be carried forward with accounting in US\$, protecting Vicuña from currency depreciation.

Federal Export Tax

The current legislation provides for the application of an export tax, levied on sales of up to 8% based on a sliding scale of copper prices, however, the RIGI tax bill negates this tax. This tax is unlikely to be relevant for Vicuña.

Value Added Tax

The RIGI law allows Long-Term Strategic Export Projects to pay value-added taxes to vendors with federally endorsed tax credits which means no money changes hands. This negates the previous regime which would require the company to pay value-added taxes up front in pesos and then reclaim it from the government in pesos later subjecting the value to currency depreciation in addition to the impact from the time value of money.

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Debits and Credits Tax

This tax is applicable on certain debits and credits on bank accounts opened with local financial institutions (that act as withholding agents) and on movements of funds through organized payment systems replacing the use of bank accounts. The main exemptions related to the project are the collection of export proceeds and credits for loans received from financial institutions.

The applicable rate is 0.6% per debit and 0.6% per credit. RIGI allows for 100% of this tax to be deductible from income taxes thus rendering the tax with effectively no impact.

Wealth Tax

The Argentina wealth tax is a 0.5% annual tax on equity which can be depreciated on book value of capital costs via reserve units of production once production begins.

6.3.3 Royalties in Chile

The mining royalty taxation is structured as a hybrid tax consisting of two main components that target both gross revenue and operational profitability.

The ad valorem component is applied to copper producers whose annual sales exceed 50,000t of fine copper; annual copper sales are subject to a flat 1% tax rate. If the mine is not profitable this tax is adjusted and, in some cases, doesn't need to be paid to support struggling operations.

The profitability-based royalty is applied to the miner's RIOMA (Renta Imponible Operacional Minera Ajustada), a Spanish acronym for an adjusted measure of mining operating income derived from the corporate income tax base.

RIOMA is calculated by adjusting the corporate tax base as follows:

Add back interest expenses, tax loss carries forwards, accelerated depreciation and amortization, and payments made to third parties for access to the mineral resource (such as royalties, leases, mining loans, or production-sharing agreements).
Deduct non-mining income and related costs, as well as the Ad Valorem royalty component.

The applicable royalty rate is determined by the Mining Operational Margin (MOM), which is calculated as RIOMA divided by gross mining revenues. It ranges from 0% when production is less than 50,000 tonnes of fine copper and from 5% for mines with low operating margins and less than 50% revenues from copper, which goes up to a maximum of 26% for mines with greater than 50% proportional income from copper and operating margins above 46%.

6.3.4 Taxes in Chile

There are various withholding, capital gains, transfer pricing and thin-cap taxes relevant at the Vicuña corporate and shareholder levels which depend on decisions around financing structure and parent company dividend disbursements which are not part of the scope of this report and are therefore not modelled in the financial model. Maximum tax burden is limited to a total of 45.5% - 46.5% of taxable income (depending on sales). The actual taxation applied at Vicuña will be subject to a binational agreement adhering to the Argentina-Chile binational treaty for mine development; assumptions have been made in the financial model which will be verified and potentially modified by this agreement.

Corporate Income Tax

Corporate income tax in Chile is applied at a rate of 27% on annual net taxable income. Tax losses are deductible and can be carried forward indefinitely. Chilean tax code allows for accounting in US\$ to limit impacts of changes in currency valuation.

Value Added Tax

VAT is applied at a rate of 19% but is refundable for mining exporters on goods and services directly related to export activities through credit offsets and cash refunds.

Stamp Tax

Stamp tax of 0.8% of principle applies to foreign loans paid upfront at the time of each drawdown; this tax is deductible from corporate income tax and has not been modelled in the financial model.

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Regional Development Tax

A one-time fee of 1% of development will be applied on fixed assets and acquisition values at the end of the first year in which a project generates operational income.

Other Taxes

Export duties and municipal taxes are generally not applicable to mining companies and have therefore not been modelled in the financial model.

