• Fortescue to acquire remaining 64% of Alta Copper's shares for C$1.40 per share
• Alta Copper owns the Cañariaco Copper Project in Peru with 1.1 billion tonnes of Measured and Indicated Mineral Resources
• Transaction represents a 50% premium to Alta Copper's 30-day VWAP

Fortescue Ltd (Fortescue, ASX: FMG) and Alta Copper Corp. (Alta Copper, TSX: ATCU) have entered into a binding agreement under which Fortescue proposes to acquire the remaining 64 per cent of Alta Copper's issued and outstanding common shares not already owned by Fortescue through a Canadian Plan of Arrangement. Alta Copper shareholders will receive cash consideration of C$1.40 per share, representing a significant and attractive premium of 50 per cent to Alta Copper's 30-day volume weighted average price (VWAP) and implies a total equity value for Alta Copper of C$139 million. The Directors of Alta Copper have unanimously recommended to all shareholders that they vote in favour of the Transaction. Alta Copper is the 100 per cent owner of the Cañariaco Copper Project located in Northern Peru, which has a reported mineral resource of 1.1 billion tonnes at 0.42% copper equivalent grade (Measured and Indicated Mineral Resources) and 0.9 billion tonnes at 0.29% copper equivalent grade (Inferred Resources). The Transaction is consistent with Fortescue's critical minerals strategy and the company is well placed to advance the Cañariaco Project given its presence in Latin America since 2018 and its technical, permitting and community engagement expertise.