ALTA COPPER CORP - ATCUF STOCK NEWS

Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) has closed a non-brokered private placement with Nascent Exploration Pty. , a subsidiary of Fortescue The company issued 4,629,630 common shares at Cdn$0.54 per share, raising gross proceeds of Cdn$2,500,000. The shares are subject to a four-month and one day hold period.

CEO Giulio T. Bonifacio stated that the proceeds will provide working capital to advance the drill permit application and continue community engagement for their 100% owned Cañariaco copper project in Peru. The financing was priced above market close, avoiding discounts and minimizing dilution. The project comprises 97 square kms of land, including the Cañariaco Norte deposit, Cañariaco Sur deposit, and Quebrada Verde prospect.

Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF) has arranged a non-brokered private placement with Fortescue 's subsidiary to raise Cdn.$2,500,000. The placement involves selling 4,629,630 common shares at Cdn$0.54 per share. Proceeds will be used for working capital and advancing the 100% owned Cañariaco copper project in Peru. This financing will increase Fortescue's ownership to 34%. Alta Copper's CEO, Giulio T. Bonifacio, stated that this financing option was superior to alternatives, resulting in dilution. The funding will support the company's drill permit application and community engagement efforts.

Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) has reconstituted its Board of Directors and made key management changes. The new Board consists of five directors, including two nominees from Fortescue Dr. Robert J. McDonald has been appointed as a new director, bringing extensive international experience and expertise in Peruvian affairs. Joanne C. Freeze has retired as President and CEO but will continue in a consulting role. Giulio T. Bonifacio, Executive Chair, will assume the duties of CEO.

The changes follow discussions with Fortescue and are aimed at accelerating the development of the Cañariaco copper project. Alta Copper believes the reconstituted Board will benefit the company and welcomes Fortescue's more active role in the project's advancement.

Alta Copper announced the voting results from its Annual General Meeting (AGM) held on June 28, 2024. Shareholders holding 45,215,379 shares, representing 53.71% of the company's outstanding shares, participated.

Key motions approved include the reappointment of Kreston GTA LLP as auditors with 97.69% of votes, the adoption of a new 10% rolling Omnibus Equity Incentive Plan with 95.97% approval, and setting the number of directors at seven with 97.29% support.

Directors elected were Giulio T. Bonifacio, Andrew Hamilton, and Christine Nicolau. However, Joanne C. Freeze, Miguel Inchaustegui, Steven Latimer, and Sean I. Waller received more withheld votes than votes in favor, primarily from Nascent Exploration Pty , a subsidiary of Fortescue

The company will review the resignations of these directors and will consult with Fortescue and other stakeholders. Discussions with Fortescue are ongoing regarding its desire for a reconstituted board to accelerate the development of the Cañariaco Project.

Alta Copper has postponed its Annual General Meeting (AGM) by one day to June 28, 2024. Initially scheduled for June 27, 2024, the AGM will take place at 2:00 PM at Suite 2300, 550 Burrard Street, Vancouver, British Columbia. Alta Copper focuses on the development of its 100% owned Cañariaco project in Peru, which includes the Cañariaco Norte and Sur deposits and the Quebrada Verde prospect. The project spans 97 square kilometers of land and is among the largest copper deposits in the Americas not owned by a major company.

Alta Copper has filed a technical report titled 'Cañariaco Copper Project NI 43-101 Technical Report & Preliminary Economic Assessment' for its 100% owned Cañariaco Project in Northern Peru. The 2024 PEA, prepared by Ausenco, AGP, and Whittle, highlights robust economic results and ESG improvements since 2011. The project aims to produce an annual average of 158,000 tonnes of copper in the first 10 years. Opportunities for improvement include further drilling to expand and better define resources and optimize mine design and processing methods. The report has been reviewed by qualified persons from Ausenco and AGP, and is available on SEDAR+ and Alta Copper's website.

Alta Copper Corp has announced the results of its 2024 Optimized Preliminary Economic Assessment (PEA) for the Cañariaco Project. The assessment, prepared by Ausenco, AGP Mining Consultants, and Whittle Consulting, reveals a robust base-case after-tax NPV of $2.3 billion and an IRR of 24.1% using an 8% discount factor.

The project, located 700 km northwest of Lima, is estimated to produce 8.026 billion pounds of copper, 1.67 million ounces of gold, and 33.2 million ounces of silver over its life. With a 27-year mine life and pre-production capital cost of $2.2 billion, the operation targets average annual free cash flow of $538 million in the first 10 years.

Key economic metrics include C-1 costs of $1.86/lb copper and an all-in sustaining cost (AISC) of $1.96/lb copper. The PEA indicates significant leverage to copper prices, with a $0.25/lb increase in copper price adding approximately $425 million to the after-tax NPV.

The initial capital intensity is low due to favorable geographical and infrastructural settings. The detailed technical report will be available by June 7, 2024, on SEDAR+ and Alta Copper's website.

Alta Copper Corp. delivers a new geological model for the Cañariaco project identifying high priority drill targets. The company plans increased drill hole coverage, submitted a drill permit application, and expects approval by Q3-2024. An Optimized PEA is targeted to be published by May 15, 2024. Alta Copper focuses on sustainable community development and has committed funds for sustainable projects. The company engages in field activities and has identified potential product opportunities in the area.