Ownership
The Sombrero property covers approx. 56,400 hectares1 which has been acquired through a combination of staking and option agreements.
| Ownership | Claims | Hectares |
|---|---|---|
| Direct* | 71 | 56,400 |
| Aceros Option | 3 | 600 |
| Mollecruz Option | 4 | 1,300 |
Mollecruz Option
On June 22, 2018, the Company acquired the rights to the Mollecruz concessions which are located just to the north of the Ccascabamba target area, and are host to the Good Lucky target.
The Company may acquire a 100% interest, subject to a 0.5% net smelter royalty fee, through a combination of work expenditures and cash payments
On May 20, 2019, the Company formally declared the existence of a force majeure event thereby deferring the Company’s obligation to make the June 2019 property payments and any subsequent property payments and work expenditures for a maximum of 24 months from the declaration date.
On March 1, 2021, the Company agreed with the owner to extend the force majeure declaration for another 24 months and paid US$50,000 as consideration for the June 2019 property payment. As a result, the Company was able to continue deferment of the remaining property payments and work expenditures until May 20, 2023.
On May 15, 2023, the Company amended its option agreement and extended the recognition of the force majeure status until such time an agreement or agreements are in place that allow the Company to access the concessions in order to carry out exploration work.
A payment of US$5,000 was confirmed and paid at the time of amendment and will be paid annually under the option agreement until access to the concessions is achieved by the Company.
In February 2025, an updated Mollecruz Option was signed with no material changes to the terms with the purpose of filing a current dated document with the Peruvian public registry. The Company continues to work with the local community to achieve access in this area.
Payments
Aceros Option
On December 13, 2018, the Company entered into a series of agreements with Corporacion Aceros Arequipa S.A. (“Aceros”) to acquire the rights to three key inlier mineral concessions, which include the Fierrazo and Nioc targets.
Upon exercise of the Aceros Option, a joint venture will be formed in which Coppernico will hold an 80% interest and Aceros will hold a 20% interest.
In 2025, amendments to the Aceros Option incorporated the Fierrazo concession, extended the timeline to complete remaining work expenditures to December 13, 2029, and transferred responsibility to Coppernico for any required future rehabilitation of historical and future environmental disturbances.
As of July 31, 2025, cumulative cash payments and work expenditures totaling US$1.34 million have been completed under the Aceros Option.
In addition to the work expenditures above, an annual holding payment of US$118,000 remains payable under the Aceros Option, inclusive of 18% IGV, and was paid in January 2024 and January 2025.
The Company does not currently consider the IGV portion recoverable.
Payments
- The total claim area is reported as 56,400 Ha; however, it is noted that there are overlaps within the claims. Following the removal of these overlaps, the effective area is ~52,700 Ha. ↩︎