Cordoba Minerals Amends Agreement for the Sale of the Remaining Interest in the Alacran Project

On February 10, 2026, Cordoba Minerals announced a significant amendment to its framework agreement with Veritas Resources AG (a subsidiary of JCHX Mining Management) regarding the sale of its remaining 50% interest in the Alacran Project. The key changes include: - The closing cash payment has been increased from US$88 million to US$128 million, payable in a lump sum. - Certain closing conditions, most notably the requirement for Environmental Impact Assessment (EIA) approval from the Colombian authorities (ANLA), have been waived by the buyer. - The outside completion date has been extended to March 10, 2026. - A new US$2 million bridge loan has been provided by a JCHX affiliate to support the company through the closing process. - The deal now requires a new formal approval from JCHX shareholders by March 10 due to a reduction in the number of consortium members involved in the purchase.

This update is materially positive despite the minor delay in the outside date. The US$40 million increase in upfront cash is a massive win for a company with a market cap under $75 million. - De-risking Regulatory Hurdles: By waiving the EIA approval condition, Cordoba has effectively transferred the sovereign and regulatory risk of Colombian permitting to JCHX. This was the primary bottleneck that caused the transaction to stall in December 2025. - Enhanced Shareholder Value: The previous estimated distribution to shareholders was between US$65 million and US$70 million. With an extra US$40 million in cash now at closing, the potential special dividend or distribution could nearly double, depending on how much debt and corporate overhead Cordoba chooses to retain. - Liquidity Bridge: The US$2 million bridge loan ensures the company does not need to tap equity markets at a discount while waiting for the March 10 closing.

Cordoba Minerals is a mineral exploration and development company. Its primary focus has been the Alacran Project in the San Matias District of Colombia, a significant copper-gold-silver deposit. Following the completion of the sale, its flagship project will shift to the Perseverance project in Arizona, USA, where it holds a 51% interest (with an option to earn up to 80%) in a partnership with Bell Copper.