Lara Announces That Drilling Resumes to Test Potential 3km Extension of the Planalto Deposits

The most recent news (February 17, 2026) confirms that Lara has received drilling permits from the Canaã dos Carajás municipal environmental agency and has resumed drilling at the Planalto Copper-Gold Project in Brazil. The program consists of 3,000 meters of diamond drilling, targeting a 3km strike extension from the Silica Cap deposit into the recently acquired Atlantica mineral license. One rig is currently active, with plans to complete the program by April 2026. This follows the January 19, 2026, announcement where resampling of historic core at Atlantica yielded intercepts such as 35.8m at 0.35% Cu (oxide).

The news is Material - Positive as it represents the transition from theoretical potential to active testing of a major project extension. - Resource Growth Potential: The current Planalto PEA is based on an Indicated resource of 47.7Mt and an Inferred resource of 154Mt. Successfully proving a 3km extension into Atlantica could significantly increase the tonnage. - Economic Necessity: The October 2025 PEA showed an after-tax IRR of 21% and an NPV of $378M against a massive initial CAPEX of $546M. A 21% IRR is considered marginal in the mining industry for a project requiring over half a billion dollars in capital. Expanding the resource is likely necessary to improve the project's scale and attract a senior partner or lender. - Permitting Velocity: The receipt of permits from local agencies suggests a functional relationship with Brazilian regulators, a key hurdle for development-stage projects.

Lara Exploration is a project generator with a flagship interest in the Planalto Copper-Gold Project in the Carajás Province, Brazil. The project is strategically located between Vale's Sossego mine and the Cristalino deposit. The company also maintains a portfolio of royalties (Celesta, Curionópolis) and minority interests in other projects (Mantaro Phosphate, Bifox).