Golden Arrow Receives Environmental Approval for San Pietro Project, Chile

On November 10, 2025, Golden Arrow announced it has received the Environmental Qualification Resolution (RCA) from Chilean authorities for its flagship San Pietro Project. This approval allows for the construction of 80 additional drilling platforms, primarily located at the Rincones and Colla deposits. The company stated this permit enables them to execute an infill drilling program to upgrade the existing resource category and a step-out program to test for extensions of the mineralization.

The environmental approval is a positive and necessary step for advancing the San Pietro project, but it is a routine de-risking event rather than a material value-add in itself. The company's strategy, following its initial Mineral Resource Estimate (MRE) in February 2025, was to conduct infill drilling to upgrade the resource confidence from the Inferred category and step-out drilling to expand the deposit's footprint. This permit is the key that unlocks that planned work program.

Tracing the company's progress over the past year: - Late 2024 - Early 2025: The company completed its Phase 2 drill program, which successfully expanded the mineralized footprint at the Rincones target with long intercepts like 283m of 0.23% Copper. - February 28, 2025: Golden Arrow announced a very large initial Inferred MRE of 492 million tonnes, containing 2.5 billion pounds of copper and 770,000 ounces of gold. This established San Pietro as a significant discovery, albeit a very low-grade one. - April 29, 2025: The project received validation when partner Sociedad de Servicios Andinos SpA (SSA) exercised its option to acquire a 25% interest in the project-holding subsidiary for US$5 million (cash and services). This also secured funding for further drilling. - May - September 2025: The company began highlighting new, potentially higher-grade gold targets on the property, like Noemi, releasing promising early sampling results (e.g., 10m @ 1.88 g/t Au) and initiating a trenching program. This demonstrates a strategic effort to find higher-grade satellite feed to improve potential project economics.

The November 10 environmental approval is the logical and expected next step in this progression. It allows the company to execute on the work funded by its partner (SSA) to improve the quality and size of the very resource it established earlier in the year.

While positive, the news does not change the fundamental investment thesis. The project remains a very large, low-grade copper deposit in the lowest confidence "Inferred" resource category. The key challenges—proving economic viability and overcoming a significant share and warrant overhang—remain. Therefore, the impact is routine; it allows the company to proceed as planned but does not, on its own, create new value. The market had likely anticipated this permit as a necessary step for a project at this stage.

Golden Arrow Resources is a junior exploration company focused on South America. Its flagship asset is the San Pietro Project in Chile, an Iron-Oxide-Copper-Gold (IOCG) project in which it holds a 75% interest. The project is strategically located in a major copper district near Capstone Copper's Manto Verde Mine and Santo Domingo Project.

In February 2025, the company announced a large maiden Inferred Mineral Resource Estimate at San Pietro of 492 million tonnes at 0.23% Cu, 0.05 g/t Au, 99 ppm Co, and 14.43% Fe. The company is also actively exploring for higher-grade gold and copper targets on the large property (e.g., Noemi, Lolita Norte) and monetizing a portfolio of non-core exploration assets in Argentina through option and joint venture agreements.