The Arikepay property, 100% owned by Alta Copper, is located 40 km from the Pacific Ocean in the coastal region of the Arequipa department in southern Peru. It covers an area of 1,800 hectares (ha) at an average elevation of 1,200 metres (m) above sea level. The property is located within one of the most active mining regions of Peru.

Geologically, the Arikepay property hosts a multiphased mineralized intrusive complex controlled by northwest-southeast faults parallel to the Incapuquio fault system and pertaining to the Cretaceous porphyry belt of southern Peru. A Cu-Au-Ag (copper-gold-silver) stockwork system was emplaced in a quartz feldspar porphyry and a Au-Ag-Cu event is hosted in a diorite porphyry. The multiphased complex has been recognized over an area of two km by two km, and remains open laterally in all directions and at depth. A total of 13,738 m of drilling in 32 drill holes have been completed between 2002 and 2017. Phelps Dodge drilled four diamond drill holes totalling 1,200 m in 2002. Cobriza Metals Peru drilled 14 reverse circulation drill holes totalling 3,630 m in 2012 and Compania Minera Zahena (“Zahena”) drilled 14 diamond drill holes totalling 8,908 m in 2016 to 2017.

Historical drill intercepts include Cu-Au-Ag quartz-feldspar porphyry include*:

• 142 m at 0.37 per cent Cu, 0.17 gram per tonne (g/t) Au and 2.02 g/t Ag (0.65 per cent CuEq (copper equivalent (1)) from 66 m in hole RC-012-ARI-006;
• 357 m at 0.29 per cent Cu, 0.11 g/t Au and 1.16 g/t Ag (0.47 per cent CuEq (1)) from 78 m in hole AK-DDH-10-17;
• 111 m at 0.24 per cent Cu, 0.03 g/t Au and 0.58 g/t Ag (0.29 per cent CuEq (1)) from 54 m in hole AK-DDH-09-16.

Historical drill intercepts include Au-Ag-Cu diorite porphyry include*:

• 420 m at 0.91 g/t Au, 1.16 g/t Ag and 0.04 per cent Cu (0.96 g/t AuEq (gold equivalent (2)) from 30 m in hole AK-DDH-02-17:
  • Including 81 m at 3.17 g/t Au, 2.12 g/t Ag and 0.07 per cent Cu (3.26 g/t AuEq (2)) from 342 m;
• 66 m at 1.23 g/t Au, 0.36 g/t Ag and 0.03 per cent Cu (1.26 g/t AuEq (2)) from 27 m in hole AK-DDH-02A-17;
• 60 m at 0.77 g/t Au, 3.28 g/t Ag and 0.14 per cent Cu (0.93 g/t AuEq (2)) from 10 m in hole RC-012-ARI-002:
  • Including 26 m at 1.29 g/t Au, 4.48 g/t Ag and 0.12 per cent Cu (1.45 g/t AuEq (2)) from 44 m.

To date, there has been no follow-up on the significant gold intercept in hole AK-DDH-02-17 and it constitutes the priority target for the inaugural drilling program that Precore Gold is currently planning.

* CuEq and AuEq were calculated using the following metal prices: Au at $3,000 (U.S.) per ounce (oz); Cu at $4 (U.S.) per pound (lb); and Ag at $32 (U.S.) per oz.

(1) CuEq equals Cu plus 1.458379 times Au plus 0.015556 times Ag (no use of Pb (lead), Zn (zinc) or Mo (molybdenum), and recoveries were assumed to be 100 per cent).

(2) AuEq equals Au plus 0.914257 times Cu plus 0.010666 times Ag (no use of Pb, Zn or Mo, and recoveries were assumed to be 100 per cent).

In April 2025, Precore Gold Corp. (“Precore Gold”) optioned the project to explore the property.

Under the Definitive Option Agreement, Precore Gold will have the option and right to acquire up to a 100% beneficial interest in the Arikepay Project. A summary of the terms based on 100% acquisition which is contingent upon the successful staged development of the Arikepay Project is outlined below:

• Total Share Consideration of 3,500,000 common shares of Precore Gold
• 1.5% Net Smelter Royality
• Total Cash Payments of Cdn$375,000
• Milestone Payments totaling Cdn$7,000,000 comprised of:
  • $1,000,000 contingent on defining a mineral resource estimate of 1 million equivalent ounces;
  • $1,000,000 on defining a mineral resource estimate of 2 million equivalent ounces;
  • $2,000,000 on completion of a Preliminary Economic Assessment; and,
  • $3,000,000 on completion of a Feasibility Study.
• Exploration Commitment of Cdn$1,500,000 between Year 1 to 3, Cdn$4,000,000 between Year 4 to 5 and a further $3,500,000 in year 6 to 10.
• Cdn$1,000,000 in cash or the equivalent value in common shares of Precore Gold on the acquisition of the final 20% interest.