CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MATTERS
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “advance”, “anticipates”, “assumption”, “become”, “believe”, “compelling”, “consider”, “contemplated”, “contingencies”, “continued”, “could”, “decision”, “delivery”, “demonstrate”, “design”, “development”, “early as”, “estimate”, “expect”, “exploring”, “eventual”, “factors”, “feasibility”, “focus”, “forward”, “future”, “goal”, “intent”, “long”, “looking”, “modeling”, “objectives”, “ongoing”, “opportunities”, “optimization”, “options”, “outlines”, “plan”, “positioned”, “potential”, “procure”, “program”, “progress”, “project”, “projected”, “readiness”, “requirements”, “risk”, “seek”, “schedule”, “sensitivities”, “stage”, “steps”, “strategy”, “study”, “subject to”, “to be”, “target”, “transition”, “underway”, and “will”, or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include those relating to the results of the Pre-Feasibility Study (or PFS) and other ongoing and future technical studies for the Cactus Project (including any Feasibility Study or FS), and the continuation, completion, execution, results (including economics and other key metrics and estimates (including net present value (or NPV), internal rate of return (or IRR), free cash flows (or FCF), EBITDA, revenues, margins, costs (including cash costs (or C1 costs), AISC, AIC, Opex (including power and mining costs) and Capex), capital intensity, profitability (including Profitability Index), cathode or copper production (including Cactus becoming the third largest cathode producer), project life; mine and processing plans, benefits to the local community and Arizona economy) and the evaluation thereof, and opportunities and next steps, and implications of such studies (including any implementation thereof), and timing thereof; 2026 and other future work programs or work plans or workstreams (including the FS, early development activities, operational readiness program, permitting amendments, land payments, permitting, procurement (including the details thereof, deposits and deliveries), building the Cactus Project team and the details thereof, power requirement engineering and related work with APS (including any purchases and relocation of power lines), and geological, geotechnical, hydrological and other drilling programs) and the details, funding, timing, completion and results thereof (including any growth or expansion of Mineral Resources resulting therefrom); early development activities and operational readiness (including the related plans and programs and outcomes and/or implications thereof); Mineral Resources and Mineral Reserves (which are estimates only) generally (including ore and contained copper tonnage, grade estimates, recoveries, and applicable royalties), any expansion or growth of such estimates, and any definition or realization thereof (including mining and processing methods); de-risking of the Cactus Project; any eventual final investment decision and construction (including the timing, outcome and any implications thereof); project financing (including debt, plan and timeline for advancing and securing financing for any construction and development of the Cactus Project, and the timing of completion and outcome thereof including availability, potential sources (including opportunities under consideration), structure, tenor, cost and other terms, and basis therefor); mine life extension opportunities (including from any growth or expansion growth of Mineral Resources due to infill or other drilling or any future mine plan inclusion of Cactus East underground or primary sulphide Mineral Resources (or other mineralization); and the Company’s objectives (including development of the Cactus Project, becoming a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders, and any other continuing or future successes). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2024 and the quarters already ended and reported in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (including the PFS Technical Report and the Company’s press releases linked and/or referenced in this press release, collectively, “Company Disclosure”), all available on the Company’s website at
