One of the Largest Undeveloped Copper-Gold Projects in the World

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Highlights:

• A Lundin Group company continuing its success in Argentina following its previous projects Argentina Gold and International Musto, which had ROIs of 1757% and 1091%
• Proven & probable reserves of 6.7 billion pounds of copper, 7 million ounces of gold and 31 million ounces of silver
• Significantly de-risked Feasibility Study with after-tax NPV8 of $2.4 billion and 19% IRR.*
• On the path to production

Josemaria project at a glance:

• First three years average production of 166kt copper, 331koz gold, and 1.25Moz silver
• 100% ownership
• Conventional open pit with low strip, long life and rapid project pay-back
• Located in the pro-mining San Juan province, Argentina
• Exposure to rising precious metals prices with 27% of future revenues from gold and silver
• Environmental and Social Impact assessment and permitting underway

*Assuming Copper prices of $3.30/lb, Gold prices of $1,800/oz and Silver prices of $21.60/oz. Please see news release dated October 19, 2020 at www.josemariaresources.com, or SEDAR for more information.

The Feasibility Study was prepared by a team of engineering and consulting service providers led by Fluor Canada Ltd (“Fluor”) with key sections prepared by SRK Consulting (Canada) Inc. (“SRK”), and Knight Piésold Ltd. (“KP”) and input from a variety of independent consultants and qualified persons, and in accordance with the disclosure standards of National Instrument 43-101. A National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report, entitled “NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina” filed on 5th November 2020 is available on SEDAR and the company website www.josemariaresources.com