Cordoba Minerals Provides Update on Proposed Sale of the Alacran Project

Executive Summary

• Cordoba Minerals reports that the conditions required to close the sale of its remaining 50% interest in the Alacrán Project (and other Colombian assets) were not satisfied by the December 31, 2025 deadline.
• The underlying Framework Agreement dated May 8, 2025 remains in effect and has not been terminated.
• Cordoba will continue to pursue satisfaction of the closing conditions while evaluating alternative options for advancing the Alacrán Project.

Key Details

• The pending Transaction involves the sale of:
• Cordova’s remaining 50% interest in the Alacrán Project (Colombia)
• All other exploration assets held by Cordoba in Colombia
• Certain accounts receivable related to those assets
• The Framework Agreement governing the Transaction was executed on May 8, 2025.
• The deadline for satisfying all closing conditions was December 31, 2025; this deadline has passed without full satisfaction.
• No termination of the Framework Agreement has occurred; it remains active and enforceable.
• Cordoba will continue to work toward meeting the outstanding conditions and is simultaneously reviewing alternative strategies for the Alacrán Project’s advancement.
• Reference documents for further context include prior news releases (May 8, 2025; June 3, 2025; August 19, 2025; September 15, 2025) and a Management Information Circular dated August 11, 2025.

Notable Quotes

• “Cordoba will continue to pursue completion of the conditions required for closing the Transaction while considering all alternatives for the advancement of the Alacrán Project.” – Sarah Armstrong‑Montoya, President & CEO

Materiality Assessment: Material – Negative (the failure to meet closing conditions materially impacts the anticipated divestiture and future cash flow expectations).