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Pacifica Silver Regulatory Filings 2024

Jun 24, 2024

48535_rns_2024-06-24_74d5b7e5-eb86-4e8b-94ad-d400d63dd189.pdf

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INDEPENDENT NI43-101 TECHNICAL REPORT

JANAMPALLA PROJECT, HUANCAVALICA PROVINCE, CENTRAL PERU

==> picture [483 x 234] intentionally omitted <==

Oxidized quartz vein with abundant secondary copper Janampalla Project

Prepared for

Roberto Resources Inc.

By

Dr Chris Wilson, PhD, FAusIMM (CP), FSEG, FGS

Eff ective Date 28 May 2024

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

SUMMARY

Introduction

  • Dr Chris Wilson, PhD, FAusIMM (CP), FSEG, FGS (“Wilson” or the “Author”) was requested by Roberto Resources Inc. (“Roberto” or the “Company”) to produce a National Instrument 43-101 (“NI43-101”) compliant Technical Report (the “Report”) for the Janampalla Property (the “Property”) in the Peru.

  • Wilson visited to the Property on April 29 and 30, 2024. Field and site observations were complimented by a comprehensive review of historic data and literature.

Property Description and Location

  • Th e Property comprises three mineral concessions totalling 2800 hectares — Janampalla 1 (800 Ha), Janampalla 2 (1000 Ha) and Janampalla 3 (1000 Ha). Th e Property is located in Huancavalica Province (Central Peru) approximately 250 kilometres southeast of Lima.

  • Th e Company entered into an option agreement on November 29, 2023 (the “Option Agreement”) with Angela Paola Arellano Aiquipa-Castro (the “Optionor”) whereby the Optionor granted the Company an option to earn a 100% interest in the Property — subject to the Optionor retaining a 1% net smelter return royalty on the Property.

  • Th e Company will be deemed to have exercised the Option upon payment to the Optionor a total of CAD 200,000 by the third anniversary of the listing date, issuing to the optionor 400,000 common shares to be completed by the date of listing, and incurring a total of CAD 600,000 in ground expenditures — per the schedules outlined in Section 3.5 of the Report.

  • Th e Property is not subject to any royalties, back-in rights, or other agreements and encumbrances. Mine production in Peru is subject to a royalty payable to the Peruvian government — production of less than USD 60M incurs a payment of 1%, between USD 60M to USD 120M the royalty is 2%, and production bove USD 120M the royalty is 3%.

  • Concession holders must pay annual validity fees (Derecho de Vigencia) to maintain mining concessions in good-standing — fees are currently set at USD 3 per hectare. Derecho de Vigencia payments are up to date for the Property — the next payment of USD 8400 is due June 30, 2024.

  • Historical exploration and mining at the Property has been on a very small scale — as evidenced by several shallow adits and small waste dumps at adit entrances. To the best of the Author’s knowledge, there are no environmental liabilities — either historical or arising from the Company’s exploration activities — with respect to the Property.

  • Exploration and mining rights conferred through grant of mining concessions are independent from surface rights — those are held by the holders or owners of the lands where such mining rights are conferred. Exploration at the Property is at an early stage and the Company has not yet negotiated an access agreement. Th e local community is supportive of exploration.

Accessibility, Climate, Infrastructure and Physiography

  • Th e Property is located approximately 250 kilometres southeast of Lima and 75 kilometres to the southeast of Huancayo. Huancayo is a major mining town with a population of approximately 380,000.

  • Climate allows for year-round operation. Physiography is characterised by high plateaus cut by steep east-west orientated river valleys formed by tributaries of the Mantaro river (located one kilometre to the east of the Property). Elevations range from 3200 to 4750 metres.

Page i

Wilson

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

  • Th e majority of the Property is covered by a mixture of arable crops, highland grassland and sparse thorn bushes on exposed cliff s. Th ere are no National Parks, State Conservation Areas, Flora Reserves or State Forests within the Property.

  • Peru has a strong mining industry with a highly skilled and mobile workforce — any development at the Property could be serviced with relevant skilled personnel and equipment. Th e Author is of the opinion that there is suffi cient space within the exploration licences for mining operations, tailings storage and waste disposal, and processing facilities.

History

  • Mineralisation in the Janampalla area was fi rst discovered in 1950. Small-scale underground and surface mining was initiated by a syndicate of local Peruvian businessmen — mining continued until 1972 when depressed metal prices and lack of funding led to closure of all mining and exploration operations in the area. Th ere is no record of historical production.

Geological Setting and Mineralization

  • Th e Property is located in the Miocene Metallogenic Belt (“MMC”) of central and northern Peru. Th e belt extends 900 km along the Western Cordillera and the adjacent high plateaus province. Th e MMC hosts a large number of hydrothermal mineral deposits.

  • Mineral deposits within the MMC are mostly hosted by shelf carbonates and sedimentary rocks of Late Triassic, Jurassic and Cretaceous age — or by volcanic and intrusive rocks of Neogene age. Base metal and precious metal mineralization is temporally and spatially associated with eruption of intermediate composition calc-alkalic volcanic rocks and emplacement of calc-alkalic dikes and stocks.

  • Property geology is dominated by a thick sequence of Silurian to Jurassic sediments — oldest lithologies crop out in the north-east of the Property and the youngest in the south-west of the Property. Steeply dipping strike slip faults (030º to 040º), deep listric faults (010º to 030º), and localised E-W striking tensional faults are noted. Structure exerts a fundamental control on mineralization.

  • Mineralization at the Property comprises precious and base-metal mineralised veins and mantos — hosted within calcareous sandstones. Rock ship grab samples from mullock heaps from small scale, historical, underground workings provide an overview of mineralization and alteration styles:

  • Massive base metal mineralization comprises coarse-clotted galena-chalcopyrite-lesser honey brown sphalerite with minor (<10%) quartz-carbonate gangue.

  • Polymetallic quartz-carbonate veins comprise milk white, crudely banded, quartz-carbonate gangue with blebby and crudely banded chalcopyrite-pyrite infi ll and replacement.

  • Carbonate-rich marbelised samples with clotted and blebby chalcopyrite-pyrite, with weak translucent quartz veinlets, show similarities to skarn/manto replacement styles of mineralization

  • Mineralized samples are variable oxidized — from preservation of original sulphide mineralization, through partial oxidation with variable disseminated to crudely banded iron oxides and secondary copper carbonates and oxides, to pervasively oxidized, gossanous samples comprising dominantly iron oxides, minor secondary copper minerals and relict sulphides.

  • Alteration is local and rather than pervasive — it typically form meter-wide selvedges around veins, mantos and breccias and presents as disseminated pyrite and kaolin. Silicifi cation is weak to moderate.

Page ii

Wilson

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

Deposit Type

  • Mineralisation on the Property is classifi ed as vein copper type — vein-type deposits in which copper is the dominant metal.

  • Deposits are structurally controlled and occur in faults, fault systems, and vein-breccia zones — replacement zones (mantos) in surrounding country rocks may be present especially where calcareous.

  • Vein copper deposits are classifi ed into two main subtypes — those associated with mafi c intrusive rocks and those associated with intermediate to felsic intrusions. Mineralisation at the Property is of the later type.

  • Vein copper deposits range from tens of thousands to a few million tonnes of ore — with several of the larger camps containing >10Mt. Copper grades are typically 1 to 3% — some deposits grade >10%. Vein copper deposits associated with felsic and intermediate intrusions may have vertical extents of 250 m to over 1500 m. As such they are robust exploration targets.

  • Understanding structure is key to successful exploration targeting — dilational bends and cross-cutting structures are often sites of enhanced metal deposition. Primary geochemical dispersion aureoles in host rocks (mainly Cu) are likely extensive — secondary dispersion halos in overburden and stream sediments may help identify target areas at local scale.

  • Electromagnetic and magnetic surveys can be used to trace favourable structures such as faults or fracture zones, and may help outline areas with high concentrations of sulphides.

Exploration

  • Th e Company completed a three week reconnaissance geological mapping and sampling program at Janampalla in February 2024.

  • Th is included the acquisition of high resolution Pleiades Neo 6-Band High Resolution Satellite Imagery which provided a a high resolution geo-rectifi ed base image for geological mapping and sampling; geological mapping with a focus on areas surrounding small scale historical workings; Drone mapping of vein extensions on steeper valley sides; and collection of 216 rock-chip grab and rock-chip channel samples from outcrops, mullock dumps and assessable underground workings.

  • Th e location of each sample was recorded using a hand-held GPS with a nominal accuracy of ±3 metres — samples locations were cross-checked against the Worldview 3 base image.

Drilling

  • Th ere has been no drilling at the Property — either historically or by the Company. Th is Section of the Report is not relevant.

Sample Preparation, Analysis and Security

  • Rock chip channel samples were placed in individually numbered plastic sample bags and sealed with a single use cliplock seal. Samples were then placed into large plastic sacks — these sacks were also sealed with single use clip-lock seals for transport and delivery to the ALS Laboratory in Lima (ISO 9001:2008). ALS is independent of the Company.

  • Samples — dispatched in bathes of 20 — were prepared by ALS Lima. Samples were weighed and crushed to a nominal 70% passing 2 mm in a single pass jaw-crusher. A 250 g sub-sample was taken using a Jones-style riffl e splitter and pulverised in a single-pass “bowl and puck” to a nominal 85% passing 75 microns (ALS code PREP-31).

Page iii

Wilson

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

  • A 120 g sample pulp was couriered by ALS Lima to ALS Loughrea (Ireland) for analysis. Gold was analysed by 50 g fi re assay with an atomic absorption fi nish (ALS code Au-AA26) — with a reportable range of 0.01-100 ppm Au. Samples were also submitted for 4-acid digest and 33 element analysis by ICP-MS — with reportable ranges silver (0.5 to 100 ppm), lead (2 to 10,000 ppm), zinc (2-10,000 ppm) and copper (1-10,000 ppm Cu). Over-range samples were reported as over-range.

  • Th e Company implemented a QA/QC program comprising the insertion of one fi eld blank and one certifi ed refer material (CRM) for every 18 samples. Samples were submitted in batches of 20 ensuring that 18 samples and two QA/ QC samples were prepared and analysed together. All batches passed QAQC.

Data Verifi cation

  • Th e Author used a Google Earth satellite base image over-printed with Property boundaries to verify the location of the Property with respect to geographic features observed in the fi eld. Th e Author is satisfi ed that the Property boundaries coincide with the geographic fi eld area covered in this report.

  • Th e Author reviewed the geological mapping and sampling completed by the Company and is satisfi ed it follows industryrecognized standards of best practice — appropriate for the stage of the project and style of mineralization.

  • Th e Author verifi ed approximately 35 sample locations in the fi eld and cross-checked these against sample locations entered into the Company database. Th e Author did not detect any discrepancies in the database.

  • Assay results for 75 samples in the database were cross-checked by the Author against original ALS assay certifi cates — assay results entered into the database correspond with results on ALS certifi cates.

  • Th e Author spoke with the local communities at the Project and is satisfi ed that the Company has a good relationship which will allow the Company future access for further exploration. Th e Company is aware that it will need to negotiate access agreements prior to drilling

Mineral Processing and Metallurgical Testing

  • Th ere has been no Mineral Processing or Metallurgical Testing of mineralization at the Property — either historically or by the Company — and this Section of the Report is not relevant.

Mineral Resource Estimates

  • Th ere are no Mineral Resource Estimates with respect to the Property — either historically or by the Company. Th is Section of the Report is not relevant.

Adjacent Properties

  • Th ird party private Peruvian companies hold a number of mineral exploration concessions adjacent to the Property. Th e Author was not able to locate any information with respect to these properties in the Public Domain.

Other Relevant Data and Information

  • Th e Author is not aware of any other information or data that may be relevant to this report — other than that already disclosed in this report.

