Aldebaran files NI 43-101 report; JV option terminated

Executive Summary

• Aldebaran Resources Inc. filed a Preliminary Economic Assessment (PEA) for its Altar copper-gold project in Argentina, prepared by SRK Consulting Inc. with an effective date of September 1, 2025.
• Nuton Holdings Ltd. (a Rio Tinto venture) terminated its option agreement to acquire a 20% interest in the Altar project, citing a strategic shift toward later-stage projects with nearer-term production potential.
• Despite the termination, Aldebaran retains an 80% interest and may still pursue a licensing agreement with Nuton to deploy their proprietary bio-leaching technology at the Altar site.

Key Details

• PEA Financial Metrics:
  • Net Present Value (NPV) at 8%: $2 billion (U.S.).
  • Internal Rate of Return (IRR): 20.5%.
  • Project Profile: Long-life project delivering significant copper, gold, and silver production at attractive cash costs with minimized upfront capital.
• PEA Technical Details:
  • Report Title: "Preliminary Economic Assessment, Altar Project, San Juan, Argentina."
  • Lead Consultants: SRK Consulting Inc.
  • Subcontractor: Knight Piesold.
  • Qualified Person: Dr. Kevin B. Heather, Chief Geological Officer and Director of Aldebaran.
• Option Termination Details:
  • Counterparty: Nuton Holdings Ltd.
  • Original Agreement Date: November 7, 2024.
  • Interest Terminated: 20% interest in the Altar project.
  • Reason for Termination: Nuton shifting priorities to focus on later-stage projects with nearer-term production potential.
• Future Outlook:
  • Aldebaran retains an 80% interest in the Altar project.
  • Potential for a licensing agreement with Nuton to deploy proprietary bio-leaching technology.
  • Company plans to advance the project toward a prefeasibility study with joint venture partner Sibanye-Stillwater.

Notable Quotes

• John Black, CEO: "The PEA demonstrated that the base case concentrator scenario for Altar is a long-life project delivering significant copper, gold, and silver production at attractive cash costs while minimizing upfront capital. With an NPV (8 per cent) of $2-billion (U.S.) and an IRR of 20.5 per cent, we believe that Altar is an attractive large-scale copper gold project and a very important project for Argentina moving forward."
• John Black, CEO: "We thank Nuton for their participation in the Altar project and understand that their shift in priorities made continuing with the Altar option agreement challenging. We retain an 80-per-cent interest in the project and look forward to advancing it towards a prefeasibility study with our joint venture partner Sibanye-Stillwater."