Aldebaran Resources (ADBRF) has entered into an option to joint venture agreement with Nuton Holdings, whereby Nuton can acquire a 20% indirect interest in the Altar project by making staged payments totaling US$250 Million. HighlightsL 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 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 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. Status of Earn-In Agreement with Sibanye-Stillwater The Altar project is owned by Peregrine Metals, a private Canadian incorporated company. Aldebaran currently owns a 60% interest in Peregrine. In August 2023, the Company informed Sibanye-Stillwater that it had met its commitments to complete the acquisition of an additional 20% interest in Peregrine from Sibanye-Stillwater. The process of finalizing the additional acquisition is ongoing and an official announcement is expected in Q4 of this year. Upon finalizing the acquisition, Aldebaran will hold an 80% interest in Peregrine, with Sibanye-Stillwater holding the remaining 20%. Both Aldebaran and Sibanye-Stillwater will need to fund future work programs based on their equity interest in Peregrine. Transaction Details Aldebaran has entered into an Option to Joint Venture Agreement with Nuton, whereby Nuton has the exclusive right to acquire a 20% interest in Peregrine in exchange for the following payments: US$10 Million upon signing US$20 Million upon delivery of an updated mineral resource estimate Mineral resource estimate expected to be completed in November 2024 US$30 Million upon delivery of a Preliminary Economic Assessment PEA expected to be completed in Q2-2025 US$190 Million upon delivery of a Pre-Feasibility Study PFS expected to be completed in 2026 The payments by Nuton will be made as follows: 90% will be paid directly to Peregrine and 10% will be paid directly to Aldebaran, as directed by Peregrine. The payments made to Peregrine will be utilized to fund Aldebaran’s portion of ongoing and future work programs at Altar. Upon completion of the PFS Payment, Nuton will acquire a 20% interest in Peregrine and have a 20% indirect interest in the Altar project. Altar would then be owned as follows: Aldebaran 60%, Sibanye-Stillwater 20%, and Nuton 20%, with Aldebaran operating the project. If Nuton elects not to proceed after the issuance of the MRE, PEA or PFS, the Option Agreement will be terminated, Aldebaran will retain its 80% interest in the project, and Aldebaran and Peregrine will retain any cash payments made prior to the termination unless there is an uncured material breach of the agreement by Aldebaran or Peregrine. Nuton and Aldebaran have agreed to a work program for the 2024/2025 field season to ensure that Nuton’s proprietary sulphide leaching technology can be evaluated in both the PEA and PFS. This work program involves drilling several new “twin-holes1” of existing drill holes to acquire large-diameter PQ-sized drill core to be utilized in Nuton’s Phase 2 testing program. The cost of this drill program will be paid from Nuton’s US$10 Million Signing Payment. If the drill program exceeds US$5 Million, as mutually agreed, Nuton will advance those costs from the PEA Payment. All costs associated with the actual testing of the Altar drill core with the Nuton technologies will be borne by Nuton. The Phase 1 program is ongoing Aldebaran will also conduct additional work programs at Altar during the 2024-25 field season to advance the PEA and PFS and potentially explore other areas of interest on the Altar property. As part of the agreement, Nuton will have exclusivity over any novel, trade secret or patented copper heap-leach related technology to be tested or deployed at the Altar project for a period of two years.