Alta Copper Issues Update on Fortescue Transaction

Rhea-AI Summary

Alta Copper (OTCQX:ATCUF) announced that Nascent Exploration Pty Ltd, a wholly-owned subsidiary of Fortescue, received notice from the Director of Investments under the Investment Canada Act that consideration is complete and no order for further review will be made.

Assuming remaining conditions are satisfied or waived, closing of the plan of arrangement is expected by March 13, 2026.

Positive

• ICA review completed; no order for further review under subsection 25.3(1)
• Transaction expected to close by March 13, 2026 assuming conditions met
• Purchaser is Fortescue subsidiary Nascent Exploration Pty Ltd

Negative

• Closing remains conditional on satisfaction or waiver of remaining conditions

VANCOUVER, BC / ACCESS Newswire / March 3, 2026 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or the "Company") is pleased to announce that Nascent Exploration Pty Ltd (the "Purchaser"), a wholly-owned subsidiary of Fortescue Ltd ("Fortescue"), has received notice from the Director of Investments under the Investment Canada Act (Canada) (the "ICA") pursuant to section 25.2(4) of the ICA indicating that consideration of the proposed plan of arrangement between Alta Copper, Fortescue and the Purchaser (the "Transaction") is complete and that no order for further review will be made for the Transaction under subsection 25.3(1) of the ICA. As a result, assuming the satisfaction or waiver of any remaining conditions to closing, closing of the Transaction is expected to occur by no later than March 13, 2026.

Contact Information

For more information about Alta Copper, please visit www.altacopper.com or contact:

Giulio T. Bonifacio
President and Chief Executive Officer
gtbonifacio@altacopper.com
+1 604 318 6760

About Alta Copper

Alta Copper is focused on the development of its 100% owned Cañariaco advanced-staged copper project. Cañariaco comprises 91 square km of highly prospective land located 102 km northeast of the City of Chiclayo, Peru, which includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru's prolific mining district.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "plans," "postulate," and similar expressions, or are those which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements regarding management's beliefs, plans, estimates, and intentions; the Transaction and the ability to complete it and other transactions contemplated by the arrangement agreement; the timing and satisfaction of conditions to consummation of the Transaction; the possibility of termination of the arrangement agreement; and the expected benefits to Alta Copper and its securityholders. These forward-looking statements are made as of the date of this press release and, although Alta Copper believes such statements are reasonable, there can be no assurance that expectations and assumptions will prove to be correct. Forward-looking statements are not guarantees of future results or performance and are subject to risks, uncertainties, assumptions, and other factors that could cause actual results or outcomes to differ materially from those expressed or implied, including, but not limited to: the possibility that the Transaction will not be completed on the terms or timing currently contemplated, or at all; failure to obtain or satisfy other closing conditions; the negative impact of a failed Transaction on the price of Alta Copper shares or the Company's business; the Purchaser's failure to pay the consideration at closing; failure to realize expected benefits of the Transaction; restrictions imposed on Alta Copper while the Transaction is pending; significant transaction costs or unknown liabilities; diversion of management's attention from ongoing business operations; and other risks and uncertainties affecting Alta Copper, including those relating to permitting, capital expenditures, exploration and development activity, and the future price and demand for gold, copper, and other metals. Accordingly, readers should not place undue reliance on forward-looking statements. Alta Copper disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. The securities referred to in this press release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. Further information concerning risks, assumptions, and uncertainties associated with forward-looking statements and Alta Copper's business can be found in Alta Copper's Annual Information Form for the year ended December 31, 2024, and in subsequent filings available under the Company's profile on SEDAR+ (www.sedarplus.ca).

On behalf of the Board of Alta Copper Corp.

"Giulio T. Bonifacio"
President & Chief Executive Officer

Email: info@altacopper.com
Website: www.altacopper.com
X: https://x.com/Alta_Copper
LinkedIn: https://www.linkedin.com/company/altacopper/
Facebook: https://www.facebook.com/AltaCopperCorp
Instagram: https://www.instagram.com/altacopper/
YouTube: https://www.youtube.com/@AltaCopper

SOURCE: Alta Copper Corp.

View the original press release on ACCESS Newswire

FAQ

Has the Investment Canada Act review concluded for Alta Copper (ATCUF) and Fortescue's transaction?

Yes — the Investment Canada Act consideration is complete and no further review order will be made. According to the company, the Director of Investments indicated the Transaction need not proceed to further review under subsection 25.3(1).

When is the Alta Copper (ATCUF) and Fortescue transaction expected to close?

The transaction is expected to close by March 13, 2026, subject to conditions. According to the company, closing remains contingent on the satisfaction or waiver of any remaining closing conditions.

Who is the purchaser in the Alta Copper (ATCUF) arrangement with Fortescue?

The purchaser is Nascent Exploration Pty Ltd, a wholly-owned subsidiary of Fortescue. According to the company, Nascent received the ICA notice indicating consideration of the proposed plan of arrangement is complete.

What does the ICA clearance mean for Alta Copper shareholders of ATCUF?

ICA clearance reduces a regulatory hurdle and supports transaction progression toward closing. According to the company, no order for further review under subsection 25.3(1) will be made, but closing still depends on remaining conditions.

Are there remaining conditions that could delay the ATCUF deal with Fortescue?

Yes — closing is still subject to satisfaction or waiver of remaining conditions which could delay or prevent closing. According to the company, those conditions must be met before the expected March 13, 2026 closing date.