Page iv

Wilson

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

Interpretation and Conclusions

  • Janampalla is an early stage exploration project located in the prolifi cally mineralized Miocene Metallogenic Belt of central and northern Peru — which hosts a large number of hydrothermal mineral deposits including: porphyry deposits; vein and limestone-replacement Pb-Zn±Ag±Cu deposits; and high sulfi dation deposits and their oxidized equivalents.

  • First pass lithological mapping and rock chip grab sampling has been conducted by the Company. Assay results from 216 surface and underground channel samples, rock chip grab samples from mine dumps, and outcrop rock chip grab samples, confi rmed the presence of signifi cantly copper mineralized vein and manto-style mineralization. Some samples also returned signifi cant gold, silver, lead and zinc assays.

  • Th e Property warrants further follow-up rock chip and soil sampling, reconnaissance geological mapping, and detailed geological mapping of mineralized/altered area.

  • To the best of the Authors knowledge the Project is in good standing and the Company has in place appropriate access agreements.

  • Th e Author notes the following risks: 1) there may be a risk of uncertainty with project stakeholders that could delay the exploration and development of Janampalla — continued dialogue with stakeholders will mitigate this risk; 2) the results of future exploration programs on key targets at the Property may be unsatisfactory to the Company; and 3) in order to continue to explore and develop Janampalla, the Company will require fi nancing, of which there is no assurance.

Recommendations

  • Th e Company has a well planned exploration program at a total cost of CAD 146,000. Th e program includes reconnaissance mapping and rock chip sampling through the northern part of the Property, and follow-up detailed geological, alteration and structural mapping of mineralized zones.

  • Th e Company plans to take approximately 400 rock chip and channel samples — some of which will be presented for detailed petrographic study in order to better understand mineralogy and paragenesis — and thus deposit type and key controls on mineralization.

  • A soil geochemical sampling program is warranted along strike extensions of known mineralization given the extensive thin veneer of Quaternary to Recent cover.

Wilson

Page v

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc.

Janampalla NI43-101

TABLE OF CONTENTS

Summary ............................................................................................................................................................................................................................................................................ Summary ............................................................................................................................................................................................................................................................................ Summary ............................................................................................................................................................................................................................................................................ i
Table of Contents ...................................................................................................................................................................................................................................................... I
1 Introduction and Terms of Reference ................................................................................................................................................................................. 1
1.1 Scope of Work ......................................................................................................................................................................................................................... 1
1.2 Qualif ed Persons ................................................................................................................................................................................................................... 1
1.3 Sources of Information .................................................................................................................................................................................................... 2
1.4 Personal Inspection ............................................................................................................................................................................................................. 2
2 Reliance on Other Experts ............................................................................................................................................................................................................. 4
3 Property Description and location .......................................................................................................................................................................................... 5
3.1 Property Location ................................................................................................................................................................................................................. 5
3.2 Verif cation of Licence Title Status ....................................................................................................................................................................... 6
3.3 Peruvian Mining Title and Laws — General Comment ................................................................................................................. 6
3.4 Property Concession Details ....................................................................................................................................................................................... 8
3.5 Option Agreement ................................................................................................................................................................................................................ 9
3.6 Property Royalties, Back In Rights and Encumbrances ................................................................................................................... 9
3.7 State Royalty and Taxes .................................................................................................................................................................................................... 9
3.8 Holding Costs and Royalties ....................................................................................................................................................................................... 9
3.9 Environmental Liabilities .............................................................................................................................................................................................. 10
3.10 Permitting ..................................................................................................................................................................................................................................... 10
3.11 Social Licence and Surface Rights ......................................................................................................................................................................... 10
3.12 Other Factors and Risks .................................................................................................................................................................................................. 10
4 Accessibility, Climate, Local Resources, Infrastructure and Physiography ....................................................................................... 11
4.1 Accessibility ................................................................................................................................................................................................................................. 11
4.2 Climate ............................................................................................................................................................................................................................................ 11
4.3 Physiography .............................................................................................................................................................................................................................. 11
4.4 Vegetation and Land Use ............................................................................................................................................................................................... 11
4.5 Infrastructure and Local Resources ...................................................................................................................................................................... 11
5 History ................................................................................................................................................................................................................................................................ 13
6 Geological Setting and Mineralization ................................................................................................................................................................................ 17
6.1 Regional Geology .................................................................................................................................................................................................................. 17
6.2 Regional Mineralization .................................................................................................................................................................................................. 17
6.3 Property Geology .................................................................................................................................................................................................................. 19
6.3.1 Lithology ..................................................................................................................................................................................................................... 19
6.3.2 Structure ...................................................................................................................................................................................................................... 19
6.3.3 Mineralization ........................................................................................................................................................................................................ 19
6.3.4 Alteration .................................................................................................................................................................................................................... 20
7 Deposit Type ................................................................................................................................................................................................................................................. 26
7.1 Generic Model ........................................................................................................................................................................................................................... 26
7.2 Grade, Form and Size ........................................................................................................................................................................................................ 26

Wilson

Page I

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc.

Janampalla NI43-101

7.3
Geological Setting ................................................................................................................................................................................................................. 27
7.4
Mineralogy .................................................................................................................................................................................................................................... 27
7.5
Exploration Strategy ............................................................................................................................................................................................................. 27
8 Exploration ..................................................................................................................................................................................................................................................... 28
8.1
High Resolution Satellite ................................................................................................................................................................................................ 28
8.2
Geological Mapping ........................................................................................................................................................................................................... 28
8.3
Drone Imagery and Targeting ................................................................................................................................................................................... 28
8.4
Rock Chip and Channel Sampling ...................................................................................................................................................................... 29
9 Drilling ............................................................................................................................................................................................................................................................... 39
10 Sample Preparation, Analysis and Security ......................................................................................................................................................................40
10.1 Sample Security ........................................................................................................................................................................................................................ 40
10.2 Sample Preparation .............................................................................................................................................................................................................. 40
10.3 Sample Analysis ....................................................................................................................................................................................................................... 40
10.4 QAQC .............................................................................................................................................................................................................................................. 40
11 Data Verif cation ....................................................................................................................................................................................................................................... 44
12 Mineral Processing and Metallurgical Testing .............................................................................................................................................................. 45
13 Mineral Resource Estimates ........................................................................................................................................................................................................... 46
14 Adjacent Properties ................................................................................................................................................................................................................................. 47
15 Other Relevant Data and Information ................................................................................................................................................................................ 48
16 Interpretation and Conclusions .................................................................................................................................................................................................. 49
17 Recommendations ................................................................................................................................................................................................................................... 50
18 References ........................................................................................................................................................................................................................................................ 51
19 Date and Signature ................................................................................................................................................................................................................................. 52
20 Certif cate of Qualif cations ........................................................................................................................................................................................................... 53

LIST OF FIGURES

Figure 1 Satellite image of Peru showing Property location ................................................................................................................................. 3
Figure 2 Project licence boundary map ........................................................................................................................................................................................ 5
Figure 3 Photograph showing typical topography and vegetation..................................................................................................................... 12
Figure 4 Photograph showing typical topography and vegetation..................................................................................................................... 12
Figure 5 Map showing historical rock-chip gold assay results................................................................................................................................ 14
Figure 6 Map showing historical rock-chip copper assay results.......................................................................................................................... 15
Figure 7 Map showing historical rock-chip copper assay results.......................................................................................................................... 16
Figure 8 Regional metallogenic map of Peru .......................................................................................................................................................................... 18
Figure 9 Property geological map ....................................................................................................................................................................................................... 21
Figure 10 Photograph of rock-chip slab ......................................................................................................................................................................................... 22
Figure 11 Photograph of rock-chip slab ......................................................................................................................................................................................... 22
Figure 12 Photograph of rock-chip slab ......................................................................................................................................................................................... 23
Figure 13 Photograph of rock-chip slab ......................................................................................................................................................................................... 23
Figure 14 Photograph of rock-chip slab ......................................................................................................................................................................................... 24

Wilson

Page II

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

Figure 15 Photograph of rock-chip slab ......................................................................................................................................................................................... 24
Figure 16 Photograph of rock-chip slab ......................................................................................................................................................................................... 25
Figure 17 Property map showing historical small scale workings on Worldview 3 image ............................................................... 30
Figure 18 Property map showing historical small scale workings on 50 cm DTM ............................................................................... 31
Figure 19 Map showing trace of Vicacheros vein showing surf cial working and sample locations ..................................... 32
Figure 20 Drone image showing mineralized veins, sample locations and assays.................................................................................... 33
Figure 21 Property map on DTM base image showing gold assay results...................................................................................................... 34
Figure 22 Property map on DTM base image showing silver assay results.................................................................................................... 35
Figure 23 Property map on DTM base image showing copper assay results................................................................................................ 36
Figure 24 Property map on DTM base image showing zinc assay results....................................................................................................... 37
Figure 25 Property map on DTM base image showing lead assay results....................................................................................................... 38
Figure 26 Assay results for f eld blank................................................................................................................................................................................................. 40
Figure 27 Silver assay results for OREAS CRM....................................................................................................................................................................... 42
Figure 28 Copper assay results for OREAS CRM.................................................................................................................................................................. 42
Figure 29 Zinc assay results for OREAS CRM......................................................................................................................................................................... 43
Figure 30 Lead assay results for OREAS CRM......................................................................................................................................................................... 43
Figure 31 Map showing adjacent properties................................................................................................................................................................................. 47

LIST OF TABLES

Table 1 Boundary coordinates of the Janampalla 1, 2 and 3 licences ........................................................................................................... 6
Table 2 Proposed next-phase exploration costs .................................................................................................................................................................. 50

Wilson

Page III

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

  • 1 INTRODUCTION AND TERMS OF REFERENCE

Dr Chris Wilson, PhD, FAusIMM (CP), FSEG, FGS (“Wilson” or the “Author”) was requested by Roberto Resources Inc. (“Roberto” or the “Company”) to produce a National Instrument 43-101 (“NI43-101”) compliant Technical Report (the “Report”) for the Janampalla Property (the “Property”) in the Peru. Th e Property is located in central eastern Peru approximately 250 kilometers southeast of Lima (Figure 1).

Th e Company entered into an option agreement dated November 29, 2023 (the “Option Agreement”) with Angela Paola Arellano Aiquipa-Castro (the “Optionor”) whereby the Optionor granted the Company an option to earn a 100% interest in the Property subject to the Royalty (as defi ned below). Th e Company will be deemed to have exercised the Option upon:

  • a) Paying the Optionor a total of CAD 200,000 as follows:

  • CAD 20,000 upon signing the Option Agreement (which amount was paid);

  • CAD 20,000 on the date of listing of the Canadian Securities Exchange (the “Listing Date”);

  • CAD 25,000 on the fi rst anniversary of the Listing Date;

  • CAD 35,000 on the second anniversary of the Listing Date; and

  • CAD 100,000 on the third anniversary of the Listing Date;

  • b) Issuing to the Optionor a total of 400,000 Common Shares as follows:

  • 200,000 Common Shares upon signing the Option Agreement; and

  • 200,000 Common Shares on the Listing Date;

  • c) Incurring CAD 600,000 in Exploration Expenditures as follows:

  • CAD 100,000 on or before the fi rst anniversary of the Listing Date;

  • CAD 200,000 on or before the second anniversary of the Listing Date;

  • CAD 300,000 on or before the third anniversary of the Listing Date;

Th e Optionor will also retain a 1% net smelter return royalty on the Property (the “Royalty”).

Th e Author understands that the Report is required by the Company in connection with its initial public off ering to list on the Canadian Securities Exchange. Th e Author also understands that the Report may be used to assist with raising capital.

1.1 Scope of Work

Th e Author was requested by the Company to produce a National Instrument 43-101 compliant Technical Report for the Property. Th e Eff ective Date of this Report is May 28, 2024.

