Cerro de Pasco Resources Secures Access Agreement Over Entire Quiulacocha Tailings Area, Enabling Next Phase of Project Development

Rhea-AI Summary

Cerro de Pasco Resources (OTCQB: GPPRF) secured an access and investigation agreement with Peruvian state entity AMSAC for the entire Quiulacocha Tailings Storage Facility, enabling coordinated surface access beyond CDPR’s El Metalurgista concession.

The agreement authorizes drilling, geotechnical/hydrogeological studies, geophysics, environmental baseline work and data access, supports an EIA process, targets initial drilling in mid-2026, and carries consideration of ~PEN 7.2 million (~US$2.1 million) over the initial term.

Positive

• Full-site access to the entire Quiulacocha tailings footprint
• Authorization for resource and geotechnical drilling including mid-2026 start target
• Structured commercial consideration of PEN 7.2M (~US$2.1M) for initial term

Negative

• Drilling and studies subject to permits and standard regulatory approvals
• Obligation to pay PEN 7.2M represents near-term cash commitment

MONTREAL, March 26, 2026 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (TSXV: CDPR | OTCQB: GPPRF | FRA: N8HP) (“CDPR” or the “Company”) is pleased to announce that it has entered into an access and investigation agreement with Activos Mineros S.A.C. (“AMSAC”), granting the Company surface access to the entire Quiulacocha Tailings Storage Facility, including areas located outside of CDPR’s El Metalurgista concession.

This agreement represents a major milestone for the Company and marks the transition into the next phase of development of the Quiulacocha Tailings Reprocessing Project.

Unlocking Full-Scale Project Advancement

The strategic collaboration with AMSAC, a Peruvian state-owned entity responsible for the remediation of legacy mining environmental liabilities, reflects a significant evolution in the project’s development pathway, providing CDPR with coordinated access across the full tailings footprint and enabling a comprehensive development approach.

Importantly, this agreement relates to surface access, operational coordination and drilling activities, complementing CDPR’s existing concession rights over a significant portion of the tailings area.

Under the agreement, CDPR is authorized to execute a broad technical program, including:

• Resource and definition drilling
• Geotechnical and hydrogeological drilling
• Surface and subsurface geophysical surveys
• Environmental baseline studies and monitoring programs
• Installation of instrumentation and data collection systems
• Access to historical technical and environmental datasets
  
  

These workstreams will form the foundation for a future mineral resource estimate, feasibility studies, and the preparation of a comprehensive Environmental Impact Assessment (EIA) for the development of the Quiulacocha Tailings Reprocessing Project.

The Company expects to commence drilling activities in the coming months, with initial programs targeted for mid-2026, subject to standard permitting and operational planning. For this purpose, in addition to the permits that the Company has already obtained, a new reprocessing application will be filed by the Company before the mining agency to secure a sectorial authorization to start the preparation of the EIA.

A Strategic Shift to a Collaborative Framework

This agreement further reflects a meaningful evolution in the project’s development pathway.

In 2024, access to a limited portion of the area was obtained through a government-imposed easement for a two-year term. In contrast, this agreement establishes a collaborative framework with AMSAC across the entire tailings area, aligning both parties toward advancing a coordinated technical and environmental solution for Quiulacocha.

A More Direct Path to Project Advancement

The Company believes that the agreement with AMSAC provides a more direct and practical path forward, allowing CDPR to immediately advance the technical work required for project development while continuing to work constructively with relevant authorities. This approach enables the Company to progress key milestones without delay, including drilling, resource definition, feasibility studies, and environmental permitting (i.e. EIA).

Management Commentary

Guy Goulet, CEO of Cerro de Pasco Resources, commented:

“This is a major milestone for the Quiulacocha Project and one that our shareholders have been waiting for.

Securing access over the entire tailings area allows us to move decisively into execution, advancing drilling, technical studies, and the work required to bring this project through permitting.

This agreement establishes the operational and collaborative framework required to advance toward a long-term development solution for the Quiulacocha tailings. Just as importantly, it reflects a constructive and collaborative relationship with AMSAC, which we believe will be critical as the project progresses.”

