A LARGE PROPERTY IN THE CENTRE OF AN EMERGING IOCG DISTRICT

The San Pietro Project involves the exploration for copper, gold, iron and cobalt (IOCG) deposits within 21,000 hectares of exploration and exploitation concessions situated at modest altitude in the Atacama region of Chile, approximately 100 kilometres north of the city of Copiapo. The project is in an active mining district that is home to all the major IOCG deposits in Chile. There is excellent mining and processing infrastructure in the area, and the project benefits from highway access, two powerlines on the property and a mining support town just 8km away.

Golden Arrow operates the project, which is directly owned by the Company’s 75%-held Chilean subsidiary New Golden Explorations Inc (“NGE”) (see news release dated 4/29/2025).

The San Pietro property is situated between three major IOCG mining and exploration projects:  immediately adjacent to the east is the Santo Domingo mine development project, and 10 km southwest is the operating Mantoverde mine. These two projects both released updated feasibility studies in 2024 that provide key information on IOCG deposit development and the mining and processing of copper, iron and gold in the region.  In addition, the two are undergoing a feasibility study for an integration plan with the potential to result in “200,000 tonnes per year of low-cost copper production with the option to also develop one of the largest and lowest cost battery-grade cobalt producers in the world, outside of the Democratic Republic of Congo”). A third exploration project, Sierra Norte is directly north of San Pietro. [Proximity to a mineral resource, deposit, or mine does not indicate that mineralization will occur on Golden Arrow’s property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.]

GEOLOGY, RESOURCES AND POTENTIAL

The geology at San Pietro includes andesites units that are part of the Cretaceous-aged volcano-sedimentary sequence associated with intrusive rocks such as granodiorites and diorites of similar age. The Project is located east of the Atacama Fault system, a major north-south regional structure, which was instrumental in the emplacement of the ore deposits in the area.

Multiple targets have been identified at San Pietro, with the majority of work to date focused on the Rincones and Colla areas.  Mineralization at Rincones is typical of the local IOCG systems and is largely hosted in subhorizontal magnetite mantos as well as subvertical specularite breccias and veins within a zone of K-feldspar-chlorite alteration.  These structures are mainly developed along NW-SE lineaments.  Copper is mostly in chalcopyrite, with gold associated with pyrite.  Significant intervals at Rincones range from short intercepts of high-grade copper (over 10%) and gold (over 2 g/t) within longer intervals grading >0.40% Cu over more than 100 metres .

The nearby Colla target is similar to Rincones, but also hosts significant high-grade cobalt, usually associated with pyrite, such as the 2024 drilled interval of 123.1m at 443 g/t Co starting at 24.9 m depth, with 19.43 m at 790 g/t Co and 32.6 % Fe.  

A full description of the geology and mineralization is available in the current NI 43-101 Technical Report. (see link above)

Mineral Resource Estimate

In early 2025 Golden Arrow reported the first mineral resource estimate (MRE) and supporting NI 43-101 Technical Report for San Pietro, focused on the Rincones and Colla deposits.  Incorporating 83 drill holes (32,732 m) at a nominal drill spacing of 200 metres, the resources are currently in the Inferred category, which the Company expects to upgrade with additional infill drilling. An infill program may also increase the overall grade of the deposits as high-grade zones are better delineated.

Golden Arrow considers this the starting point for building resources at San Pietro, as the deposits remain open for expansion, and there are multiple other early stage exploration targets with potential for IOCG, oxide copper, high-grade gold, or iron oxide deposits with the large property area.

For additional information on the targets and potential, please see the latest Presentation and for full disclosure details refer to the Company’s News Releases and Quarterly Statements