1.2 Qualifi ed Persons

Th is Report was written by Wilson who is responsible for the Summary, Table of Contents, Sections 1 to 20, and all Figures and Tables. Wilson visited the Property on April 29 and 30, 2024. Field and site observations were complimented by a comprehensive review of historic data and publicly available literature. Dr Wilson holds a PhD from the Flinders University of South Australia, is a Chartered Professional Geologist and Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM (CP) No. 112316), a Fellow of the Society of Economic Geologists (FSEG: No.

Wilson

Page 1

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc.

Janampalla NI43-101

868275) and a Fellow of the Geological Society of London. Dr Wilson satisfi es the conditions as a Qualifi ed Person for the purposes of National Instrument 43-101 — as defi ned by the Canadian Securities Administrators (CSA) Standards of Disclosure for Mineral Projects for the scope of this report, style of mineralization and stage of project.

1.3 Sources of Information

Th e information in the Report is based on several sources including fi eld observations by Wilson; information and data provided by the Company; and publicly available reports as listed in Section 18 (References).

1.4 Personal Inspection

Wilson visited to the Property on April 29 and 30, 2024. During the site visit Wilson visited a number of locations within the licence boundaries to ensure that historical datasets and fi eldwork by the Company are located within the boundaries of exploration concessions.

Wilson

Page 2

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

==> picture [427 x 539] intentionally omitted <==

----- Start of picture text -----

0° 0°
-5° -5°
-10° -10°
-15° -15°
-80° -75° -70°
-80° -75° -70°
----- End of picture text -----

Figure 1: Location of the Janampalla Property in Central Peru. The base image is a 30 m shaded relief DEM. Coordinates latitude and longitude (WGS 84 Datum). Map by the Author dated 18 April 2024.

Wilson

Page 3

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

  • 2 RELIANCE ON OTHER EXPERTS

Th e Author relied wholly on information provided by the Company with respect to Section 3.1 (Legal Title), Section 3.2 (Mineral Tenure), Section 3.3 (Royalties and Holding Costs), Section 3.4 (Environmental Liabilities), Section 3.5 (Permitting) and Section 3.6 (Social Licence).

Verifi cation of the title status was provided by Estudio Navarro & Pazos Abogados Law Firm (the “Law Firm”) with address Av. Del Parque 195, San Isidro, Lima, Peru (the “Title Opinion”). Th e Title Opinion was addressed to the Company and dated May 24, 2024. Th e Title Opinion conforms with the title coordinate boundary information as shown in Table 1. Th e Author relied entirely on the opinion of the Law Firm with respect to Section 3.2 (Verifi cation of Licence Title Status).

Wilson

Page 4

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc.

Janampalla NI43-101

3 PROPERTY DESCRIPTION AND LOCATION

3.1 Property Location

Th e Property comprises three mineral concessions for a total area of 2800 hectares — Janampalla 1 (800 Ha), Janampalla 2 (1000 Ha) and Janampalla 3 (1000 Ha). Th e Property is located in Huancavalica Province of Central Peru. It is approximately 250 kilometres southeast of Lima and 75 kilometres to the southeast of Huancayo. Huancayo is a major mining town with a population of approximately 380,000.

==> picture [443 x 396] intentionally omitted <==

----- Start of picture text -----

522,000 mE 526,000 mE 530,000 mE
1.6 1.1
2.10 2.11
Janampalla 1
1.5 1.4
2.12 2.13
1.3 1.2
2.14 2.1
Janampalla 2
2.9 2.8 2.3 2.2
2.7 2.6
3.10 3.1
2.5 2.4
3.8 3.9
Janampalla 3
3.7 3.6 3.3 3.2
N 3.5 3.4
2 km
522,000 mE 526,000 mE 530,000 mE
8,618,000 8,618,000
8,614,000 8,614,000
8,610,000 8,610,000
----- End of picture text -----

Figure 2: Boundary map showing corner locations of the Janampalla 1, Janampalla 2 and Janampalla 3 mineral exploration concessions. Coordinates are WGS 84 UTM 18S. Map by the Author April 18, 2024.

Wilson

Page 5

Eff ective Date: 28 May 2024 [email protected]

Roberto Resources Inc. Janampalla NI43-101

Janampalla 1
Boundary Easting Northing Boundary Easting Northing
Point (mE) (mN) Point (mE) (mN)
1.1 8,617,000 525,000 1.4 8,615,000 523,000
1.2 8,614,000 525,000 1.5 8,615,000 522,000
1.3 8,614,000 523,000 1.6 8,617,000 522,000
Janampalla 2
Boundary Easting Northing Boundary Easting Northing
Point (mE) (mN) Point (mE) (mN)
2.1 8,614,000 529,000 2.8 8,613,000 526,000
2.2 8,613,000 529,000 2.9 8,613,000 525,000
2.3 8,613,000 528,000 2.10 8,616,000 525,000
2.4 8,611,000 528,000 2.11 8,616,000 526,000
2.5 8,611,000 527,000 2.12 8,615,000 526,000
2.6 8,612,000 527,000 2.13 8,615,000 527,000
2.7 8,612,000 526,000 2.14 8,614,000 527,000
Janampalla 3
Boundary Easting Northing Boundary Easting Northing
Point (mE) (mN) Point (mE) (mN)
3.1 8,612,000 532,000 3.6 8,610,000 528,000
3.2 8,610,000 532,000 3.7 8,610,000 527,000
3.3 8,610,000 530,000 3.8 8,611,000 527,000
3.4 8,609,000 530,000 3.9 8,611,000 529,000
3.5 8,609,000 528,000

Table 1: Boundary coordinates for the Janampalla exploration licences as shown in Figure 2. Coordinates are WGS84 UTM Zone 18 S.

3.2 Verifi cation of Licence Title Status

Th e Author has relied upon the Title Opinion provided by Law Firm. Th e Title Opinion was addressed to the Company and dated XXXX 2024. Th e Title Opinion conforms with the title coordinate boundary information as shown in Table 1.

Th e Author is of the opinion that the Title Opinion conforms with the title coordinate boundary information as shown in Table 1.

3.3 Peruvian Mineral Title and Laws — General Comment

Th e General Mining Law — Ministry of Energy and Mines (“MINEM”) — is the primary national law that regulates the mining industry in Peru. Th e Instituto Geológico Minero y Metalurgico (“INGEMMET”) — a scientifi c and management agency that is part of MINEM — oversees the application and regulation of mineral rights. INGEMMET maintains a publicly available database of all mining concessions for metallic and non-metallic minerals.

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All natural resources within Peru are owned by the Peruvian State. Th e State administers the General Mining Law through the grant of mining concessions — which convey to the concession holders the exclusive right to explore for and/or extract mineral resources.

Mining concessions are irrevocable so long as all legal obligations to maintain such rights are met by its holder. Pursuant to the General Mining Law — Mining Rights may be forfeited only due to a number of circumstances defi ned by law (i.e., non-payment of the maintenance fees and/or noncompliance with the Minimum Production Obligation). Th e right of concession holders to sell mine production freely in world markets is established. Peru is party to agreements with the World Bank’s Multilateral Investment Guarantee Agency and with the Overseas Private Investment Corporation.

Any person (including individuals, and Peruvian and Foreign entities) is entitled to request the granting of mining concession rights. All holders of mining concessions are required to pay good standing fees (“validity fees or Derecho de Vigencia”) — fees are calculated based on the concession area and paid on an annual basis to INGEMMET. Payments must be made on, or before, the 30th of June, in advance for the next 12 months. Th e fees schedule depends on whether concession holders qualify under the “general regime”, or as a “small-scale holder”, or an “artisanal holder”. Specifi cally:

# General Regime Concession Holders

Concession owners must pay an administrative fee and USD 3.00 per hectare to fi le for a new concession (known as a “tramite”) — concessions are limited to a maximum size of 1000 hectares but applicants can apply for multiple contiguous concessions. Once awarded the concession converts to a Titulado. Th e annual Derecho de Vigencia fee — paid annual in advance on the 30th of June — is USD 3.00 per hectare.

  • Small-Scale Concession Holders

Small-scale concession holders are entities or individuals holding concessions of less than 2000 hectares. Production of up to 350 tonnes per day is allowed. Annual Derecho de Vigencia fees are USD 1.00 per hectare.

  • Artisanal Concession Holders

  • Artisanal concession holders are entities or individuals holding concessions of less than 1000 hectares — production is capped at 25 tonne/day. Annual Derecho de Vigencia fees are USD 0.50 per hectare.

Th e concessions that comprise the Property are held by the Optionor who meets the classifi cation of a small scale concession holder.

Failure to pay Derecho de Vigencia for two consecutive years will result in the expiration (or Caducidad) of the mining concession and thus its cancellation. Article 59 of the General Mining Law states that payment of Derecho de Vigencia may be delayed for up to one year — during which period the mining concession remains in good standing. Th e outstanding payment must be paid on or before June 30 of the following year — along with payment of future Derecho de Vigencia fees.

Th ere are no restrictions on the transfer of mining rights in Peru. Mining rights may be freely transferred among parties via agreements and no authorisation or consent is required from government bodies. Th e transfer, encumbrance or other disposition of mining rights agreed among parties — or pursued by creditors (such as injunctions) against holders of such mining rights— are all acts that may be registered before the Public Registries. Registration provides publicity to the holder of such rights and enforceability priority of such rights against third parties.

Holders of mining concessions have the right to perform exploration and conduct mining activities — as such there is no requirement to convert exploration rights into operation/exploitation rights. However — within 10 years of the

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date the concession was granted — concession holders are required to move into production as defi ned by minimum annual production thresholds. Currently two regimes exist:

Legislative Decree No. 1054 (June 2008)

Th is decree establishes that mining concessions holders — qualifying under the general regime — need to reach a minimum annual production threshold equivalent to one Peruvian tax unit (PEN 4,200.00 or approximately USD 1250) per hectare of concession per annum.

If the holder of mining concession cannot reach such minimum annual production on the fi rst semester of the 11th year since concession grant, the holder will be required to pay a penalty equivalent to 10% of the applicable minimum production per year per hectare until the 15th year. After the period of 15 years, the mining concessions may remain in force for an additional period of up fi ve additional years provided the holder pays the applicable penalty and secures investments in the mining concession of 10 times the applicable penalty. If the minimum production is not reached after this period has lapsed — the mining concession will be deemed expired and thus cancelled.

Legislative Decree No. 1320 (Active 2019)

Th is decree relates to small scale miners. As with concession holders registered under the general regime — small scale miners need to reach a minimum annual production threshold equivalent to one Peruvian tax unit (PEN 4,200.00 or approximately USD 1250) per one hectare of concession per annum. Under this decree — small-scale title holders who cannot reach such minimum annual production on the fi rst semester of the eleventh year since concessions grant — will be required to pay a penalty equivalent to 2% of the applicable minimum production per year per hectare until the fi fteenth year. If the holder cannot reach the minimum annual production on the fi rst semester of the 16[th] year since the year in which the concessions was granted — the holder will be required to pay a penalty equivalent to 5% of the applicable minimum production per year per hectare until the twentieth year. If the holder cannot reach the minimum annual production on the fi rst semester of the 20th year since the year in which the concessions was granted, the holder will be required to pay a penalty equivalent to 10% of the applicable minimum production per year per hectare until the 30[th] year. Finally, if the holder cannot reach the minimum annual production during this period, the mining concession will be automatically expired.

3.4 Property Concession Details

Th e three concessions that comprise the Property are 100% held by the Optionor. Th e concessions are known by the names Janampalla 1, Janampalla 2 and Janampalla 3.

  • Janampalla 1

Th is concession (INGEMMET Code 010119923) is 100% owned by the Optionor. It comprises 800 ha and was granted on 09/05/2023 for the exploration and extraction of metallic minerals. It was registered in the Central Archive on 01/08/2023 .

