Mirasol starts exploration at Sobek project

Mirasol Resources Ltd. announced the commencement of its 2025/2026 exploration season at its 100%-owned Sobek copper-gold-silver project in the Vicuña District, Chile. A deep vectoring IP (Induced Polarization) and MT (Magnetotellurics) geophysical survey is currently in progress at the 46 South target. The objective of this survey is to refine drill targeting for the upcoming drill program. Drilling is scheduled to commence in early January 2026, following the interpretation and evaluation of the geophysical survey results. The 46 South target is described by the company's President and CEO, Tim Heenan, as the "most technically compelling target" identified at Sobek, with potential for a significant mineralized system at depth.

This news is an expected operational update for Mirasol's flagship Sobek project, following previous announcements regarding the advancement of the 46 South target. While the commencement of exploration and planned drilling for a highly prospective target is intrinsically positive for a junior exploration company, its material impact in isolation is limited given the broader financial context and previous expectations.

On September 16, 2025, Mirasol stated it was "readying Sobek's 46 South for November drilling." The current news indicates a slight delay, pushing the drilling start to "early January" from "early November." This minor delay, while not critical, prevents the news from exceeding expectations.

More importantly, the company's financial situation, as revealed in recent financial statements, is precarious. - As of September 30, 2025 (latest financials, released November 26, 2025), Mirasol had only C$0.53 million in cash and cash equivalents. - The company reported negative equity of C$-1.2 million at September 30, 2025, indicating technical insolvency. - A shareholder loan from director John Tognetti stands at C$2.89 million (as of Sept 30, 2025), having been increased to C$3.0 million by June 2025. - The company announced a C$3.0 million private placement at C$0.45 per unit on October 2, 2025, which had its closing date extended on November 14, 2025, suggesting difficulties in closing. - Warrants totaling 5,667,563 at an exercise price of C$0.60, primarily from a November 2024 financing, expired on November 14, 2025. With the stock trading below C$0.60, these warrants were likely unexercised, meaning the company did not receive the potential C$3.4 million in cash from them. This is a significant blow to anticipated funding.

On the positive side, two material asset sales were announced: 1. Virginia Silver Project: Definitive agreement signed November 24, 2025, for US$8.0 million over 7 years plus a 2% NSR. The initial payment of US$600,000 (approx. C$0.8 million) was due upon signing the definitive agreement. 2. Sascha-Marcelina Projects: Definitive agreement signed September 30/October 1, 2025, for US$1.5 million upfront cash (due November 30, 2025) plus a 1.5% NSR. This US$1.5 million (approx. C$2.0 million) should have been received by the end of November.

Assuming the initial payments from the Virginia and Sascha-Marcelina sales (totaling approximately C$2.8 million) have been received, Mirasol's cash position would have improved significantly from the C$0.53 million reported on September 30, 2025. This cash infusion is critical for funding ongoing exploration, including the planned drilling at Sobek 46 South.

Therefore, while the exploration news is good for project development, it needs to be viewed in the context of the company's precarious financial health, which is potentially being addressed by asset sales and a pending private placement. The news confirms continued operational activity on the flagship project, which is what an exploration company is expected to do, but does not provide new material financial information or a significant upgrade in project potential beyond what was already anticipated.

Mirasol Resources Ltd. is a leading exploration company focused on the discovery of quality copper, gold, and silver projects in highly-prospective and mine-friendly jurisdictions, specifically the Atacama region in northern Chile and the Santa Cruz Province in southern Argentina. The company's strategy involves generative exploration and unlocking value from its project portfolio, including through partnerships and sales of non-core assets.

Flagship Project: The Sobek Copper-Gold Project in the Vicuña District, Chile, is Mirasol's primary focus. The Vicuña District is a high-profile region known for major porphyry copper and epithermal gold-silver deposits (e.g., Filo del Sol, Lunahuasi). Mirasol holds a 100% interest in Sobek.

Key developments at Sobek: - Potro SE target: Initial drilling in March 2025 confirmed significant polymetallic (gold, silver, zinc, lead, minor copper) mineralization within a hydrothermal breccia system, with a highlight intercept of 3.0m at 2.39 g/t AuEq. Follow-up drilling in June 2025 extended this mineralization. - 46 South target: Extensive surface exploration, including geochemical soil surveys (1.0 x 0.7 km copper-gold-molybdenum anomaly), IP ground geophysics, and identification of tourmaline breccias, has defined a "technically compelling" porphyry target. A deep vectoring geophysical survey is currently underway to refine drill targets for a maiden drill program expected in early January 2026.