Alta Copper Announces Annual General Meeting Voting Results

Rhea-AI Summary

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.

Positive

• Reappointment of Kreston GTA LLP as auditors with 97.69% approval.
• Adoption of a new 10% rolling Omnibus Equity Incentive Plan with 95.97% approval.
• Setting the number of directors at seven approved with 97.29% votes.
• Fortescue's interest in taking a more active role in the company's development.

Negative

• Four directors received more withheld votes than votes in favor, indicating shareholder dissatisfaction.

VANCOUVER, BC / ACCESSWIRE / June 30, 2024 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or "the Company") announces voting results for its Annual General Meeting of shareholders held on Friday, June 28, 2024 in Vancouver, British Columbia.

A total of 45,215,379 common shares, representing 53.71% of the Company's outstanding shares were represented at the Meeting and all motions put forward were passed.

The following sets forth a summary of the Annual General Meeting voting results:

Appointment of Auditor

Kreston GTA LLP were appointed as Auditors of the Company for the ensuing year at a remuneration to be fixed by the Directors.

Votes For: 97.69 %

Votes Withheld: 2.31 %

Adoption of New Omnibus Equity Incentive Plan

The adoption of a new 10% rolling Omnibus Equity Incentive Plan, was ratified and approved.

Votes For: 95.97 %

Votes Against: 4.03 %

Number of Directors

The number of Directors was set at seven.

Votes For: 97.29 %

Votes Against: 2.71 %

Election of Directors

The following nominees were elected as Directors to hold office until the next annual meeting of shareholders of the Company or until their successors are elected or appointed.

Directors	Votes For	Votes Withheld
Giulio T. Bonifacio	41,503,766 (93.44%)	2,913,338 (6.56%)
Joanne C. Freeze	18,081,575 (40.71%)	26,335,529 (59.29%)
Andrew Hamilton	40,487,565 (91.15%)	3,929,539 (8.85%)
Miguel Inchaustegui	15,097,943 (33.99%)	29,319,161 (66.01%)
Steven Latimer	15,391,687 (34,65%)	29,025,417 (65.35%)
Christine Nicolau	40,301,785 (90.74%)	4,115,319 (9.27%)
Sean I. Waller	14,503,286 (32.65%)	29,913,818 (67.35%)

In accordance with the Company's Majority Voting Policy, the Company anticipates that each of Joanne C. Freeze, Miguel Inchaustegui, Steven Latimer and Sean I. Waller, will offer their resignation as a Director of the Company, as each of these persons received a greater number of votes withheld than votes in favor of their election as a Director. Following the Company's receipt of these resignations, the Company's Board of Directors will determine whether or not to accept the resignations in accordance with the Majority Voting Policy, with each of the Directors who have offered their resignation abstaining from the decision-making process.

For each of the Withheld Vote Directors, between 87% to 99% of the Withheld Votes were cast by Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Ltd. ("Fortescue"). In accordance with the Company's Majority Voting Policy, Fortescue's reasons for the Withheld Votes and the views of other Company stakeholders will be considered by the Board in determining whether to accept the resignations. The Company will provide a further update once the Board has consulted with all parties. The Board intends to complete this process as promptly as possible, and within the 90 days required pursuant to Toronto Stock Exchange Policies.

The Company's Executive Chair, Giulio Bonifacio, is currently in discussions with Fortescue regarding the Withheld Votes. Fortescue has advised that it believes a reconstituted Board would prove beneficial for the Company and will result in the further accelerated development of the Cañariaco Project. The Company is encouraged by Fortescue's desire to take a more active role and welcomes the opportunity to work with Fortescue as we further advance the Cañariaco Project. "The Cañariaco Project is a large scale, robust copper project and the involvement of Fortescue, a global mining company with deep experience in the development and operation of large scale base metal mines can only be seen as positive - we look forward to our discussions with Fortescue over the coming weeks", commented Mr. Bonifacio.

About Alta Copper

Alta Copper is focused on the development of its 100% owned Cañariaco advanced staged copper project. Cañariaco comprises 97 square km of highly prospective land located 102 km northeast of the City of Chiclayo, Peru, which includes the advanced stage Cañariaco Norte deposit, Cañariaco Sur deposit and Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru's prolific mining district. Cañariaco is one of the largest copper deposits in the Americas not held by a major.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the effective date of the consolidation and name change of the Company. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

On behalf of the Board of Alta Copper Corp.

"Giulio T. Bonifacio", Executive Chair and Director

For further information please contact:

Giulio T. Bonifacio, Executive Chair and Director
gtbonifacio@altacopper.com
+1 604 318 6760

or

Joanne C. Freeze, President, CEO and Director
jfreeze@altacopper.com
+1 604 512 3359

Email: info@altacopper.com
Website: www.altacopper.com
Twitter: https://twitter.com/Alta_Copper
LinkedIn: https://www.linkedin.com/company/altacopper/
Facebook: https://www.facebook.com/AltaCopperCorp
Instagram: https://www.instagram.com/altacopper/
YouTube: https://www.youtube.com/@AltaCopper

SOURCE: Alta Copper Corp.

View the original press release on accesswire.com

FAQ

What were the results of the Alta Copper AGM held on June 28, 2024?

All motions were passed, including the reappointment of auditors, adoption of a new equity incentive plan, and setting the number of directors at seven.

Which auditors were reappointed by Alta Copper shareholders?

Kreston GTA LLP was reappointed as auditors with 97.69% of votes.

What is the new Omnibus Equity Incentive Plan approved at Alta Copper's AGM?

It is a 10% rolling plan approved with 95.97% of shareholder votes.

How many directors were set for Alta Copper and with what votes?

The number of directors was set at seven with 97.29% votes in favor.

Which Alta Copper directors received more withheld votes than votes in favor?

Joanne C. Freeze, Miguel Inchaustegui, Steven Latimer, and Sean I. Waller received more withheld votes.

What is Fortescue's involvement in Alta Copper's board decisions?

Fortescue, through its subsidiary Nascent Exploration Pty , withheld votes for several directors and is in discussions to reconstitute the board to accelerate the Cañariaco Project.