  • Janampalla 2

Th is concession (INGEMMET Code 010120023) is 100% owned by the Optionor. It comprises 1000 ha and was granted on 09/05/2023 for the exploration and extraction of metallic minerals. It was registered in the Central Archive on 21/11/2023.

# Janampalla 3

Th is concession (INGEMMET Code 010120123) is 100% owned by the Optionor. It comprises 1000 ha and was granted on 09/05/2023 for the exploration and extraction of metallic minerals. It was registered in the Central Archive on 19/07/2023.

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3.5 Option Agreement

On November 29, 2023, the Company entered into the Option Agreement with the Optionor whereby the Optionor granted the Company an option to earn a 100% interest in the Property subject to the Royalty. Th e Company will be deemed to have exercised the Option upon:

a) Paying the Optionor a total of CAD 200,000 as follows:

  • CAD 20,000 upon signing the Option Agreement (which amount was paid);

  • CAD 20,000 on the date of listing of the Canadian Securiteis Exchange (the “Listing Date”);

  • CAD 25,000 on the fi rst anniversary of the Listing Date;

  • CAD 35,000 on the second anniversary of the Listing Date; and

  • CAD 100,000 on the third anniversary of the Listing Date;

  • b) Issuing to the Optionor a total of 400,000 Common Shares as follows:

  • 200,000 Common Shares upon signing the Option Agreement; and

  • 200,000 Common Shares on the Listing Date;

c) Incurring CAD 600,000 in Exploration Expenditures as follows:

  • CAD 100,000 on or before the fi rst anniversary of the Listing Date;

  • CAD 200,000 on or before the second anniversary of the Listing Date;

  • CAD 300,000 on or before the second anniversary of the Listing Date;

Th e Optionor will also retain a 1% net smelter return royalty on the Property (the “Royalty”).

3.6 Property Royalties, Back-in Rights and Encumbrances

To the best of the Authors knowledge, the Property is not subject to any royalties, back-in rights, or other agreements and encumbrances except for the Royalty under the Option Agreement.

3.7 State Royalty and Taxes

Mine production in Peru is subject to a royalty payable to the Peruvian government. It ranges from 1% to 3% based on the annual value of non-metallic and metallic minerals being exploited — production of less than USD 60M incurs a payment of 1%, between USD 60M to 120M the royalty is 2%, and above USD 120 M the royalty is 3%.

Corporate income tax in Peru is charged at a fl at rate of 30% — mining companies also pay a special mining tax levy on the operating profi t of metallic resources at a rate that ranges from 2% to 8.4%.

All payments of mining royalties, special mining taxes and special mining contributions are deductible expenses for income tax purposes. An early recovery regime of VAT applies for mining entities in the exploration stage. A special tax depreciation scheme applies for mining equipment and machinery.

3.8 Holding Costs and Royalties

Pursuant to article 39 of the General Mining Law, concession holders must pay Validity fees (also known as the Derecho de Vigencia) annually to maintain mining concessions in good-standing — non-payment of fees for two consecutive years results in the expiration and cancellation of the concession. Fees are currently set at USD 3 per hectare. Derechode Vigencia payments are up to date for the Property — the next payment of USD 8400 is due June 30, 2024.

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3.9 Environmental Liabilities

Historical exploration and mining at the Property has been on a very small scale — as evidenced by several small adits and very small waste dumps at adit entrances.

To the best of the Author’s knowledge, there are no environmental liabilities — either historical or arising from the Company’s exploration activities — with respect to the Property.

3.10 Permitting

Companies must obtain a government permit prior to commencing any drilling or major earth moving programs, such as road and drill pad construction. Depending on the scale of work intended, exploration work programs must be presented to the Ministry of Mines, which then will grant an approval to initiate activities provided the paperwork is in order. All major ground disturbances must be remediated and re-contoured following completion of the work activities. Environmental permits for mineral exploration programs are divided into two classes;

  • A Class I permit allow construction and drilling for up to 20 platforms with a maximum cumulative disturbance of less than 10 ha.

A Class II permit provides for more than 20 drill locations, or for disturbance of an total area of greater than 10 ha.

Class I permits require little more than a notifi cation process for approval. Class II drilling permits require an environmental impact declaration (DIA), a permit for harvesting trees (if applicable), an archaeological survey report (CIRA), a water use permit (ALA) and a Closure Plan.

Th e time taken to receive drill permits is subject to procedures within the Peruvian government bureaucracy. Th e Authors experience in Peru is that Class I drill permits can be completed within 12 to 18 months.

3.11 Social Licence and Surface Rights

Exploration and mining rights conferred through grant of mining concessions are independent from surface rights — those held by the holders or owners of the lands where such mining rights are conferred.

Th ere is no requirement for mining concession holders to acquire or purchase lands, real estate properties, easements, rights of way and/or other surface rights owned or held by third parties. If the owner of such properties is the government, then a regulated acquisition process would need to be initiated by the mining concession holder before the National Agency of State-owned Properties. If the owner or holder of such properties or rights is a local community, then such community’s approval is required and, generally, an agreement must be negotiated and agreed with the community addressing their expectations in respect of the mining investment.

Exploration at the Property is at an early stage and the Company has not yet negotiated an access agreement. Th e local community provided all access required at this stage of the exploration works and has indicated that the Company is welcome to return and continue exploration work.

Th e Author is of the opinion that Social Licence and Surface Rights do not present any problems with respect to further exploration at the Property. Th e Company will need to negotiate an Access and Land use Agreement prior to any drilling.

3.12 Other Factors and Risks

Beyond the information provided in Sections 3.1 to 3.11 of this report, the Author is unaware of any other signifi cant factors and risks that may aff ect access, title, or the right or ability to perform work at the Property.

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4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

4.1 Accessibility

Th e Property is located approximately 75 kilometres by gravel road and paved highway to the south of the nearest town of Huancayo in Central Peru. Travel time by road from Huancayo is approximately 7 hours. Th ere are numerous small agricultural and forestry tracks within the permit area that are suitable for four-wheel drive vehicles.

Lima — the capital city of Peru — is located approximately 250 km to the west of Huancayo by paved highway for a travel time by automobile of 12 hours. Th e closest international airport is the Jorge Chávez International Airport in Lima.

4.2 Climate

Th e climate is classed as subtropical highland climate, characterized by mild days, cold nights, and distinct wet and dry seasons. Th e average annual temperature is 14 °C with an average annual precipitation of 1380 mm.

Temperatures remain relatively constant year round, with average daytime highs of 15 °C in the warmest months of October and November, and average daytime lows in the coldest months of 13 °C from January to March.

Precipitation varies considerably throughout the year, with a marked wet season from December to March. Average precipitation in the wettest month of February is 225 mm with an average of 25 rainy days. Th e dry season runs from April to November — the driest month is June which has an average of 5 rainy days and 25 mm precipitation.

Th e temperature and precipitation data has been scoured from Huancayo weather centre — located in the town of Huancayo 70 kilometres northwest of the Property (https://www.worldweatheronline.com/huancayo-weather-averages/junin/pe.aspx).

4.3 Physiography

Th e Property is located on the eastern foothills of the Andes Mountain chain. Relief at the Property is marked by high Andean plateaus, cut by steep east-west orientated river valleys, which are tributaries of the Mantaro river located less than 1 kilometre to the east of the Property (Figures 3 and 4). Elevations range from 3200 to 4750 metres.

4.4 Vegetation and Land Use

Th e majority of the Property is covered by a mixture of arable crops, highland grassland and sparse thorn bushes on exposed cliff s. Th ere are no National Parks, State Conservation Areas, Flora Reserves or State Forests within the Property.

4.5 Infrastructure and Local Resources

Th e nearest urban centre — Huancayo — has a population of approximately 380,000. Huancayo is an active mining town, with an experienced mining work force capable of supplying the labour requirements for mineral exploration and development projects. Reliable power is available — with power lines proximal to the project area.

Th e author is of the opinion that any development at the Property could be serviced with relevant skilled personnel and equipment. Th e author is also of the opinion that there is suffi cient space within the Property for mining operations, tailings storage and waste disposal, and processing facilities.

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Figure 3: Photograph showing typical topography, vegetation and access roads at the Property. Most historical mine workings are above the cultivated fi elds.

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Figure 4: Photograph showing typical topography, vegetation and access roads within valleys at the Property. 4WD tracks provide relatively good access.

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5 HISTORY

Mineralisation in the Janampalla area was fi rst discovered in 1950. Small-scale underground and surface mining was initiated by a syndicate of local Peruvian bussinesmen comprising Máximo Rodríguez Alanya, Amadeo Cusi, Bernardino Tunque Ramos, Teófi lo Solier and Antonio Oroche. Mining targeted high grade copper-gold material from disseminations and quartz-calcite veins. Small scale mining continued until 1972 — when depressed metal prices and lack of funding led to closure of all mining and exploration operations in the area. Th ere is no record of historical production.

In 2009 a Peruvian businessman named Mr Celestino Ccanto commissioned a geological evaluation of the Janampalla Area. Pallalla community members and Peruvian geologists were contracted to collect 80 rock chip and channel samples from various historically mined copper-gold prospects on the Property. Results indicated widespread, high-grade copper-gold mineralisation host within Manto style veins and disseminations (Figures 5 to 7).

Th e Author has not been able to verify historical sample type, sampling protocol, assay protocol and assays results, considers the results to be historical in nature, and cautions that the results presented in Figures 5 to 7 (below) should not be relied upon.

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Figure 5: Map showing historical gold rock-chip assay results. Coordinates are WGS 84 UTM 18S. Map by the Author April 21, 2024. Th e Author has not been able to verify historical sample type, sampling protocol, assay protocol and assays results, considers the results to be historical in nature, and cautions that they should not be relied upon.

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Figure 6: Map showing historical copper rock-chip assay results. Coordinates are WGS 84 UTM 18S. Map by the Author April 21, 2024. Th e Author has not been able to verify historical sample type, sampling protocol, assay protocol and assays results, considers the results to be historical in nature, and cautions that they should not be relied upon.

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Figure 7: Map showing historical rock-chip silver results. Coordinates are WGS 84 UTM 18S. Map by the Author April 21, 2024. Th e Author has not been able to verify historical sample type, sampling protocol, assay protocol and assays results, considers the results to be historical in nature, and cautions that they should not be relied upon.

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6 GEOLOGICAL SETTING AND MINERALIZATION

Th e Property is located in the central portion of the Miocene metallogenic belt of central and northern Peru. Th e belt extends 900 km along the Western Cordillera and the adjacent high plateaus province — and is defi ned by a large number of hydrothermal mineral deposits (Figure 8) that formed between about 6 and 20 Ma (Donald et al. 1999)

6.1 Regional Geology

Th e Miocene metallogenic belt (MMB) is located to the east of the Mesozoic and early Paleogene Coastal batholith, on mature continental crust classifi ed as the Western Cordillera. Th e Western Cordillera has undergone three major orogenic cycles: Precambrian, Paleozoic to Early Triassic, and Late Triassic to present — related to the subduction of the Nazca Plate beneath the South American Plate from the middle Paleozoic to Neogene.

Th e most recent orogenic cycle commenced with the opening of the South Atlantic in the Triassic and includes Late Triassic to middle Upper Cretaceous (Early Senonian), Mariana-type subduction, which was extensional and resulted in crustal attenuation. During this phase, the cordilleran belt was the site of major shelf sedimentation, bordered to the west by island arc volcanism (Benavides-Cáceres, 1999).

Intrusive, volcanic and sedimentary lithologies dominant the MMB. Volcanic rocks such as andesites, rhyolites, and ignimbrites are consistent with a volcanic arc setting. Th ese rocks are intruded by granitic and dioritic plutons (Cardozoet et. al ., 1990).

