Mirasol Doubles the Sobek Copper-Gold Project in Vicuña District, Chile, through Option Agreement with SQM on Adjacent Rosita Property - Seite 2

Figure 2: High-Profile Vicuña Copper-Gold-Silver District Regional Map

High-Profile Vicuña Copper-Gold-Silver District

Mirasol staked the Sobek Project in 2016 based on prospective local geology and attractive structural architecture prior to the 2021 discovery of the high-grade feeder zone at the Filo del Sol gold-copper deposit. The expanded Sobek Project is located on the same regional trend and just 3 km to the west of the Filo del Sol deposit and 3 km to the southwest of NGEx Mineral’s discovery at Lunahuasi (formerly Potro Cliffs).

Sobek is located within a prospective geological environment with a compelling north-northeast trending mineralized structural corridor crosscut by a north-northwest trending deep-seated trans-cordilleran lineament. This is a common structural configuration hosting several southern Andes metal deposits in both Chile and Argentina.

The expanded and consolidated Sobek Project now comprises a large block totaling 22,640 ha of exploration and mining claims in four strategic locations, the North, Central, South blocks and the Rosita Property within the Vicuña Copper-Gold-Silver District. The high-profile district includes multiple deposits in close proximity of Sobek, including the Filo del Sol mid-Miocene epithermal porphyry gold-copper deposit to the east; the recent NGEx discovery at Lunahuasi (formerly Potro Cliffs) to the northeast, the Josemaria copper-gold project 10 km to the east-northeast; the Los Helados Porphyry copper-gold breccia system 20 km to the northeast; and the giant Eocene El Morro Porphyry copper-gold deposit 16 km to the west-southwest.

Key Terms of the Agreement:

SQM has granted Mirasol the exclusive option to earn 80% of the Rosita Project over 6 years, subject to a 2.0% NSR royalty, by:

• Incurring US$4 million in exploration expenditures
  • Year 1: US$150,000
  • Year 2: US$250,000
  • Year 3: US$400,000
  • Year 4: US$700,000
  • Year 5: US$1.0 million
  • Year 6: US$1.5 million
• Making annual option fee payments for a total of US$3 million over 6 years
  • At signing: US$30.000
  • Year 1: US$45,000
  • Year 2: US$75,000
  • Year 3: US$200,000
  • Year 4: US$350,000
  • Year 5: US$700,000
  • Year 6: US$1.6 million