Half-year Results

Great Southern Copper plc (LSE: GSCU), the Company focused on copper-gold exploration in Chile, announces its results for the six months ended 30 September 2024.

HIGHLIGHTS

Especularita Project

• Expanded footprint with acquisition of options for the Artemisa and Cerro Negro concessions providing immediate drill targets and expanding the footprint of the Company's Especularita Project
• Cerro Negro project:

o Includes the Mostaza Mine, where historical mining and drilling has indicated presence of high-grade Cu-Ag mineralisation

o Initial exploration at the Mostaza Mine identified an increased target area with strong indications of mineralisation with potential to significantly increase size of the deposit

o Sampling at Cerro Negro yielded copper concentrations up to 4.64% and silver up to 177 ppm, demonstrating high-grade mineralisation

o Commenced the permitting process for drilling, expected to conclude in coming weeks

• Added 1,665 ha of concessions with the Artemisa option purchase which strategically expands the scale of GSC's Victoria and Lipa prospects and the permitting process for drilling has begun for the Viuda, Victoria, and Lipa prospects
• Exploration at Viuda prospect identified a porphyry style exploration target, further enhancing GSC's pipeline of drill targets
• Scout drilling at Teresita and Abundante confirmed intrusive-related and breccia-hosted mineralisation systems with all drill holes intersecting anomalous gold and copper mineralisation
• Post-period on 19 November, surveys at Viuda identified targets for initial scout drill testing, permitting and approvals for which have already been received and drilling commenced

San Lorenzo

• Reconnaissance exploration targeting Landsat 8 spectral anomalies confirms high sulphidation style alteration at Hualcuna and Colorada
• The Doncella prospect was also reviewed where Cu-Au mineralisation associated with small-scale mines may represent the structurally-controlled upper portions of a porphyry system

Corporate

• Raised £1.25m in June, through a conditional placing and subscription to fund drilling and exploration work at Especularita
• Post period on 7 November, secured an additional £0.78 million investment to help accelerate the Company's exploration activities

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "This has been a significant period of progress at Great Southern Copper, having continued to advance exploration work at our projects, validated by excellent results received from a number of highly prospective targets. We have also continued to expand our concession footprint at Especularita with the addition of the Cerro Negro and Artemisa projects. These additions add significant value to Especularita and we are progressing our exploration work at these prospects rapidly.

"The two fundraises we have completed were well supported and mean that GSC is well funded for its initial drilling campaign at Especularita. This is particularly satisfying given the difficult environment junior explorers have recently faced when raising money on equity markets and is a testament to the strength of GSC's offering. We are now ready to further explore the potential of our portfolio at Especularita as we begin to commence drilling across several of our prospects. The success of our last six months of exploration activities have continued to validate the Board's confidence in GSC's strategic direction and our ability to generate value for all of our shareholders."

INTERIM MANAGEMENT REPORT 30 SEPTEMBER 2024

During the six months to 30 September 2024, GSC has made excellent progress across its projects, where exploration work has shown highly promising results at the Company's prospects and identified further targets throughout the period under review, which GSC is now advancing towards drill ready status. The Company is also pleased to have completed two successful fundraises, one during the period and one post period, which together raised over £2m to continue to fund exploration activities.

Great Southern Copper's projects are all located in Chile, a Tier 1 mining jurisdiction. Chile is the world's largest producer and exporter of copper, as well as the second largest producer of lithium. With a long history of mining and metal processing, the country boasts one of strongest economies in South America. Not only does it enjoy a strong mining culture, but the region also benefits from an experienced and educated mining workforce, first-class infrastructure and a robust legal framework, which includes provisions for foreign companies to own 100% of mining assets.

Especularita

Exploration work at Especularita advanced rapidly during the period, with a number of exploration campaigns highlighting promising results and identifying new prospective targets that continue to validate the Group's confidence in the value waiting to be unlocked within the project.

GSC completed a scout drilling at its Teresita and Abundante prospects in April, confirming intrusive-related and breccia-hosted mineralisation systems with all drill holes intersecting anomalous gold and copper mineralisation. These results validated the Company's IRGS target model for Teresita and Victoria and provided GSC with significant impetus for further exploration. Follow-up exploration at Teresita is now focussing on delineating the vein targets in more detail for Phase 2 prospect-scale drilling programmes.

The Company also expanded its Especularita project significantly during the period, first through the purchase of options over the Artemisa concession group, and then later with the purchase of the option over Cerro Negro, including the historical Mostaza mine. These represent highly prospective targets, and the Company has been actively advancing exploration work to fully understand the extent of the potential mineralised systems.

In September, the Company announced that it had expanded the scale of the target for the Company's maiden drilling programme at the Mostaza mine at Cerro Negro, in recognition of the significant zones of additional lower-grade Cu-Ag mineralisation in historical drill-hole assays and surface rock chip samples. It is highly encouraging to have identified this additional potential at the Mostaza mine before any metres had even been drilled.

