Cerro de Pasco Resources Awarded the Quiulacocha Tailings in AMSAC Public Bidding Process

Cerro De Pasco Resources Inc. (CDPR), through its subsidiary Cerro De Pasco Resources del Perú S.A.C., has won Public Auction No. 001-2026-AMSAC from the Peruvian state-owned entity Activos Mineros S.A.C. (AMSAC). The award grants the company the right to acquire the Quiulacocha Tailings Storage Facility (TSF) for economic reprocessing, along with associated surface rights.

Upon execution of definitive agreements, which are expected in the coming days, Cerro De Pasco Resources Inc. expects to consolidate mineral and surface rights over the TSF, combining them with its existing 100%-owned El Metalurgista concession. Technical programs are advancing toward a maiden NI 43-101 Mineral Resource Estimate and feasibility-level studies. No resource or reserve has been established to date.

Cerro De Pasco Resources Inc. (CDPR) has announced the expected culmination of its March 2026 surface-access agreement and June 2026 metallurgical test updates. This development removes a key regulatory and land-access uncertainty, consolidating the rights necessary to advance the Quiulacocha Tailings Reprocessing Project.

The announcement follows a transparent public bidding process under Supreme Decree No. 013-2008-EM. It does not alter project economics, timelines, or capital requirements in the near term. Given the prior market awareness of the auction process and the company's stated roadmap, the market reaction has been muted.

Cerro De Pasco Resources Inc. (CDPR) is a pre-revenue junior explorer focused on the Quiulacocha Tailings Reprocessing Project in the Pasco Region of Peru. The project is situated within a historic polymetallic mining district that operated from 1921 to 1992 and targets the recovery of silver, zinc, lead, copper, gold, gallium, and indium from legacy tailings.

The processing concept involves using submersible slurry pumps on floating barges to hydraulically extract tailings, followed by a conceptual two-concentrate flowsheet. This approach targets a base-metal concentrate and a high-purity pyrite concentrate for industrial sulphur markets. The company holds a 100% interest in the El Metalurgista concession, which covers 95.74 hectares, including 57 hectares of the tailings storage facility (TSF). The full TSF footprint spans 115 hectares.

The project is currently in the early technical evaluation stage, with no NI 43-101 Mineral Resource or Reserve existing. Phase 1 drilling and bulk sampling are complete, while Phase 2 drilling is authorized and mobilizing.