Mr. Lawrence Guy reports

NOBEL RESOURCES CLOSES TRANSACTION TO ACQUIRE FOUR CHILEAN COPPER PROJECTS

Nobel Resources Corp. has completed the transaction to acquire four separate copper projects, namely Cuprita, Janett, Pampa Austral and Anais in Antofagasta region, Chile. Pursuant to the transaction, Nobel has acquired an option to acquire 100 per cent of each of the projects. Please refer to the company's press release dated Jan. 6, 2025, for further details regarding the transaction and the projects.

The Cuprita project is the most advanced project being acquired pursuant to the transaction and is now the company's principal asset. The Cuprita project is located in an area that is accessible year-round. Cuprita is a highly prospective copper project with multiple near-surface targets identified during recent rock sampling campaigns.

Highlights:

• Cuprita is located in the renowned Chilean Paleocene porphyry copper belt, which hosts several major porphyry copper deposits, such as El Salvador, Cerro Colorado, Spence, Sierra Gorda and Fortuna, as well as some gold deposits. The copper oxide mineralization (atacamite with lesser brochantite and chrysocolla) occurs in fracture fillings, within quartz veinlets, filling the matrix of hydrothermal breccias and within structures of quartz veins. Cuprita is located at a structural intersection between the primary north-northeast-striking major faults and the secondary northwest-striking structures. This is an important structural context and is associated with several major deposits in the region. The property has untested geological and geophysical characteristics that indicate potential for a significant porphyry copper deposit. High-grade copper values (mainly in the veins) were sampled by the company during its due diligence review of Cuprita with some anomalous molybdenite up to 165 parts per million (Table 1)

• Veins up to 30 centimetres wide with abundant copper mineralization have been mapped and sampled on the Cuprita project. These veins and clusters of veinlets are interpreted as the evidence of hydrothermal fluid movement originating from depth. The geologic characteristics of the Cuprita project are similar to other major porphyry deposits emplaced in the belt. The best potential for near-surface copper oxide mineralization appears related to the hydrothermal breccias. In multiple locations throughout the project area, there is strong fracturing of the quartz diorite due to the intersection of northwest and north-northeast faults. A moderate to strong system of quartz-plus-or-minus-copper-oxide veinlets is developed in this area following northwest structures. A zone with breccias and veinlets can be followed intermittently at surface over an area of approximately 700 metres in a north-south direction and 200 metres to 400 metres east-west and is located within the diorite intrusive.
• There are at least three target zones identified to date marked by coincidence of geophysical, geochemical and geological evidence supporting the presence of hydrothermal alteration and mineralization. The review of historical data and field verification during the company's due diligence review revealed the presence of three porphyry targets, which will be the priority for the initial exploration at Cuprita.

The following is a brief description of each target.

Target 1 -- northwest magnetic anomaly

The target is located near the northwest corner of the property, where an area of approximately 400 metres by 1,000 metres is associated with the presence of moderate to strong quartz-tourmaline stockwork intruding the Punta del Cobre quartz monzonite. Some isolated stringers of copper oxides are present in the stockwork, along with quartz-tourmaline veinlets. One area of approximately 200 metres wide contains a set of north 60 degrees west sheeted quartz-tourmaline veins close to the centre of a prominent magnetic low, also oriented to the northwest.

Target 2 -- northeast magnetic anomaly

The second area is located near the northeastern corner of the property. Old trenches revealed the existence of extensive copper oxide mineralization associated with a set of northwest-trending mineralized veins and tourmaline breccias. The Nobel team believes that it is likely the emplacement of the vein system was controlled by northwest-trending faults present on the property and that have been identified along a structural corridor for several kilometres both north and south of Cuprita.

As with Target 1 described above, a distinctive ground magnetic low of comparable size with Target 1 is associated with this area; although, here, the anomaly strikes to the north-northeast.

The previous owners of the project carried out a limited IP (induced polarization) survey (three lines) over this target. The IP response shows a low to moderate chargeability anomaly over the mineralized trenches and the magnetic anomaly. This type of geophysical response is considered typical of low-pyrite porphyries that are present within the district. Limited soil sampling done in 2012 by the previous owner returned a copper-bismuth-molybdenum over this target.

Target 3 -- southern magnetic anomaly

This target comprises a covered ground magnetic low in the southern-central part of the property. This anomaly is well defined, almost circular and approximately 1.0 kilometre by 1.0 kilometre in size. Very wide-spaced (500-metre-by-500-metre site spacing) soil sampling done during 2012 returned copper values up to 300 parts per million and remains open to the south.