The Company received further validation of the mineral potential at Cerro Negro with exploration results from the mapping and sampling campaign confirming high-grade structurally controlled copper-silver mineralisation up to 1.5km further south along trend of the Mostaza copper-silver mine and up to 400m further to the east than previously thought. Preparations for drilling at Cerro Negro are at an advanced stage and are expected to be finalised in the near future.

Post-period in October, the Company announced that it had completed the initial exploration mapping and rock chip and surface sampling at its Viuda prospect, which GSC acquired earlier in the year, identifying high-grade copper-gold-silver mineralisation and confirming the potential for a new untested porphyry system. This is significant as it added another significant drill target to GSC's portfolio and further emphasises the excellent potential of the Especularita project to host multiple porphyry mineralisation centres. Further reconnaissance work was then completed in November with the completion of additional mapping, rock chip and surface sampling and drone magnetics which successfully identified targets for a scout drilling programme. Permitting and approvals for scout RC drilling at Viuda have been received and GSC recently commenced drilling.

San Lorenzo

A regional reconnaissance exploration programme following up GSC's Landsat 8 spectral survey targeted anomalies at Hualcuna and Colorada. The Hualcuna anomaly is very extensive and includes some evidence of porphyry style alteration which will require follow-up mapping and sampling.

The Colorada anomaly review successfully identified an extensive outcropping lithocap with high-sulphidation style alteration with no evidence of drill-testing despite historical mining in the area. Follow-up prospect scale mapping and sampling is planned to further evaluate the prospect.

Reconnaissance exploration at the Doncella prospect identified Cu-Au mineralisation hosted in structural zones exhibiting porphyry type veining and disseminated copper mineralisation. Scout RC drilling in the area of historical workings is planned to further evaluate the prospect.

Corporate

GSC completed one fundraise during the period under review, and a second fundraise post period in November 2024.

In June, the Company raised £1.25m through a conditional placing and subscription. The fundraise had strong support from existing, institutional and new investors and Directors of the Company participated.

Following this, post period in November 2024, the Company received an investment of £780,000 before expenses, to support ongoing drilling programmes at high potential targets within GSC's Especularita project. The investment came from a highly experienced investor and a corporate institution, which was then matched by GSC's cornerstone founding investor, Foreign Dimensions PTY Limited. This was particularly pleasing as the Company has managed to raise capital despite the generally capital starved context of equity markets for early-stage explorers, and is a strong indication of positive investor sentiment towards GSC.

Both fundraises underscore the strength of GSC's value proposition as seen by a varied cohort of both new and existing investors including institutional and retail. GSC is now well funded for its exploration programmes, including drilling, with sufficient headroom to allow the Company to unlock value from its asset portfolio.

Risks and uncertainties

The Directors do not consider that the Company's principal risks and uncertainties have changed since the publication of its annual report and accounts for the financial year ended 31 March 2024 on 26 July 2024, which contains a detailed explanation of the risks relevant to the Company and is available at: https://gscplc.com/investors/documents-and-reports

Outlook

These six months have been an exciting period of activity for GSC, with exploration work revealing highly promising results at Especularita, and having identified seven very exciting drill-ready targets, including Viuda where reconnaissance RC drilling recently commenced.

The long-term drivers of the copper/gold markets remain strong, and copper in particular is expected to see substantial growth driven by the ongoing need to power electrification and the green transition. GSC's portfolio is well positioned to take advantage of this context as the Company now has a highly exciting set of exploration prospects with significant optionality advancing towards drilling, all located in Chile, a Tier 1 mining jurisdiction.

Over the next 6-12 months, the Company will continue to advance its drilling programmes and other exploration activities, prioritising the Mostaza mine target with the aim to fast-track the increase of the known high grade Cu-Ag-Au resource. With a highly prospective portfolio of assets, with significant optionality and value waiting to be unlocked, the Board looks forward to the future with great confidence.

Charles Bond, Chairman

2024

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Group Statement of Comprehensive Income

For the 6 months ended 30 September 2024

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the 6 months ended 30 September 2024

GENERAL INFORMATION

Great Southern Copper plc ('the Company') and its subsidiaries (together 'the Group') principal activity is currently focused upon the exploration for copper, gold and lithium in Chile. Further detail is covered in the Interim Management Report.

BASIS OF PREPARATION

These consolidated condensed interim financial statements for the half-year reporting period ended 30 September 2024 have been prepared in accordance with International Accounting Standard ('IAS') IAS 34 'Interim Financial Reporting'. as issued by the International Accounting Standards Board ('IASB') and as adopted for use in the United Kingdom ('UK'), the Companies Act 2006 applicable to companies reporting under International Financial Reporting Standards and applicable UK law.