7. Risk and Mitigation

This section summarises the principal risks identified for the Vicuña Project at a scoping-study level and outlines high-level mitigation strategies. The risks described below are derived from the technical, environmental, commercial, and jurisdictional factors discussed in Sections 3 through 6 of this report. The identification of risks and mitigation measures is intended to inform stakeholders of key uncertainties and value drivers rather than to provide a comprehensive risk register.

Given the early stage of Project definition, the relative significance of individual risks may change as additional technical work, permitting activities, and commercial evaluations are completed.

7.1 Geological and Resource Risks

Geological and resource risks include uncertainty associated with Mineral Resource estimates, particularly the reliance on Inferred Mineral Resources in mine planning and economic analysis. Geological complexity, grade variability, and structural controls may impact resource confidence classification and geological and grade continuity assumptions.

Mitigation strategies include continued infill drilling, refinement of geological and grade models, and conversion of Inferred Mineral Resources to higher confidence classifications through additional data collection and analysis.

7.2 Mining and Geotechnical Risks

Assumptions are at scoping level, and staged pit development allowing for refinement of designs as additional data become available.

7.3 Metallurgical and Processing Risks

Metallurgical risks include variability in metallurgical performance across different ore types, particularly at Filo del Sol, and the presence of deleterious elements such as arsenic in sulphide mineralization.

Mitigation strategies include extensive metallurgical testwork, staged development of processing routes, concentrate treatment through roasting to manage arsenic levels, and ongoing optimisation of process parameters.

7.4 Infrastructure and Execution Risks

Infrastructure and execution risks arise from the scale, complexity, and binational nature of the Project. These include risks associated with construction in a remote, high-altitude environment, logistics constraints, and coordination of infrastructure development across Argentina and Chile.

Mitigation measures include staged infrastructure development, early engagement with regulators and stakeholders, optimisation of logistics corridors, and adoption of proven construction and project management practices.

7.5 Environmental, Social, and Permitting risks

Environmental and social risks include potential impacts on water resources, sensitive ecosystems, and local communities, as well as the complexity of obtaining and maintaining permits in two jurisdictions.

Mitigation strategies include comprehensive baseline studies, robust environmental and social management plans, early and ongoing stakeholder engagement, and proactive coordination with regulatory authorities in Argentina and Chile.

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7.6 Market and Economic Risks

Market and economic risks include exposure to commodity price volatility, changes in treatment and refining charges, foreign exchange movements, and inflationary pressures affecting capital and operating costs.

Mitigation measures include staged development to manage capital exposure, sensitivity analysis to identify key value drivers, and flexibility in processing and marketing strategies.

8. Conclusions

The Vicuña Project represents a large- copper-gold Mineral Resource combining the Josemaría and Filo del Sol deposits within a single, staged conceptual development framework.

This Technical Assessment Report is preliminary in nature and is based on Mineral Resource, extensive technical work, and a clear conceptual development scenario. However, the Project remains at an early stage of evaluation, with no Ore Reserves declared and economic outcomes subject to a high degree of geological, technical, permitting and economic uncertainty.

Advancement of the Project will require continued technical de-risking through additional drilling, metallurgical optimisation, detailed engineering, environmental assessment, and permitting. Conceptual staged development scenario has been considered to provide flexibility to manage risk, capital intensity, and execution complexity as the Project progresses.

Overall, the Vicuña Project represents potential for future development subject to technical studies, environmental assessment, permitting, and stakeholder engagement. Ongoing work is required to progressively reduce uncertainty and to inform future development decisions.

9. Declarations and Consents

This Technical Assessment Report was prepared for public disclosure in accordance with the VALMIN Code (2015).

The information in this report that relates to the Technical Assessment of the Vicuña Project Mineral Assets reflects information compiled and conclusions derived by Cole Mooney, Dustin Smiley and Kirk Hanson.

