Update: KoBold's New Mingomba Copper Discovery

The Company notes the article that appeared in the Financial Times yesterday, 5 February 2024, regarding KoBold Metals' ("KoBold") Mingomba Copper Project. It is reported that KoBold now believes that the Mingomba Project will become one of the world's top three high-grade copper mines. The article reports that KoBold aims to start producing copper at the US$2 billion mine by the early 2030s. The Mingomba Project is located approximately 2km northeast of Tertiary's Konkola West Project where KoBold has signed a definitive earn-in agreement.

As announced on 19 December 2023, subject to Government approvals, KoBold is planning to drill test the projected down dip extensions to the copper ore-shale which hosts its new discovery and which is also mined at the adjacent Konkola Copper Mine where Vedanta is currently committed to investing approximately US$1billion to expand production. KoBold is committed to drilling at least two deep drill holes (for a total of at least 2,000m of drilling) at Konkola West in the coming months.