Latin Metals optionee terminates Organullo option deal

Executive Summary

• AngloGold Ashanti has terminated its option agreement to acquire up to an 80% interest in Latin Metals' Organullo, Ana Maria, and Trigal gold properties in Argentina.
• The termination was initiated by AngloGold due to a change in its global Greenfields Exploration strategy, specifically comparing Organullo's geology to the Salares Norte deposit owned by Gold Fields Ltd.
• Latin Metals retains 100% ownership of the fully drill-permitted Organullo project and intends to attract a new partner, citing favorable gold price conditions ($4,000/oz in 2025 vs $1,800/oz in 2022).

Key Details

• Termination Notice: AngloGold Argentina Exploraciones S.A. provided Latin Metals with 90 days written notice of termination, dated October 29, 2025.
• Effective Date: The termination is effective January 27, 2026.
• Project Status: Phase I drill program for Organullo will not proceed. Latin Metals retains 100% ownership of the Organullo, Ana Maria, and Trigal properties.
• Strategic Rationale: AngloGold withdrew due to a shift in its global Greenfields Exploration strategy. The decision was influenced by geological comparisons between Organullo and the Salares Norte deposit (owned by Gold Fields Ltd. in Chile).
• Exploration History: During the option period, AngloGold invested approximately $3.3 million (U.S.) in exploration and permitting activities.
• Technical Assets: The project includes three previously unexplored advanced argillic alteration zones extending along a six-kilometre strike length. District-scale geophysical anomalies, structural interpretations, surface geochemical results, and hyperspectral data support the potential for significant gold discovery.
• Market Context: CEO Keith Henderson noted that gold prices in 2025 exceeded $4,000 (U.S.) per ounce, a substantial increase from $1,800 (U.S.) per ounce when the agreement was signed in 2022, strengthening confidence in attracting a new partner.
• Salares Norte Analogy: The release notes Salares Norte has a published proven and probable reserve (2024) of 3.4 million ounces grading 5.36 grams per tonne gold, but explicitly states Latin Metals has no interest in or right to acquire any interest in the Salares Norte deposit.

Notable Quotes

• "Organullo remains a 100-per-cent-owned, fully drill-permitted, gold exploration project with multiple untested targets prospective for both high-sulphidation gold and porphyry copper-gold mineralization. Gold prices in 2025 have exceeded $4,000 (U.S.) per ounce, a substantial increase from $1,800 (U.S.) per ounce in 2022 when the option agreement was signed. This significant change in market conditions strengthens our confidence in attracting a new partner to advance this high-potential project." — Keith Henderson, President and CEO, Latin Metals
• "From a technical standpoint, the drill targets at Organullo were considered a high priority for AngloGold, and the decision to withdraw from the Organullo agreement is a result of a recent change to AngloGold's global Greenfields Exploration strategy. Their exploration model drew comparisons between Organullo's geological setting and that of Salares Norte in Chile -- a high-grade, Tier 1 gold deposit owned by Gold Fields Ltd." — Keith Henderson, President and CEO, Latin Metals