Zambia Licence Update

Arc Minerals (LSE: ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to provide an update on the three large scale mining license applications, as announced on 17 June 2024 and 5 November 2024, as part of its Joint Venture with a subsidiary of Anglo American in Zambia.

The Company is pleased to confirm that Handa Resources Limited, the JV Company with Anglo American, has received formal notification from The Zambian Ministry of Mines and Mineral Development that the application for Large Scale Mining License 33404-HQ-LML has been approved.

Further, as announced on 5 November 2024, the Company notes that the other two Large Scale Mining License Applications 33402-HQ-LML and 33403-HQ-LML now reflects as reinstated on the Zambian Mining Cadastre Portal.

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

"This is an excellent outcome in resolving and approving the outstanding licence matters. I would like to thank officials at the Ministry of Mines and Mineral Development and the Mining Cadastre for their ongoing support.

We're in an envious position holding a significant licence in one of the most prospective areas for copper, globally and I look forward to reporting on both recent and future drilling plans and on results as they become available."

Background on the Anglo American Joint Venture

Arc Minerals has entered into a Joint Venture Agreement with Anglo American on its Zambian Copper Project (ZPC) comprising a number of licenses covering circa 870km2 ha in the North Western Province, in the Domes region of the Zambian Copperbelt near world-class mines such as First Quantum Minerals' Sentinel and Kansanshi copper mines and Barrick's Lumwana mine.

• Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico Minerals Ltd (67% owned by Arc) and invest up to $24m in exploration expenditures (total $38.5M) within three years and 180 days of the signing of the Agreement (RNS 20.04.23) to secure a 51% interest in ZCP.
• Phase 2 - Anglo may elect to increase its interest in the ZCP to 60% by investing a further $20M (total $58.5M) within two years of the completion of Phase 1.
• Phase 3 - Anglo may elect to increase its interest in the ZCP to 70% by investing a further $30M (total $88.5M) within two years of the completion of Phase 2.