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Alta Copper Corp. (TSX:ATCU) has successfully closed a non-brokered private placement with Nascent Exploration Pty. Ltd., a Fortescue Ltd. subsidiary. The placement raised Cdn$1,500,000 through the issuance of 2,941,176 common shares at Cdn$0.51 per share.

The company's flagship Cañariaco copper project in Peru contains significant resources, including 9.3 billion pounds of copper, 2.1 million ounces of gold, and 60.4 million ounces of silver in measured and indicated categories. The Cañariaco Sur deposit adds an inferred resource of 2.5 billion pounds of copper and substantial precious metals content.

Positive

• None.

Negative

• Pending final Toronto Stock Exchange approval required
• Still requires approvals from Ministry of Energy and Mines and local community
• Shares subject to mandatory four-month hold period

Insights

Mining Industry Financial Analyst

Alta Copper secured CAD$1.5M funding from Fortescue subsidiary at premium pricing, strengthening treasury before drilling at its substantial Cañariaco copper project.

Alta Copper has successfully closed a CAD$1.5 million non-brokered private placement with Nascent Exploration, a Fortescue subsidiary. The financing terms reveal some positive signals: the CAD$0.51 per share price represents a premium to current market values, and the relatively modest dilution (2,941,176 new shares) suggests management's focus on shareholder value preservation.

This capital infusion serves a critical purpose - providing necessary working capital ahead of planned drilling activities at the company's flagship Cañariaco copper project in Peru. The strategic timing of this funding is noteworthy as it strengthens Alta's treasury while awaiting final approvals from Peru's Ministry of Energy and Mines and the local community.

The Cañariaco project itself deserves attention. Based on the recently filed Preliminary Economic Assessment (June 2024), the property hosts measured and indicated resources of 9.3 billion pounds of copper, 2.1 million ounces of gold, and 60.4 million ounces of silver within 1.1 billion tonnes at a 0.42% copper equivalent grade. Additional inferred resources include 2.4 billion pounds of copper and other precious metals. The project's scale positions it as "one of the largest copper deposits in the Americas not held by a major" - a significant statement in today's copper market where tier-one assets are increasingly scarce.

The investment by Fortescue (through Nascent) suggests validation from a major mining player, potentially indicating the project's quality. While the financing amount is modest relative to what will eventually be needed for full development, it efficiently bridges the company to its next operational phase with minimal shareholder dilution.

VANCOUVER, BC / ACCESS Newswire / May 21, 2025 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or the "Company") is pleased to announce the closing of the previously announced non-brokered private placement with Nascent Exploration Pty. Ltd., a wholly owned subsidiary of Fortescue Ltd. (the "Private Placement").

A total of 2,941,176 common shares (the "Common Shares") were issued at a price of Cdn$0.51 for gross proceeds of Cdn$1,500,000. The Common Shares issued will be subject to a mandatory four-month and one day hold period, in accordance with applicable securities law.

Giulio T. Bonifacio, Executive Chair and CEO, commented: "The proceeds from the private placement provide the necessary working capital ahead of the commencement of drilling, while minimizing dilution on favorable terms at a price well above our current share price. We continue to make very good progress toward securing the required approvals from both the Ministry of Energy and Mines and the local community which will set the stage for the next phase in the development of our 100% owned advanced staged Cañariaco copper project".

The Private Placement remains subject to the final approval of the Toronto Stock Exchange.

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. Cañariaco is one of the largest copper deposits in the Americas not held by a major.

The Company's Preliminary Economic Assessment ("PEA"), filed on June 10, 2024 highlights that the Cañariaco Norte deposit has a measured and indicated resource containing 9.3 billion pounds of copper; 2.1 million ounces of gold and 60.4 million ounces of silver within 1.1 billion tonnes with a copper equivalent grade of 0.42% and a further 2.4 billion pounds of copper; 520,000 ounces of gold and 16.9 million ounces of silver within 416 million tonnes with a copper equivalent grade of 0.29%. The PEA also highlights that the Cañariaco Sur deposit has an inferred resource containing 2.5 billion pounds of copper; 1.3 million ounces gold; 17.6 million ounces of silver and 24 million pounds of molybdenum within 474 million tonnes with a copper equivalent grade of 0.29%.

Please refer to the technical report dated June 10, 2024 and titled "NI 43-101 Technical Report on Preliminary Economic Assessment," prepared by Ausenco Engineering Canada ULC available on the Company's website and on SEDAR+ at www.sedarplus.ca under the Company's profile.

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 with respect to the of the Private Placement, the use of proceeds for the Private Placement, the insider participation in the Private Placement and the business plans of the Company, including the drill program. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others: the state of the equity financing markets in Canada and other jurisdictions; the receipt of regulatory approvals; fluctuations in metals prices, the actual results of current development activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; accidents, labour disputes and other risks of the mining industry; and delays in obtaining approvals or financing. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

On behalf of the Board of Alta Copper Corp.

"Giulio T. Bonifacio" Executive Chair, CEO and Director

For further information please contact:

Giulio T. Bonifacio
gtbonifacio@altacopper.com
+1 604 318 6760
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

What are the terms of Alta Copper's (TSX:ATCU) private placement with Fortescue?

Alta Copper raised Cdn$1.5 million by issuing 2,941,176 common shares at Cdn$0.51 per share to Nascent Exploration, a Fortescue subsidiary. The shares have a 4-month hold period.

What are the resource estimates for Alta Copper's Cañariaco Norte deposit?

Cañariaco Norte has measured and indicated resources of 9.3 billion pounds of copper, 2.1 million ounces of gold, and 60.4 million ounces of silver within 1.1 billion tonnes at 0.42% copper equivalent.

Where is Alta Copper's Cañariaco project located?

The Cañariaco project is located 102 km northeast of Chiclayo, Peru, covering 91 square kilometers in Peru's prolific mining district.

What regulatory approvals does Alta Copper still need for the Cañariaco project?

Alta Copper needs approvals from the Ministry of Energy and Mines, the local community, and final approval from the Toronto Stock Exchange for the private placement.

What is the size of the Cañariaco Sur deposit's inferred resource?

Cañariaco Sur has an inferred resource of 2.5 billion pounds of copper, 1.3 million ounces of gold, 17.6 million ounces of silver, and 24 million pounds of molybdenum within 474 million tonnes.