Aldebaran Resources Inc. has entered into an option to joint venture agreement with Nuton Holdings Ltd., a Rio Tinto venture, concerning the Altar copper-gold project in San Juan, Argentina. This agreement grants Nuton the exclusive right to acquire a 20 percent indirect interest in the Altar project through staged payments totaling US$250 million.

Key Terms of the Agreement:

• Upfront Payment: Nuton will make an initial payment of US$10 million upon signing the agreement.

• Subsequent Payments:

  • US$20 million following the delivery of an updated mineral resource estimate, expected in November 2024.
  • US$30 million upon completion of a Preliminary Economic Assessment (PEA) that includes a Nuton case, anticipated in Q2/Q3 2025.
  • US$190 million after the delivery of a Pre-Feasibility Study (PFS) incorporating a Nuton case, projected for 2026.

This agreement follows a collaboration initiated in January 2024, where Aldebaran and Nuton began evaluating the application of Nuton's sulphide leaching technologies on the Altar project.

The Altar project is currently owned by Peregrine Metals Ltd., with Aldebaran holding a 60 percent interest. Upon finalizing an additional acquisition, Aldebaran's interest is expected to increase to 80 percent, with Sibanye-Stillwater holding the remaining 20 percent. Both Aldebaran and Sibanye-Stillwater will fund future work programs based on their equity interests in Peregrine.

Torys acted as counsel to Nuton with a team led by Mike Pickersgill, Braden Jebson and Mitchell Hayes (corporate/mining).