Fuerte Metals Vends El Cofre Project in Chile to Chilean Cobalt Corporation

Rhea-AI Summary

Fuerte Metals (OTCQB: FUEMF) has signed a definitive agreement to sell its El Cofre project in Chile to Chilean Cobalt Corporation. The transaction involves Fuerte's subsidiary Cobalt Chile SpA transferring 100% ownership of the mining concessions to Chilean Cobalt's subsidiary Baltum Minería SpA.

The deal is valued at US$1.89 million, to be paid in 4.5 million common shares of Chilean Cobalt, plus reimbursement for recent concession payments. The transaction is expected to close around November 11, 2025, subject to regulatory approvals.

Following the sale, Fuerte will focus on its primary Placeton/Caballo Muerto project in Chile, which contains several untested porphyry copper targets located between Teck and Newmont Mining's Nueva Union joint venture deposits.

Positive

• Sale of El Cofre project for US$1.89 million in Chilean Cobalt shares
• Strategic focus on primary Placeton/Caballo Muerto copper project
• Location advantage with project situated between major copper-gold deposits

Negative

• Divestment of a 100% owned asset
• Payment in shares rather than cash
• Transaction subject to regulatory approvals and closing conditions

Vancouver, British Columbia--(Newsfile Corp. - September 12, 2025) - Fuerte Metals Corporation (TSXV: FMT) (OTCQB: FUEMF) ("Fuerte" or the "Company") is please to announce that it has entered into a definitive agreement (the "Agreement") to sell its 100% owned El Cofre project in Chile to Chilean Cobalt Corp. ("Chilean Cobalt"). Under the terms of the Agreement, Cobalt Chile SpA, a wholly owned subsidiary of Fuerte Metals, will transfer 100% ownership of the mining concessions to Baltum Minería SpA, a wholly owned subsidiary of Chilean Cobalt. In exchange, Cobalt Chile SpA will receive 4.5 million common shares of Chilean Cobalt, for total consideration of US$1,890,000, as well as reimbursement for the most recent concession payments.

Closing is expected to occur on or about November 11, 2025 subject to all necessary regulatory approvals and customary closing conditions being satisfied.

Fuerte will continue to focus on its primary project in Chile, the Placeton/Caballo Muerto project, which hosts several untested porphyry copper targets situated between the large-scale Relincho and El Morro/La Fortuna copper-gold deposits of the Nueva Union joint venture between Teck and Newmont Mining.

About Fuerte Metals Corporation

Fuerte Metals is a well-funded resource company, adding value through the acquisition, exploration, and development of copper and precious metals projects in the Americas. The company is advancing its Cristina precious metals project in Chihuahua Mexico, with the goal of significantly expanding the existing mineral resource estimate with a focus on underground mining. In Chile, the Placeton/Caballo Muerto project hosts several untested porphyry copper targets situated between the large-scale Relincho and El Morro/La Fortuna copper-gold deposits of the Nueva Union joint venture between Teck and Newmont Mining.

Additional Information

For more information, please contact:

Tim Warman

Chief Executive Officer and Director
Fuerte Metals Corporation
Email: info@fuertemetals.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, the anticipated completion of the transaction and management's objectives, strategies, beliefs and intentions. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266295

FAQ

What is the value of Fuerte Metals' El Cofre project sale to Chilean Cobalt?

The sale is valued at US$1.89 million, to be paid in 4.5 million common shares of Chilean Cobalt, plus reimbursement for recent concession payments.

When will Fuerte Metals (FUEMF) complete the sale of El Cofre project?

The transaction is expected to close on or about November 11, 2025, subject to regulatory approvals and customary closing conditions.

What will Fuerte Metals focus on after selling El Cofre?

Fuerte will focus on its primary Placeton/Caballo Muerto project in Chile, which has several untested porphyry copper targets between the Relincho and El Morro/La Fortuna copper-gold deposits.

Who are the parties involved in the El Cofre project transaction?

The transaction is between Cobalt Chile SpA (Fuerte Metals' subsidiary) as seller and Baltum Minería SpA (Chilean Cobalt's subsidiary) as buyer.

What makes Fuerte Metals' Placeton/Caballo Muerto project strategic?

The project is strategically located between the large-scale Relincho and El Morro/La Fortuna copper-gold deposits of the Nueva Union joint venture between Teck and Newmont Mining.