The condensed consolidated interim financial statements contained in this document do not constitute statutory accounts. In the opinion of the Directors, the condensed consolidated interim financial statements for this period fairly present the financial position, result of operations and cash flows for this period. The statutory accounts for the year ended 31 March 2024 were prepared in accordance with UK-adopted International Accounting Standards ('IFRS') and have been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified, but did draw attention to a material uncertainty with regard to going concern that was in existence at the time of the approval of those accounts. It did not contain a statement under Sections 498(2) or 498(3) of the Companies Act 2006.

Tax charged within the six months ended 30 September 2024 has been calculated by applying the effective rate of tax which is expected to apply to the Group for the year ending 31 March 2024 as required by IAS 34 'Interim Financial Reporting'.

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in Sterling, which is the functional currency and presentational currency of the parent Company. Monetary amounts in these financial statements are rounded to the nearest £000 unless otherwise stated.

The Board of Directors approved this Interim Financial Report on 2 December 2024.

STATEMENT OF COMPLIANCE

The condensed consolidated interim financial statements for the period ended 30 September 2024 have not been audited or reviewed in accordance with the International Standard on Review Engagements (UK) 2410 issued by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory annual financial statements for the year ended 31 March 2024. There have been no new accounting policies adopted since 31 March 2024.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the 6 months ended 30 September 2024

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited consolidated financial statements for the year ended 31 March 2024.

GOING CONCERN

As at 30 September 2024, the Group's cash at bank, and cash equivalents, amounted to £0.4m; at the date of approving these condensed financial statements, the balance amounted to £1.1m.

In common with many other mineral exploration companies, the Group has previously raised equity and debt finance for its exploration activities. The Board recognises that further finance will need to be raised as and when required to progress its exploration projects and add shareholder value. The Board also acknowledges that previous success in raising funds does not necessarily provide any guarantee that the Group will be able to do so in the future.

The Board has reviewed the Group's cash flow forecast up to 31 December 2025, taking into account its current resources and its operational objectives. The Board is satisfied that the cash reserves are sufficient to finance budgeted overheads but that additional funds are likely required to advance ongoing exploration activities. The Board continues to closely monitor its cash position, allocate funds in line with its detailed budget and maintain a strict control over non-project spend. The Directors remain confident in the Company's ability to raise additional funds as required, from existing and/or new investors and therefore consider it appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements.

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

The Board continually assesses and monitors the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2024 Annual Report and Financial Statements, a copy of which is available from the Group's website: www.gscplc.com

The key financial risks are market risk (including currency risk), credit risk and liquidity.

SEGMENTAL REPORTING

The Group's reportable segments are:

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the 6 months ended 30 September 2024

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the 6 months ended 30 September 2024

EARNINGS PER SHARE

The calculations of earnings per share are based upon the following:

Basic and diluted earnings per share are identical for the group as the effect of the exercise of the share options in existence would be to decrease the loss per share.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the 6 months ended 30 September 2024

INTANGIBLE ASSETS

The directors have undertaken an assessment of the following areas and circumstances which could indicate the existence of impairment:

• No further exploration or evaluation is planned or budgeted for
• A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence or expected absence of a commercial level of reserves

Following their assessment, the Directors concluded that no impairment charge was necessary.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the 6 months ended 30 September 2024

SHARE CAPITAL

Number of Shares in Issue

Share issues during the period

On 2 July 2024, the Company issued 304,673 ordinary shares with a nominal value of £0.01 per share, as remuneration for work performed by key management personnel. The amount of remuneration in relation to the share issue amounted to £7,438.

On 2 July 2024, the Company issued 104,416,667 ordinary shares with a nominal value of £0.01 per share, through a placing and subscription at a share price of £0.012, raising £1.25m before expenses.

RELATED PARTY TRANSACTIONS

During the period payments in respect of the services of the Chief Executive were made through Metal Ventures Inc totalling £66,995 (30 September 2023 - £49,569).

EVENTS AFTER THE REPORTING PERIOD

On 7 November 2024, the Company completed a fund-raising through the placing and subscription of 62,400,000 new ordinary shares of 1p each at £0.0125 per share, raising £780,000 before expenses.

On 14 November 2024, the Company issued 1,590,333 ordinary shares with a nominal value of £0.01 per share, as part payment to the vendors of the San Lorenzo project, at a share price of £0.012 per share.

On 14 November 2024, the Company issued 1,168,580 ordinary shares with a nominal value of £0.01 per share, as remuneration for work performed by key management personnel. The amount of remuneration in relation to the share issue amounted to £16,570.

On 14 November 2024, the Company issued 1,272,520 ordinary shares with a nominal value of £0.01 per share, as remuneration for work performed by a consultant. The amount of remuneration in relation to the share issue amounted to US$20,000.