• Geophysical MT/IP surveys underway at Toro South to further define targets ahead of potential drilling
• Drill contract negotiations with a global leader nearing completion, mobilisation to site planned for late November
• Age dating of intrusive rocks at Toro and Tambo South confirms magmatic ages consistent with major copper porphyry systems

Belararox has commenced geophysical MT/IP surveys at the Toro South target within its TMT project in Argentina. The surveys are aimed at further defining targets ahead of a planned drilling program in Q4 CY25. The MT/IP surveys can image zones of low resistivity from surface to depths over 2,000m and have been successfully used for refined drill hole targeting in copper porphyry projects globally, such as ATEX Resources' nearby Valeriano project. Drill contract negotiations with a global leader are nearing completion, with mobilization to site planned for late November. Recent age dating of intrusive rocks at Toro and Tambo South has confirmed magmatic ages between ~25 Ma and ~19 Ma, consistent with major copper porphyry systems in the Vicuña Belt such as Josemaria and Filo del Sol. This further enhances the prospectivity of the Toro and Tambo South targets to host fertile intrusions for copper porphyry mineralization. Surface rock sampling at Toro South has returned assay results of up to 1.41% Cu, 1.28 ppm Au, and 421 ppm Ag, supporting the presence of a significant copper porphyry target at depth.

The MT/IP survey data will be interpreted to further refine targets ahead of potential drilling in Q4 CY25. Drilling contract negotiations are nearing completion, with mobilization to site planned for late November.