Copper in San Juan: Aldebaran Signs Option Agreement with Rio Tinto for the Altar Project

November 7, 2024

Aldebaran Resources Inc. announced that it has entered into an option to joint venture agreement with Nuton Holdings Ltd., a Rio Tinto venture, whereby Nuton can acquire a 20% indirect interest in the Altar project by making staged payments totaling US$250 Million.

Highlights

• Non-dilutive financing with an upfront payment of US$10 M
• US$20 M projected for Q4-2024 after the publication of an updated mineral resource estimate, if Nuton elects to proceed
• US$30 M payment projected for Q2/Q3-2025 after the publication of a Preliminary Economic Assessment (“PEA”) that includes a Nuton case, if Nuton elects to proceed
• Final Payment of US$190 M would be made after the publication of a Pre-Feasibility Study (“PFS”) that includes a Nuton case, expected in 2026, if Nuton elects to exercise the option
• Aldebaran is collaborating with Nuton to evaluate a NutonTM Technologies sulphide leaching option in the upcoming PEA and PFS
• Nuton’s sulphide leaching technologies have the potential to materially improve the economics of the project
• Aldebaran remains the operator of the Altar project

Editorial Note

This investment decision by Rio Tinto in Altar, a project operated by Aldebaran Resources Inc., adds to the formation of a joint venture between Lundin Mining and BHP aimed at advancing the Josemaría and Filo del Sol projects. Once again, it is confirmed that Argentina, and particularly the province of San Juan, is on the radar of the leading global players in the copper sector.

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