Th e MMB is characterized by complex fault systems — including extensional and compressional NNW orientated structures. Th ese structures have controlled dilation and provided conduits for mineralizing fl uids and formation of mineral deposits.

6.2 Regional Mineralization

Mineralization in the MMB began before the early Miocene Quechua I compressive event and spanned later Quechua II tectonism. Mineral deposits range from porphyry and associated proximal skarn deposits to polymetallic and precious metal deposits formed at relatively lower temperatures (Donald et al., 1999).

Mineral deposits are mostly hosted by shelf carbonates and other sedimentary rocks of Late Triassic, Jurassic and Cretaceous age — or by volcanic and intrusive rocks of Neogene age. Base metal and precious metal mineralization is temporarily and spatially associated with the eruption of intermediate composition calc-alkalic volcanic rocks and emplacement of calc-alkalic dikes and stocks (Donald et al., 1999).

  • Porphyry deposits include the La Granja Cu porphyry; the Au-bearing Michiquillay Cu porphyry; Cu-Mo porphyritic rocks at Toromocho; and the Puy-Puy Au-Cu porphyry deposits.

  • Vein and limestone-replacement Pb-Zn±Ag±Cu deposits are common. Th ey range from vertically persistent, hightemperature deposits, such as the veins of Casapalca, to largely strata-bound low-temperature deposits such as Cercapuquio and Azulcocha. Many base and precious metal deposits occur within zoned polymetallic districts — some with one or more porphyry centres.

  • High sulfi dation deposits — and their oxidized equivalents — include the Au-Ag rich Pierina deposit and deposits of the Yanacocha district; and the oxidized Au-dominant Tantahuatay and Colquijirca deposits and surrounding, zoned, enargite-pyrite cored Cu-Pb-Zn-Ag veins and strata-bound replacement deposits.

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----- Start of picture text -----

-80 -75 -70
0 0
-5 -5
Cerro Corona
Antamina
Isaycruuz
-10 Colquijirca -10
Huaron
Yauricocha
Raul-Condestable
Cobriza
Cerro Lindo Janamalla
Antapacay
-15 -15
Cerro Verde
Cuajone
Toquapala
-80 -75 -70
IOCG Au-Ag Epithermal Major Gold Deposits
Intrusion Related Skarn - Replacment - Porphyry Janampalla Project
VMS Polymetalic Epithermal N
Porphyry Major Copper Deposits 200 km
----- End of picture text -----

Figure 8: Regional metalogenic map showing the main Cu-Au associated belts of Peru. Map by Author dated April 09, 2024 (modifed after Cost, 2015).

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Several subsidiary belts are recognized within the MMB — including the Eocene Au-Ag epithermal (XVII) and the Eocene-Oligocene-Miocene polymetallic belt (XVIIB) on which the Property is located.

Th e XVIIB belt is host to a wide range of mineral deposits including: porphyry Cu-Mo, Pb-Zn-Cu skarn, Au-Ag epithermal and Pb-Zn±Ag polymetallic deposits. Mineralization is intrusion-related and associated with three distinct magmatic events — 39-33 My (Eocene), 31-25 My (Oligocene) and 20-10 My (Miocene) (Noble and McKee, 1999). Reactivation of NW-SE and NS structures of the La Oroya-Cerro de Pasco Huancavelica and Ayacucho faults systems (Acosta, 2015) exerted a fundamental control on mineral formation.

  • Eocene intrusions are linked to the Cu-Mo porphyry deposit Pariajirca and the Pb-Zn-Cu skarn deposits of the Pucara Group carbonates such as El Porvenir (Milpo), Atacocha, Raulito, Rondoní, Patashmina and Huancamina.

  • Pb-Zn-Cu mineralized veins at Machcán and similar deposits are associated with intrusion of Oligocene intrusions.

  • Miocene intrusions have associated Pb-Zn-Cu mineralization at Anita, Asuncion, Chanchamina and other mineral deposits in central Peru.

6.3 Property Geology

Property geology is dominated by a thick sequence of Silurian to Jurassic sediments — oldest lithologies crop out in the north-east of the Property and the youngest in the south-west of the Property.

6.3.1 Lithology

Basal lithologies comprise metamorphosed sandstones and slates of the Silurian-Devonian Cabanillas group. Th ese are overlain by schists formed from shales of the Lower carboniferous Ambo Group — themselves overlain by shales and sandstones of the Upper Permian Mitu Group. Jurassic limestones of the Pucara group are the youngest sediments. Porphyritic andesite and andesite dykes crop out sporadically throughout the Property.

6.3.2 Structure

Th e Project is located in a slightly domed anticline. Th ree structural orientation are noted: steeply dipping shear faults striking 030º to 040º, deep listric faults 010º to 030º strike, and localised E-W striking tensional faults.

6.3.3 Mineralization

Known mineralization at the Property comprises copper-dominant, precious and base-metal mineralised veins and mantos — hosted within calcareous sandstones of Ambo Group. Rock ship grab samples from mullock heaps at a number of small scale, historical, underground workings provide an overview of mineralization and alteration styles (Figures 9 to 16).

# Massive Base Metal Vein/Manto

Massive base metal mineralization comprises coarse-clotted galena-chalocpyrite-lesser honey brown sphalerite with minor (<10%) quartz-carbonate gangue (Figures 10 and 11). Sphalerite-poor variants were also noted comprising coarse clotted galena-chalcopyrite-pyrite with up to 20% quartz-carbonate gangue.

# Polymetallic Quartz-Carbonate Veins

  • Vein mineralization comprises milk white, crudely banded, quartz-carbonate veins with blebby and crudely banded chalcopyrite-pyrite infi ll and replacement (Figure 12).

# Base Metal Replacement/Skarn

Carbonate-rich marbelised samples with clotted and blebby chalcopyrite-pyrite, with weak translucent quartz veinlets, show similarities to skarn/manto replacement styles of mineralization (Figure 13).

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  • Oxide Mineralization

  • Mineralized samples show a spectrum of oxidation — from original sulphide mineralization (Figure 10), through partially oxidized samples with disseminated and banded iron oxides and secondary copper carbonates and oxides (Figures 12 and 13), to pervasively oxidized, gossanous samples comprising dominantly iron oxides, minor secondary copper minerals and relict sulphides (Figures 14 and 15).

Vein mineralization is primarily controlled by E-W oriented tensional faults and steeply-dipping normal faults which strike between 030º and 040º. Veins are irregular in shape along strike and down-dip — they pinch and swell from <10 cm to wider than 3 meters. Calc-silicate altered mantos with quartz-calcite veins form where mineralizing structures intersect calcareous horizons.

Mineralization comprises copper carbonates (malachite, azurite and chrysocolla), chalcopyrite, galena, sphalerite (marmatite), barite, gold, silver sulphates and disseminated pyrite within amorphous white quartz, earthy calcite gangue.

6.3.4 Alteration

Alteration comprising disseminated pyrite and kaolin is local and rather than pervasive — it typically forms selvedges up to 10 m wide around veins, mantos and breccias. Silica alteration is weak to moderate. Weak propylitic alteration (chlorite-pyrite) is ubiquitous.

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Figure 9: Property Geology map. Map drawn using a combination of geocatmin 1:50,000 scale geology fi les and company fi eld mapping observations. Coordinates are WGS 84 UTM 18S. Map by the Author May 17, 2024.

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Figure 10: Rock-chip slab photograph showing coarse clotted base metals comprising honey brown sphalerite, grey galena, yellow chalcopyrite and pyrite. Sample S00234: Sample from mine dump at Pamella. Assayed >100 g/t Ag, >1 % CU > 1% Pb and >1% Zn.

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Figure 11: Rock-chip slab photograph showing coarse clotted galena-chalcopyrite-pyrite with patchy quartz-carbonate gangue. Sample S00213 taken from mine dump at Viscachari. Assayed 7.9 g/t Ag, >1 % Cu, 0.38% Pb and 0.02 % Zn.

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Figure 12: Rock-chip slab photograph showing crudely banded vein comprising milk white, quartz-carbonate veins with blebby and crudely banded chalcopyrite-pyrite infi ll and replacement. The sample is partially oxidized. Sample S00230 Taken from Terrinas mine Dump 03. Sample Assayed 30.5 g/t Ag, >1% Cu, 153 g/t Pb and 138 g/t Zn.

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Figure 13: Rock-chip slab photograph. Carbonate-rich marbelised rock with clotted and blebby chalcopyrite-pyrite and weak translucent quartz veinlets. Note patchy iron oxides. Sample taken from Terrinas 1 mine dump. Sample not assayed.

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Figure 14: Rock-chip slab photograph showing quartz vein with patchy iron oxides and abundant secondary copper minerals. Sample S00202 taken from Underground outcrop in Moises E/W adit. Assayed 12.3 g/t Ag and > 1% Cu.

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Figure 15: Rock-chip slab photograph. Pervasively oxidized with abundant iron oxides and blebby secondary copper. The lower part of the sample is sulphide dominant — primarily pyrite. Sample S00202 taken from Underground outcrop in Moises E/W adit. Assayed 12.3 g/t Ag and > 1% Cu.

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Figure 16: Rock-chip slab photograph showing. Sample S00232 taken from Terrinas 3 mine dump. Assayed 2.9 g/t Ag, > 1% Cu, 2 g/t Pb and 173 g/t Zn

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7 DEPOSIT TYPE

Mineralisation on the Property is classifi ed as Vein Copper Type with localized development of carbonate replacement bodies / mantos. Vein copper deposits include various vein-type deposits in which copper is the dominant metal. Th e deposits are structurally controlled and occur in faults, fault systems, vein-breccia zones; and replacement zones (mantos) in surrounding country rocks may be present. Th ey are typically small, but are highly varied in both size and grade (Kirkham and Sinclair 1995).

Vein copper deposits occur in association with diff erent host rocks and in diverse geological settings. Two main subtypes are recognized, which are based on the genetically associated intrusive rocks;

  • 1) Vein copper deposits associated with mafi c intrusive rocks

  • Th ese have been referred to as ‘Churchill type’ after the Churchill Copper (Magnum) deposit in British Columbia (Kirkham, 1973).

  • 2) Vein copper deposits associated with intermediate to felsic intrusions

  • Th is subtype consists of vein copper deposits associated with intermediate to felsic intrusions, including some intrusions related to porphyry copper deposits. Examples include vein copper deposits of Magma, Arizona; Maria, Mexico; ‘plutonic’ copper veins in Chile such as Tamaya (Sillitoe, 1992); and polymetallic veins such as those of the Morococha and Quiruvilca districts in Peru.

Mineralisation on the Property is associated intermediate to felsic intrusions — analogous to vein and replacement style mineralisation found with the Morococha district.

Vein copper deposits associated with felsic and intermediate intrusions are closely associated with — and include crossover with — high sulphidation gold-copper veins (e.g. El Indio, Chile); copper-bearing skarn and manto deposits, porphyry copper deposits and polymetallic vein and replacement deposits such as Tintic, Utah; Central City, Colorado; and Cerro de Pasco, Peru.

7.1 Genetic Model

Vein copper deposits are a diverse and relatively under-studied group of deposits for which no single, well constrained genetic model exists. Genetic models for vein copper deposits associated with felsic and intermediate intrusions are divided into two groups based on the prograding or retrograding evolution of the deposits (Kirkham and Sinclair, 1995).

Prograding evolution in base metal lode deposits is indicated by a paragenetic sequence of vein-fi lling minerals — refl ecting a temporal increase in sulphidation state (later deposition of minerals with increasing sulphur-to-metal contents), accompanied by pervasive wall rock alteration characterized by strong sericitic and or advanced argillic alteration. Prograde deposits form at moderate to deep levels (>3000 m below the paleosurface), mainly from magmatic-hydrothermal fl uids expelled from the associated intrusions. Deposits formed by prograde processes are typically associated with porphyry copper deposits (Kirkham and Sinclair, op. cit. ).