Several old workings mineralized with copper oxide have been identified near the northern edge of the magnetic anomaly.

The other projects acquired in the transaction

Janett and Pampa Austral have abundant copper oxide mineralization at surface and multiple small-scale artisanal operations (past and present). Many of these small pits reach a depth of 20 to 30 metres and many have underground workings. Historic results at Pampa Austral have returned 70 metres grading 0.7 per cent copper (including 14 metres grading 2.1 per cent copper plus 0.1 gram per tonne gold). Janett has seen little modern exploration despite the multiple past-producing mines and anomalous copper mineralization at surface.

The projects are located in a highly developed mining region north of Copiapo surrounded by many of the major companies in the global copper mining business. The combined portfolio enjoys road access and moderate elevation, making the projects accessible for exploration programs 12 months of the year.

Transaction terms

Pursuant to the closing of the transaction, Nobel has: (i) issued 2.5 million common shares to the shareholders of Austral Exploraciones SpA; (ii) paid an aggregate amount of $70,000 (U.S.) in cash to the optionors of the projects; (iii) issued a 2-per-cent NSR royalty (net smelter return royalty) to the optionors of the Cuprita project, of which 0.5 per cent can be repurchased for $2-million (U.S.); (iv) issued a 2-per-cent NSR royalty to the optionor of the Pampa Austral project, of which 0.5 per cent can be repurchased for $820,000 (U.S.); (v) issued a 2-per-cent NSR royalty to the optionor of the Janett project, of which 0.5 per cent can be repurchased for $820,000 (U.S.); and (vi) issued a 2-per-cent NSR royalty to the optionor of the Anais project, of which 0.5 per cent can be repurchased for $360,000 (U.S.).

To maintain each of the options in good standing and acquire a 100-per-cent interest in each of the projects, Nobel must make the following payments:

• Cuprita project:
  • $20,000 (U.S.) cash payment on the 12-month anniversary of signing the Cuprita option agreement;
  • $50,000 (U.S.) cash payment on the 24-month anniversary of signing the Cuprita option agreement;
  • $150,000 (U.S.) cash payment on the 36-month anniversary of signing the Cuprita option agreement;
  • $1-million (U.S.) cash payment on the 48-month anniversary of signing the Cuprita option agreement;
  • Issuance of 2.5 million Nobel shares to the shareholders of Austral upon Nobel establishing a National Instrument 43-101 compliant mineral resource estimate on the Cuprita project;
• Pampa Austral project:
  • $20,000 (U.S.) cash payment on the 12-month anniversary of signing the Pampa Austral option agreement;
  • $50,000 (U.S.) cash payment on the 24-month anniversary of signing the Pampa Austral option agreement;
  • $150,000 (U.S.) cash payment on the 36-month anniversary of signing the Pampa Austral option agreement;
  • $1-million (U.S.) cash payment on the 48-month anniversary of signing the Pampa Austral option agreement;
• Janett project:
  • $20,000 (U.S.) cash payment on the 12-month anniversary of signing the Janett option agreement;
  • $50,000 (U.S.) cash payment on the 24-month anniversary of signing the Janett option agreement;
  • $150,000 (U.S.) cash payment on the 36-month anniversary of signing the Janett option agreement;
  • $500,000 (U.S.) cash payment on the 48-month anniversary of signing the Janett option agreement;
• Anais project:
  • $10,000 (U.S.) cash payment on the 12-month anniversary of signing the Anais option agreement;
  • $10,000 (U.S.) cash payment on the 24-month anniversary of signing the Anais option agreement;
  • $10,000 (U.S.) cash payment on the 36-month anniversary of signing the Anais option agreement;
  • $500,000 (U.S.) cash payment on the 48-month anniversary of signing the Anais option agreement.

The Nobel shares issued pursuant to the transaction are subject to a statutory four-month hold period. The transaction has been approved by the TSX Venture Exchange and the company has filed an NI 43-101 technical report on the Cuprita project on SEDAR+ under the company's profile and on the company's website.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by David Gower, PGeo, as defined by NI 43-101 of the Canadian Securities Administrators.

About Nobel Resources Corp.

Nobel Resources is a Canadian resource company focused on identifying and developing prospective mineral projects. The company has a team with a strong background of exploration success.

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