• Recent MT/IP geophysical survey significantly enhances definition of epithermal system at Toro Central and Toro South
• Broad near-surface chargeability anomaly now forms coherent shallow epithermal target extending from Toro Central to Toro South
• Drilling of shallow epithermal targets at Toro Central to commence immediately

Belararox has reviewed the MT/IP geophysical survey data received to date for the TMT project in Argentina. While the initial plan was to drill a deep copper porphyry target at Toro South, the positive geophysical results -- including a near-surface chargeability anomaly that is increasing in both size and intensity -- have led to a decision to prioritise drilling of these shallow epithermal targets to improve the likelihood of early drilling success. The epithermal system now appears to extend continuously from Toro Central to Toro South. Drilling of the epithermal target at Toro Central will commence immediately, with a diamond drill rig now mobilised and first assay results expected in early February 2026. The MT/IP survey and interpretation at Toro South is ongoing to confirm the southern extension of the shallow epithermal system and to further refine the deeper copper porphyry target. 3D model inversions of the MT and IP data will be undertaken following completion of the surveys at Toro Central and Toro South, allowing further refinement of the geometric size and shape of the geophysical anomaly. Geophysical MT/IP surveys will also be completed over the Tambo South target following completion of Toro.

Drilling will commence in the coming week, and we expect to receive assay results by early February. This is an incredibly exciting time for Belararox and its shareholders.