Retrograding evolution is indicated by a temporal decrease in sulphidation state of vein-fi lling minerals and wall rock alteration characterized by decreasing hydrogen ion activity. Retrograde deposits form mainly at shallow to moderate levels in the crust (approximately 200 to 3000 m below the paleosurface) from hydrothermal systems that have had a signifi cant input of ground water. Such deposits tend to have a high component of lead and zinc, and in some cases grade out-ward to precious metal deposits (Bartos, 1989).

7.2 Grade, Form and Size

Vein copper deposits are relatively small, typically ranging from tens of thousands to a few million tonnes of ore — with

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several of the larger camps hosting >10Mt. Th e exceptionally large Butte Deposits have produced several hundred million tonnes of ore. Copper grades are typically 1 to 3% — some deposits grade >10% (e.g. Maria, Mexico).

Th e vertical extent of vein copper deposits associated with felsic and intermediate intrusions ranges from 250 m to over 1500 m (Meyer et al ., 1968). Th e copper-gold deposits of the Chibougamau camp are massive to disseminated, lenticular sulphide zones that occur within steeply-dipping shear zones several kilometres long, hundreds of metres wide, and extending to depths of 1000 m or more (Archambault et al ., 1984).

Individual high-grade ore shoots within veins are structurally controlled — distribution of ore minerals within ore shoots is typically irregular and may be disseminated, banded, patchy, or massive; disseminated to massive ore minerals may be present in adjacent altered host rocks (Kirkham and Sinclair 1995).

7.3 Geological Setting

Felsic and intermediate intrusion-associated vein copper deposits characteristically occur in subduction-related continental- and island-arc settings, typically in areas of high-level felsic and intermediate intrusions and especially those associated with porphyry copper deposits (e.g., Alwin, British Columbia; Butte, Montana; Magma, Arizona; and Morococha, Peru).

7.4 Mineralogy

Th e principal ore minerals in vein copper deposits associated with felsic and intermediate intrusion include chalcopyrite, bornite, chalcocite, enargite, tetrahedrite-tennantite, bismuthinite, molybdenite, sphalerite, native gold and electrum. Associated gangue minerals include pyrite, pyrrhotite, magnetite, hematite, quartz, K-feldspar, epidote, calcite, ankerite, siderite, chlorite, sericite, and clay minerals

Zoning of minerals or metals may be present in large deposits or districts. For example — in the Quiruvilca district (Peru) copper-rich deposits form a central core with lead-zinc-silver zones at the periphery (Bartos, 1990).

7.5 Exploration Strategy

Vein copper deposits associated with felsic and intermediate intrusions may be mineralogically zoned — at vein and district scales. Ore shoots may be localized along dilational bends within veins, and high grade sulphide shoots may cut lower grade sulphide-quartz-carbonate parts of veins.

Primary geochemical dispersion aureoles in host rocks (mainly Cu) are likely extensive. Secondary dispersion halos in overburden and stream sediments may help identify target areas at regional and local scales.

Electromagnetic and magnetic surveys can be used to trace favourable structures such as faults or fracture zones, and may help outline areas of high concentrations of sulphides in veins.

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[email protected]

8 EXPLORATION

Th e Company completed a three week reconnaissance geological mapping and sampling program at Janampalla in February 2024.

8.1 High Resolution Satellite

Th e Company acquired high resolution Pleiades Neo 6-Band High Resolution Satellite Imagery for three reasons: 1) it provided a high resolution geo-rectifi ed base image for geological mapping and sampling; 2) the multi-spectral bands provide important data for structural and alteration mapping; and 3) the image provided a “time-dated baseline image” of land use for environmental purposes.

  • Pleiades Neo 6-Band Satellite High Resolution Satellite Imagery was acquired from archive dated March 29, 2024. A total of 49 km[2] was acquired — covering the Company’s Property and a one kilometre wide edge buff er. Th is coverage ensured that geology, alteration, structure and mineralisation, could be placed in a wider context of regional geology. Th e imagery provides 30 cm pixel 6-band multi-spectral resolution.

  • An AW3D Enhanced 50 cm DTM and 1 m contours was acquired and used to geo-rectify the Pleiades satellite image to a spatial accuracy of <1 m.

Th e Author is of the opinion that the Company has used the Pleiades imagery as an eff ective base for reconnaissance mapping and geochemical sampling of vein outcrops and mine waste dumps. Th e AW3D data will provide an exceptional, high resolution topographic surface model for future exploration and drilling work.

8.2 Geological Mapping

Th e Terrinas, Viscacheros, Moises and Pamella mineralised zones were mapped by Company geologists onto the Pleiades satellite base map (Figures 17 and 19) — mine adits, dumps and vein outcrops were mapped in the fi eld using a hand-held GPS with a nominal accuracy of ±3 m. Data points were then plotted onto the geo-rectifi ed satellite imagery to give a nominal accuracy of <1m.

Structures identifi ed on high resolution satellite imagery were mapped in the fi eld using a hand held GPS. Structural data points were then plotted on the satellite base imagery to confi rm location. Standard structural data was collected.

Extensive areas of thin Quaternary and Recent cover limited the eff ectiveness of bedrock mapping. Th e Companies geologists prioritised mapping and sampling the main mineralized structures — with the intention of conducting more detailed bedrock mapping during the next phase of exploration.

Th e Author is of the opinion that the Company’s approach to geological mapping — whereby the focus was placed on mapping historical workings, mine dumps, and veins and mineralized zones — was sensible given that this was the maiden fi eld program. Given the extensive Quaternary and Recent cover, lithological mapping was not practical, and is best covered by subsequent fi eld work.

8.3 Drone Imagery and targeting

Drone targeting was used by the Company to map extensions of geological structures on steep valley sides — providing an eff ective mechanism for mapping structures and veins. Th e drone was primarily used for fi eld mapping. High resolution images (Figure 20) were also geo-rectifi ed for data transfer to high a resolution satellite base image.

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8.4 Rock Chip and Channel Sampling

Th e Company collected 216 rock-chip grab and rock-chip channel samples from vein outcrops and mullock dumps at the Moises, Terrinas, Viscacheros and Pamella prospects. A small number of samples were taken from veins and disseminations exposed by road cuttings. Of the 216 samples — 56 were from outcrop, 40 were from subcrop and 92 were from mullock heaps. Twenty one surface channel were taken from across exposed veins and outcrops in road-cuttings (Figures 21 to 25). Seven samples were taken from historic underground workings at Moises and Terrinas.

Rock chip samples were cleaned of vegetation and loose soil material, and broken with a hammer and chisel, to obtain a representative sample of approximately 2 kg. Th e location of each sample was recorded using a hand-held GPS with a nominal accuracy of ±3 metres — the location was then cross-checked against the Worldview 3 base image. All samples were photographed, given a unique sample number and then placed in individually numbered plastic sample bags, which were then sealed with a single use plastic clip-lock tie.

Channel sample length was recorded using a tape measure. A continuous sample was taken from a 5 cm wide channel to a depth of approximately 5 cm. Th e resultant 3 to 5 kg sample was given a unique sample number and then placed in individually numbered plastic sample bags, which were then sealed with a single use plastic clip-lock tie.

Sample lithology, mineralogy, style of mineralization and alteration, gangue mineralogy and degree of oxidation, were recorded and entered into the Company database. In the case of channel samples —wall-rock lithology, vein type and texture, and vein strike and dip were also recorded.

Terrinas Prospect

Twenty eight samples were collected in the vicinity of the Terrinas historical workings. Two underground channel samples were taken over widths of 0.7 to 0.8 m and assayed up to 47.7 g/t Ag and >1% Cu. Th ree surface channel were taken over widths of 0.75 to 1.1 m — all assayed >1% Cu. Th e remaining samples were rock-chip grab samples from mullock heaps — 20 of the 23 samples assayed >1% Cu with localized anomalous Au (to 54.9 g/t) and Pb (to 0.17%).

Pamella Prospect

Twenty two samples were collected in the vicinity of the Pamella historical workings. One surface channel was taken over a width of 0.8 m and assayed 33 g/t Ag, >1% Cu and >1% Pb. Th e remaining samples were rock-chip grab samples from mullock heaps — 9 of the 22 samples assayed >1% Cu and 7 assayed >1% Pb. Silver assay results ranged from 1.9 to 100 g/t Ag.

Viscachari Prospect

33 samples were collected in the vicinity of the Terrinas historical workings. Eight surface channel were taken over widths of 0.7 to 0.7 m of which 6 assayed >1% Cu. Th e remaining samples were rock-chip grab samples from mullock heaps — 24 of the 25 samples assayed >1% Cu.

Moises Prospect

Twenty two samples were collected in the vicinity of the Terrinas historical workings. Five underground channel samples were taken over widths of 0.75 to 1.2 m of which 4 samples >1% Cu. Five surface channel were taken over widths of 0.55 to 1.0 m and assayed between 0.57% to >1% Cu. Th e remaining samples were rock-chip grab samples from mullock heaps and subcrop — they assayed between 0.27% to > 1% Cu.

Th e Author is of the opinion that reconnaissance rock chip sampling conducted by the company has confi rmed the presence of copper mineralization at the Property. Mapping and sampling is at a very early stage and more detailed rock-chip sampling and mapping is recommended at all historical showings.

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Figure 17: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on a Pleiades Neo 6-Band high resolution satellite image. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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Figure 18: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on an AW3D Enhanced 50 cm DTM image. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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----- Start of picture text -----

527,800 mE 527,900 mE 528,000 mE
527,800 mE 527,900 mE 528,000 mE
N
Rockchip Surface Mine Dump Mapped
Sample Workings Outline Vein
50 meters
8,613,200 mN
8,613,200 mN
8,613,100 mN
8,613,100 mN
----- End of picture text -----

Figure 19: Trace of the Vicacheros vein showing surfi cial workings, rock-chip sample and copper assay resultslocations. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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----- Start of picture text -----

TERRINAS 2
Sample ID Sample Type Ag ppm Cu %
S000025 UG Channel 0.85m 4.3 >1
S000016 Mullock 0.8 >1
S000017 Mullock 1.9 >1
S000018 Mullock 1.3 >1
S000021 Mullock 5.2 >1
S000022 Mullock 5.4 >1
S000023 Mullock 2.4 >1
S000024 Mullock 6 >1
TERRINAS 1
Sample ID Sample Type Ag ppm Cu %
S000004 UG Channel 0.7m 47.7 >1
S000001 Mullock 54.9 >1
S000008 Mullock 15 >1
S000009 Mullock 0.5 >1
S000012 Mullock 16.9 >1
S000013 Mullock 29.5 >1
S000081 Mullock 1.9 >1
S000082 Mullock 4.6 >1
TERRINAS 5
Sample ID Sample Type Ag ppm Cu %
S000036 UG Channel 0.75m 0.6 >1
S000035 Mullock 0.5 0.08
S000037 Mullock 0.5 0.02
TERRINAS 4
Sample ID Sample Type Ag ppm Cu %
S000032 UG Channel 1.1m 0.8 >1
TERRINAS 3 S000030 Mullock 1.6 >1
Sample ID Sample Type Ag ppm Cu % S000031 Mullock 2 >1
S000026 UG Channel 1.0m 1.9 >1 S000033 Mullock 2.6 >1
S000027 Mullock 1.9 >1 S000034 Mullock 0.6 0.19
S000028 Mullock 2.3 >1
S000029 Mullock 1.9 >1
Mine addits Rock Chip Samples
> 1% Cu N
Mine Dumps 0.25 - 1% Cu
25 meters
0.05 - 0.25% Cu
Inferred Mineralised Zones
0.0 - 0.05% Cu
----- End of picture text -----