Cole Mooney is an employee of Vicuna Corp. and has sufficient experience relevant to the Technical Assessment of the Mineral Assets under consideration and to the activity which he is undertaking to qualify as a Practitioner as defined in the 2015 edition of the Australasian Code for the Public Reporting of Technical Assessments and Valuations of Mineral Assets (VALMIN Code). Cole Mooney consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Dustin Smiley is an employee of Vicuna Corp. and has sufficient experience relevant to the Technical Assessment of the Mineral Assets under consideration and to the activity which he is undertaking to qualify as a Practitioner as defined in the 2015 edition of the Australasian Code for the Public Reporting of Technical Assessments and Valuations of Mineral Assets (VALMIN Code). Dustin Smiley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Kirk Hanson is not an employee of Vicuna Corp. and has sufficient experience relevant to the Technical Assessment of the Mineral Assets under consideration and to the activity which he is undertaking to qualify as a Practitioner as defined in the 2015 edition of the Australasian Code for the Public Reporting of Technical Assessments and Valuations of Mineral Assets (VALMIN Code). Kirk Hanson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

10. References

Devine, F. 2025. Figures 3.1, 3.2, 3.3 and 3.4 in this Report: SLR Consulting (Canada) Ltd. 2025. NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile: report prepared for Lundin Mining Corporation, effective date 16 June 2025.

AI assistant

BHP Group Limited — Audit Report / Information 2024

14787_rns_2026-02-17_4ecd8aed-7c04-4762-82a6-0b1796be4f2b.pdf

Technical Assessment Report

Technical Assessment Report

Vicuña Joint Venture

Copper-Gold Project Argentina – Chile

BHP Group Limited (ABN 49 004 028 077)

Report prepared by:

Cautionary statements

Table of Contents

Executive summary

1. Introduction

2. Property description

2.1 Property location

2.2 Physiography

2.3 Access

2.4 Climate and length of operating season

2.5 Ownership interest

2.6 Agreements

2.7 Mineral tenure

2.7.1 Argentina

2.7.2 Chile

2.7.3 Tenure status

2.8 Surface rights

2.8.1 Argentina

2.8.2 Chile

2.8.3 General considerations

2.9 Water rights

2.9.1 Argentina

2.9.2 Chile

2.10 Royalties

2.10.1 Argentina

2.10.2 Chile

3. Geology and Mineral Resources

3.1 Property and production history

3.1.1 Exploration and study history

3.1.2 Past production

3.2 Regional geology

3.3 Local geology

3.4 Deposit geology

3.4.1 Deposit dimensions

3.4.2 Lithologies

3.4.3 Structure

3.4.4 Alteration

3.4.5 Weathering

3.4.6 Mineralization

3.5 Exploration activities

3.6 Drilling

3.7 Sample preparation and analysis

3.8 Quality assurance and quality control

3.9 Data verification

3.10 Mineral Resource estimation

3.11 Reasonable prospects of eventual economic extraction

3.12 Mineral Resource statement

Notes:

3.13 Factors that may affect the Mineral Resource estimate

4. Technical Assessment

4.1 Ore Reserves

4.2 Mine plan

4.2.1 Subset of the Mineral Resource estimate in the mine plan

4.2.2 Geotechnical assumptions

4.2.3 Hydrogeological assumptions

4.2.4 Mine designs

4.2.5 Equipment requirements

4.2.6 Production schedule

4.3 Metallurgical Testwork

4.3.1 Testwork

4.3.2 Variability assessment

4.3.3 Metallurgical recovery forecasts

4.3.4 Deleterious elements

4.4 Process Method

4.4.1 Process plant design

4.4.2 Reagents and consumables

4.4.3 Power

4.4.4 Water

4.5 Infrastructure

4.5.1 Overview

4.5.2 Logistics

4.5.3 Waste rock

BHP Group Limited Audit Report / Information 2024