An Investment toward Project Advancement

The agreement provides for a total consideration of approximately PEN 7.2 million (approximately US$ 2.1 million) over its initial term, reflecting a structured and negotiated commercial framework for access to the whole area of the Quiulacocha Project, not only “El Metalurgista” mining concession. 

The agreement also provides flexibility for extension, supporting the continued advancement of project development activities as the Company progresses through its technical and permitting milestones.

This investment enables CDPR to deploy capital efficiently toward critical technical programs required to advance the project toward feasibility and permitting.

Positioned for the Next Phase

While additional permitting and regulatory steps remain, this agreement provides the essential access required to advance the Quiulacocha Project through its next stages.

The Company views this milestone as a key step in unlocking the full scale and potential of the project, enabling the generation of the technical data required to support long-term development.

The Company believes this agreement lays the groundwork for a broader, long-term solution for the development and remediation of the Quiulacocha tailings.

About Cerro de Pasco Resources Inc.

Cerro de Pasco Resources Inc. is focused on the development of its principal 100%-owned asset, the El Metalurgista mining concession, which includes the Quiulacocha tailings in central Peru. The Company’s approach integrates metals recovery with environmental remediation, targeting the reprocessing of one of the largest above-ground resources in the region.

For more information, please visit www.pascoresources.com.

Further Information

Guy Goulet, CEO
+1 514 294 7000
Email: info@pascoresources.com

Donna Yoshimatsu, Senior Strategic Advisor / Investor Relations 
+1 416-722-2456
dyoshi@pascoresources.com

Forward Looking Statements

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely”, “scheduled” or variations of such words or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including the expectations of CDPR’s management regarding the advancement, timing, scope and completion of the Phase 1 and Phase 2 work programs at the Quiulacocha Tailings Reprocessing Project; the anticipated timing, content and results of metallurgical, mineralogical, environmental, hydrogeological and geotechnical test work and studies; the expected timing for completion of the integrated metallurgical program, hydrogeological and geotechnical models, and other technical datasets required for feasibility-level engineering and mine planning; the preparation, timing and potential results of the first Mineral Resource Estimate for the Quiulacocha tailings; and the expected benefits of tailings reprocessing; the timing, outcome and impact of permitting and regulatory processes, including the formalization of tailings reprocessing rights beyond the El Metalurgista concession, are based on CDPR’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CDPR to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Forward-looking statements are subject to business and economic factors and uncertainties and other factors, that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set out in CDPR’s public documents, available on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although CDPR believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where required by applicable law, CDPR disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

FAQ

What did Cerro de Pasco Resources (GPPRF) announce about Quiulacocha on March 26, 2026?

They signed an access and investigation agreement granting surface access across the full Quiulacocha tailings area. According to the company, the deal allows drilling, geophysics, environmental studies and access to historical datasets to support an EIA and resource work.

When does Cerro de Pasco (GPPRF) plan to start drilling at Quiulacocha?

Initial drilling programs are targeted for mid-2026, subject to permits and planning. According to the company, drilling timing depends on obtaining sectorial authorizations and completing operational readiness and permitting steps.

How much will Cerro de Pasco (GPPRF) pay AMSAC for access to Quiulacocha?

The agreement provides for approximately PEN 7.2 million (about US$2.1 million) over the initial term. According to the company, the payment is a structured commercial consideration with flexibility for extension.

What work is authorized under the AMSAC access agreement for GPPRF at Quiulacocha?

The company is authorized to perform drilling, geotechnical and hydrogeological programs, geophysics, environmental baseline studies and instrumentation installation. According to the company, these activities will underpin future resource estimates, feasibility work and the EIA.

Does the AMSAC agreement mean Cerro de Pasco (GPPRF) can immediately develop Quiulacocha?

It enables coordinated technical advancement but does not remove permitting requirements. According to the company, additional sectorial authorizations and an EIA application remain necessary before full-scale development.

How does the AMSAC agreement change project risk or timeline for GPPRF at Quiulacocha?

The agreement reduces access uncertainty by covering the entire tailings footprint, potentially accelerating technical work. According to the company, timelines still hinge on permitting, operational planning and the filing of a reprocessing application.