Figure 20: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on an AW3D Enhanced 50 cm DTM image. Rock chip gold assay results are shown. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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----- Start of picture text -----

525,000 mE 530,000 mE
Chicoromojo
Ambo
Jatunqenuayoc
Janampalla Pamella
Vilcacancha
Armana
Santa Clara
Inca Hill North
Viscacheros
San Gregorio
Santa Clara
Moises Tacrapata
Huacaypata
Terrinas
525,000 mE 530,000 mE
Inferred Mineralised Trends Rock Chip Samples
> 2 ppm Au N
Faults 0.5 - 2 ppm Au
0.1 - 0.5 ppm Au 2.5 km
Janampalla Concessions 0 - 0.1 ppm Au
8,615,000 mN
8,615,000 mN
8,610,000 mN
8,610,000 mN
----- End of picture text -----

Figure 21: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on an AW3D Enhanced 50 cm DTM image. Rock chip gold assay results are shown. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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----- Start of picture text -----

525,000 mE 530,000 mE
Chicoromojo
Ambo
Jatunqenuayoc
Janampalla Pamella
Vilcacancha
Armana
Santa Clara
Inca Hill North
Viscacheros
San Gregorio
Santa Clara
Moises Tacrapata
Huacaypata
Terrinas
525,000 mE 530,000 mE
Inferred Mineralised Trends Rock Chip Samples
> 100 ppm Ag N
Faults 31- 100 ppm Ag
2.5 km
15 - 31 ppm Ag
Janampalla Concessions
5 - 15 ppm Ag
0 - 5 ppm Ag
8,615,000 mN
8,615,000 mN
8,610,000 mN
8,610,000 mN
----- End of picture text -----

Figure 22: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on an AW3D Enhanced 50 cm DTM image. Rock chip silver assay results are shown. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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----- Start of picture text -----

525,000 mE 530,000 mE
Chicoromojo
Ambo
Jatunqenuayoc
Janampalla Pamella
Vilcacancha
Armana
Santa Clara
Inca Hill North
Viscacheros
San Gregorio
Santa Clara
Moises Tacrapata
Huacaypata
Terrinas
525,000 mE 530,000 mE
Inferred Mineralised Trends Rock Chip Samples
N
> 10000 ppm Cu
Faults
2500 - 10000 ppm Cu
2.5 km
500 - 2500 ppm Cu
Janampalla Concessions
100 - 500 ppm Cu
0 - 100 ppm Cu
8,615,000 mN
8,615,000 mN
8,610,000 mN
8,610,000 mN
----- End of picture text -----

Figure 23: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on an AW3D Enhanced 50 cm DTM image. Rock chip copper assay results are shown. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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----- Start of picture text -----

525,000 mE 530,000 mE
Chicoromojo
Ambo
Jatunqenuayoc
Janampalla Pamella
Vilcacancha
Armana
Santa Clara
Inca Hill North
Viscacheros
San Gregorio
Santa Clara
Moises Tacrapata
Huacaypata
Terrinas
525,000 mE 530,000 mE
Inferred Mineralised Trends Rock Chip Samples
N
> 10000 ppm Zn
Faults
2500 - 10000 ppm Zn
2.5 km
500 - 2500 ppm Zn
Janampalla Concessions
100 - 500 ppm Zn
0 - 100 ppm Zn
8,615,000 mN
8,615,000 mN
8,610,000 mN
8,610,000 mN
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Figure 24: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on an AW3D Enhanced 50 cm DTM image. Rock chip zinc assay results are shown. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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----- Start of picture text -----

525,000 mE 530,000 mE
Chicoromojo
Ambo
Jatunqenuayoc
Janampalla Pamella
Vilcacancha
Armana
Santa Clara
Inca Hill North
Viscacheros
San Gregorio
Santa Clara
Moises Tacrapata
Huacaypata
Terrinas
525,000 mE 530,000 mE
Inferred Mineralised Trends Rock Chip Samples
N
> 10000 ppm Cu
Faults
2500 - 10000 ppm Cu
2.5 km
500 - 2500 ppm Cu
Janampalla Concessions
100 - 500 ppm Cu
0 - 100 ppm Cu
8,615,000 mN
8,615,000 mN
8,610,000 mN
8,610,000 mN
----- End of picture text -----

Figure 25: Map of the Property showing licence boundaries, mapped veins and historical small scale workings on an AW3D Enhanced 50 cm DTM image. Rock chip lead assay results are shown. Coordinates are WGS 84 UTM 18S. Map by the Author 15 May 2024.

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9 DRILLING

Th ere has been no drilling — either historically or by the Company — at the Property. Th is Section of the Report is not relevant.

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10 SAMPLE PREPARATION, ANALYSIS AND SECURITY

Th e Company collected 240 rock chip samples from veins exposed in historical adits, surface vein outcrop and mine mullock dumps. A total of 13 certifi ed reference materials (CRM’s) and 18 fi eld blanks were submitted in sample runs.

10.1.1 Sample Security

Rock chip channel samples collected by the Company were placed in individually numbered plastic sample bags and sealed with a single use clip-lock seal. Samples were then placed into large plastic sacks — these sacks were also sealed with single us click-lock seals for transport and delivery to the ALS Laboratory in Lima (ISO 9001:2008). ALS is independent of the Company. Samples were dispatched in bathes of 20.

Th e author is satisfi ed that appropriate chain of custody was maintained — ensuring the validity and integrity of samples submitted for assay.

10.1.2 Sample Preparation

Samples were prepared by ALS Lima (ALS code PREP-31). Samples were weighed and crushed to a nominal 70% passing 2 mm in a single pass jaw-crusher. A 250 g sub-sample was taken using a Jones-style riffl e splitter and pulverised in a single-pass “bowl and puck” to a nominal 85% passing 75 microns. Th e crusher and pulveriser were cleaned with a barren wash (ALS codes WSH-21 and WSH-22) between each sample.

Th e Author is satisfi ed that the sample preparation and sub-sampling protocol is appropriate for the style of mineralisation and stage of exploration.

10.1.3 Sample Analysis

A 120 g pulp of each sample was couriered by ALS Lima to ALS Loughrea (Ireland) for analysis. Gold was analysed by fi re assay with an atomic absorption fi nish using a 50 g sample charge (ALS code Au-AA26) — with a reportable range of 0.01-100 ppm Au.

Samples were also submitted for 33 element analysis by ICP-MS following a 4 acid digest — with reportable ranges silver (0.5 to 100 ppm), lead (2 to 10,000 ppm), zinc (2-10,000 ppm) and copper (1-10,000 ppm Cu). Over-range samples were reported at over-range and were not analysed further.

Th e Author is of the opinion that the analytical protocol is appropriate for the style and grade of mineralisation, the stage of the project, and the type of samples submitted for analysis. Th e Author does believe it necessary at this stage of exploration to reassay over-range samples. Reporting over-range Cu, Pb and Zn as >1% is acceptable — more detailed analysis can conducted during the next phase of exploration.

10.1.4 QA/QC

Th e Company implemented a QA/QC program comprising the insertion of one fi eld blank and one certifi ed refer material (CRM) for every 18 samples. Samples were submitted in batches of 20 ensuring that 18 samples and two QA/ QC samples were prepared and analysed together. Th e Company did not submit staged duplicates given that rock chip samples were taken for reconnaissance purposes only.

# Field Blank

Th e Company inserted one fi eld blank into each batch of 18 samples. Field blanks were of 2 to 3 kg in weight and

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----- Start of picture text -----

500
450
400
350
300
250
200
150
100
50
0
1 2 3 4 5 6 7 8 9 10 11 12 13 13 13 13 13
----- End of picture text -----

Figure 26: Blank assay results for copper. Fourteen batches of rock-chip grab and channel samples were submitted for assay — with one blank in each batch. The tolerance limit was set at 50 ppm Cu. A single high level failure was noted in batch 10 — this was due to a sample mismatch and the batch was deemed passed upon correction. All other batches passed. Batch 13 comprises 5 blank samples — these were assayed separately to other batches to establish a baseline value for the chosen fi eld blank.

were crushed and pulverized in the same sample stream as other samples in the batch. Five randomly selected blank samples were assayed in one batch to provide a baseline of gold, silver and base metal grades — thereby ensuring the suitability of the blanks.

All fi eld blanks assayed less than the tolerance limits (Figure 26) indicating that there had been no cross-contamination between samples during preparation.

# Certifi ed Reference Materials

Th e Company inserted one CRM into each batch of 18 samples and assayed in the sample stream as other samples in the batch. OREAS CRM EMOG-17 was used with a certifi ed value for silver (67.7 ppm), copper of 8402 ppm (1SD = 260 ppm), lead of 7232 ppm (1SD = 207) and zinc of 7592 (1SD = 249).

A batch is deemed failed if CRM’s in two consecutive batches assay outside of ±2 SD or a CRM in a single batch assays outside of ±3 SD. CRM assay results for Ag, Cu, Pb and Zn passed in all batches (Figures 27 to 30).

Th e Author is of the opinion that the QA/QC protocol used by the Company met industry recognized standards of best practice and was appropriate for the type of sample and stage of exploration.

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----- Start of picture text -----

(Ag)
2.10
1.90
1.70
1.50
1.30
1.10
0.90
0.70
0.50
1 2 3 4 5 6 7 8 9 10 11 12
Batch Number
Ag ppm
----- End of picture text -----

Figure 27: Silver assay results for OREAS CRM EMOG-17. All results are within ± 3SD and there are no consecutive batches outside of ± 2SD. As such all batches are deemed passed.

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----- Start of picture text -----

(Cu)
6500
6000
5500
5000
4500
4000
1 2 3 4 5 6 7 8 9 10 11 12
Batch Number
Cu ppm
----- End of picture text -----

Figure 28: Copper assay results for OREAS CRM EMOG-17. All results are within ± 3SD and there are no consecutive batches outside of ± 2SD. As such all batches are deemed passed.

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==> picture [442 x 237] intentionally omitted <==

----- Start of picture text -----

Zn)
125.00
115.00
105.00
95.00
85.00
75.00
65.00
55.00
45.00
35.00
25.00
1 2 3 4 5 6 7 8 9 10 11 12
Batch Number
Zn ppm
----- End of picture text -----

Figure 29: Zinc assay results for OREAS CRM EMOG-17. All results are within ± 3SD and there are no consecutive batches outside of ± 2SD. As such all batches are deemed passed.

==> picture [442 x 237] intentionally omitted <==

----- Start of picture text -----

(Pb)
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1 2 3 4 5 6 7 8 9 10 11 12
Batch Number
Pb ppm
----- End of picture text -----

Figure 30: Lead assay results for OREAS CRM EMOG-17. All results are within ± 3SD and there are no consecutive

batches outside of ± 2SD. As such all batches are deemed passed.

Wilson

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Roberto Resources Inc. Janampalla NI43-101

11 DATA VERIFICATION

In addition to verifi cation of data provided by the Company, the Author visited the property on April 29 and 30, 2024.

  • Th e Author used a Google Earth satellite base image over-printed with Property boundaries to verify the location of the Janampalla exploration licences with respect to geographic features observed in the fi eld. Th e Author is satisfi ed that the Property boundaries outlined in Table 1, and referenced in independent legal opinions, coincide with the geographic fi eld area covered in this report.

  • Th e Author spoke with the local communities at the Project and is satisfi ed that the Company has a good relationship which will allow the Company future access for further exploration. Th e Company is aware that it will need to negotiate access agreements prior to drilling.

  • Th e Author reviewed the geological mapping completed by the Company and is satisfi ed it follows industry-recognized standards of best practice — appropriate for the stage of the project and style of mineralization.

  • Th e Author visited several of the small scale historical mines sampled by the Company. Th e Author used a handheld Garmin GPS — samples locations verifi ed by the Author are within concession boundaries.

  • Th e Author verifi ed approximately 35 sample locations in the fi eld and cross-checked these against sample locations entered into the Companies database. Th e Author did not detect any discrepancies in the database.

  • Assay results for 75 samples in the database were cross-checked by the Author against original ALS assay certifi cates — assay results entered into the database correspond with results on ALS certifi cates.

Th e Author is not aware of any other limitations to the verifi cation outlined above. All historical workings reported by the Company, and all samples taken by the Company are within concession boundaries. Th e Author cross checked fi eld sample locations against database entries and found no discrepancy. Th e Author also cross-checked database assays results against original ALS assay certifi cates and is of the opinion that the database accurately represents the original assay results. Th e community is supportive of further exploration by the Company.

Wilson

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Roberto Resources Inc. Janampalla NI43-101

12 MINERAL PROCESSING AND METALLURGICAL TESTING

Th ere has been no Mineral Processing or Metallurgical Testing of samples from the Property. Th is Section of the Report is not relevant.

Wilson

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Roberto Resources Inc. Janampalla NI43-101

13 MINERAL RESOURCE ESTIMATE

Th ere are no Mineral Resource Estimates with respect to the Property — either prepared historically or by the Company. Th is Section of the Report is not relevant.

Wilson

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Roberto Resources Inc.

Janampalla NI43-101

14 ADJACENT PROPERTIES

Th ird party private Peruvian companies hold a number of mineral exploration concessions adjacent to the Property (Figure 19). Th e Author was not able to locate any information with respect to these properties in the Public Domain.

==> picture [456 x 537] intentionally omitted <==

----- Start of picture text -----

520,000 mE 525,000 mE 530,000 mE 535,000 mE
Estrella LS Epithermal
Au-Cu-Ag Project
520,000 mE 525,000 mE 530,000 mE 535,000 mE
Roberto Resources INC. Yuri Javier Sedano Zevallos Editson Hugo Cruz Mulser 2F E.I.R.L
Victor Castillio Basurto Julio Cesar Huerta & Others Augusto Maravi Romani Felix Arango Rojas
Ruben Fernanso & Others Crisanto Sedano Penaloza EC & Compania S.A.C Logistico Bekingo E.I.R.L
N
Lorenzo Quispe Escobar Gladys Elba Cabezas Limaco Legacy Hill Peru S.A.C
S.M.R.L Julia 2018 S.M.R.L Arelis I Highlander Silver Corp. 2.5 km
8,615,000 mN 8,615,000 mN
8,610,000 mN 8,610,000 mN
8,605,000 mN 8,605,000 mN
----- End of picture text -----

Figure 31: Map showing adjacent mineral exploration and mining claims in relation to the Property. Coordinates are WGS 84 UTM 18S. Map by the Author 12 May 2024.

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Roberto Resources Inc. Janampalla NI43-101

  • 15 OTHER RELEVANT DATA AND INFORMATION

Th e Author is not aware of any other information or data that may be relevant to the Report — other than that already disclosed in previous sections of the Report.

Wilson

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Roberto Resources Inc. Janampalla NI43-101

16 INTERPRETATIONS AND CONCLUSIONS

Janampalla is an early stage exploration project located in the prolifi cally mineralized Miocene metallogenic belt of central and northern Peru. Th e belt extends 900 km along the Western Cordillera and the adjacent high plateaus province — and is defi ned by a large number of hydrothermal mineral deposits including: porphyry deposits; vein and limestone-replacement Pb-Zn±Ag±Cu deposits; and high sulfi dation deposits and their oxidized equivalents.

Mineralisation in the Janampalla area was fi rst discovered in 1950 — resulting in small-scale underground and surface mining by a syndicate of local Peruvian bussinesmen. Mining targeted high grade copper-gold material from disseminations and quartz-calcite veins. Small scale mining continued until 1972.

.

First pass lithological mapping and rock chip grab sampling has been conducted by the Company. Assay results from 201 surface and underground channel samples, rock chip grab samples from mine dumps, and outcrop rock chip grab samples, confi rmed the presence of signifi cantly copper mineralized vein and manto-style mineralization. Some samples also returned signifi cant gold, silver, lead and zinc assays.

Th e Author is of the opinion that the mapping and sampling was conducted at a suitable scale and quality for the stage of the exploration program, and has confi rmed the presence of copper and copper-gold-silver-lead-zinc mineralization at the Property. Th e Property warrants further follow-up rock chip and soil sampling, reconnaissance geological mapping and detailed geological mapping of mineralized/altered areas.

To the best of the Authors knowledge the Project is in good standing and the Company has in place appropriate access agreements. Th e Authors recommend further work at the Property as outlined in Section 17 (Recommendations). Not with standing the above, the Author has identifi ed the following risks:

  • Th ere may be a risk of uncertainty with project stakeholders. While the Company continues to work closely with all stakeholders, there is a risk that opposition could delay the exploration and development of Janampalla. Continued dialogue with stakeholders will mitigate this risk.

  • Th e results of future exploration programs on key targets at the Property may be unsatisfactory to the Company.

  • In order to continue to explore and develop Janampalla, the Company will require fi nancing, of which there is no assurance. Th ere is signifi cant competition in the exploration and development of mineral properties and there is no assurance that the Company will successfully retain personnel with suitable experience to conduct its future programs effi ciently and eff ectively.

Wilson

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Roberto Resources Inc. Janampalla NI43-101

17 RECOMMENDATIONS

Field mapping and rock chip grab sampling by the Company at the Property has confi rmed the presence of copper mineralized veins and mantos. Assay results also confi rm that gold-silver-lead-zinc mineralization is locally present in veins and mantos. A number of small scale historical underground workings provided an opportunity to collect samples from mullock heaps — thereby providing some information on sulphide mineralization in the shallow sub-surface.

Th e fi rst phase of exploration by the Company focused on mapping and sampling the Terrinas, Viscacheros, Moises and Pamella veins and historical mines in the southern part of the property. Elevations are slightly lower than the northern part of the Property. Th e Author concurs that this approach was sensible for the maiden fi eld program.

Mapping and sampling confi rm that multiple veins — some with strike lengths of several kilometers — have the potential to host high grade copper ± localized gold-silver-zinc-lead mineralization along their length. Th e number of mapped veins, their cumulative strike length, and presence of possible manto-hosted mineralization, indicates that signifi cant further exploration is warranted.

Th is should include reconnaissance mapping and rock chip sampling through the northern part of the Property. Follow-up detailed geological, alteration and structural mapping mineralized zones should then be conducted. It is strongly recommended that a more detailed petrographic study be conducted in order to better understand mineralogy and paragenesis — and thus deposit type and key controls on mineralization. A soil geochemical sampling program is warranted along strike extensions of known mineralization given the extensive thin veneer of Quaternary to Recent cover. A proposed budget is presented in Table 2:

Item Cost Cost / CAD
Geological Mapping / Rock Chip Sampling (2 geologists for 20 days @ CAD 650/day) 26,000
Rock Chip Assay (400 samples @ CAD 100/sample) 40,000
Soil Sampling Field Program (20 days @ CAD 500/day) 10,000
Soil Sample Assays (250 samples @ CAD 100/sample) 10,000
Petrographic Study 25,000
Travel/Transit 10,000
Field Logistics(4WD/Fuel/Accommodation) 25,000
Total Exploration: CAD = 146,000

Table 2: Proposed next-phase exploration costs.

Th e Author is of the opinion that the exploration potential of the Janampalla exploration licences justifi es the work program proposed by the Company. Th e work program is stage appropriate for the exploration program, style of mineralization and target type, and the costs cited are reasonable estimations for a project in Peru.

Wilson

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Roberto Resources Inc. Janampalla NI43-101

18 REFERENCES

Acosta, J. 2015. Metallogenic Map Of Peru Summary Text, Geologic, Mining and Metallurgical Institute (INGEMMET)

Benavides-Cáceres, V. 1999. “Orogenic Evolution of the Peruvian Andes: Th e Andean Cycle”, Geology and Ore Deposits of the Central Andes, Brian J. Skinner

Cardozo, M. and Cedillo, E. (1990). Geologic-Metallogenetic Evolution of the Peruvian Andes. In: Fontboté, L., Amstutz, G.C., Cardozo, M., Cedillo, E., Frutos, J. (eds) Stratabound Ore Deposits in the Andes. Special Publication No. 8 of the Society for Geology Applied to Mineral Deposits, vol 8. Springer, Berlin, Heidelberg.

Donald, C. Edwin, H. McKee, 1999. “Th e Miocene Metallogenic Belt of Central and Northern Peru”, Geology and Ore Deposits of the Central Andes.

Noble, D. C. and Mc Kee, E. 1999. Th e Miocene metallogenic belt of central and Northern Peru. In Skinner, B. J., ed., Geology and Mineral Deposits of the Central Andes. Society of Economic Geologists, especial publication 7, pp. 155-193.

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19 DATE AND SIGNATURE PAGE

For and on behalf of the Author to accompany the report dated May 28, 2024, titled ‘Independent NI43-101 Technical Report, Janampalla Property, Peru’.

“Chris Wilson”

Chris Wilson, PhD, FAusIMM (CP), FSEG, FGS Independent Consultant May 28, 2024

Wilson

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Roberto Resources Inc.

Janampalla NI43-101

20 CERTIFICATE OF QUALIFICATION

To accompany the report dated May 28, 2024 titled, ‘Independent NI43-101 Technical Report, Janampalla Property, Peru.’

I, Dr Chris Wilson, PhD, FAusIMM (CP), FSEG, FGS, from Herefordshire, England, hereby certify that:

  • 1 I am a Director and Principal Consultant Geologist of Exploration Alliance Ltd S. A., a geological consultancy with the registered address of Circumvalación Durango, 1429/2d, Montevideo, Uruguay.

  • 2 I graduated from the University of Aberystwyth with an honours degree in Geology in 1988 and from the Flinders University of South Australia with a PhD in Geology in 1994. I have practised my profession continuously since that time. Th is has included almost 30 years of relevant experience in grass-roots exploration and advanced project management of gold and silver mineralized systems, including epithermal and mesothermal vein types, skarns and carbonate replacement types, and associated tailings deposits.

  • 3 I am a Chartered Professional Geologist and Fellow of the Australasian Institute of Mining and Metallurgy (No. 112316), a Fellow of the Society of Economic Geologists (No. 868275) and a Fellow of the Geological Society of London.

  • 4 I have worked, or carried out research, as a geologist continuously for over 30 years since my graduation from university.

  • 5 I have read the defi nition of ‘qualifi ed person’ set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affi liation with a professional association (as defi ned in NI 43-101) and past relevant work experience, I fulfi l the requirements to be a ‘qualifi ed person’ for the purposes of NI 43-101.

  • 6 I visited the Property — comprising the Janampalla 1, Janamplla II and Janampalla III exploration licences — for two days on April 28 and 29, 2024.

  • 7 I am the Author of this report titled ‘Independent NI43-101 Technical Report, Janapalla Project, Peru. I am responsible for all section of the Report.

  • 8 As of the date of this Certifi cate, to the best of my knowledge, information and belief, this Report contains all scientifi c and technical information that is required to be disclosed, to make the Technical Report not misleading.

  • 9 I am independent of Roberto Resources Corp. applying all the tests in section 1.5 of NI 43-101 Standards of Disclosure for Mineral Projects. I have had no prior involvement with the Property that is the subject of the Technical Report.

  • 10 I have read National Instrument 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form.

  • 11 I consent to the fi ling of the Technical Report with any stock exchange and other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company fi les on their websites accessible by the public, of the Technical Report.

{SIGNED AND SEALED]

[Chris Wilson]

Dr Chris Wilson, PhD, FAusIMM (CP), FSEG, FGS May 28, 2024

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