Announcement • Mar 03

Cerro de Pasco Resources Inc. Enters Project Development Funding Agreement with U.S. International Development Finance Corporation for Quiulacocha

Cerro de Pasco Resources Inc. announced that it has entered into a Project Development Funding Agreement (Agreement) with the U.S. International Development Finance Corporation (DFC), the development finance institution of the United States Government. Under the Agreement, DFC will provide up to USD 5 million in milestone-based project development funding to support defined project development activities for the Quiulacocha Tailings Reprocessing Project in Peru. In addition, the Agreement states that DFC is considering the possibility of providing up to USD 300 million in long term direct loan financing to support construction of the Project. Any such financing would be subject to, among other things, completion of the PD Activity, satisfactory due diligence, internal credit approvals and execution of definitive financing documentation. There can be no assurance that any such financing will be approved or provided. Quiulacocha is considered one of the largest historic tailings resources globally. The Project targets recovery of silver and base metals together with gallium and indium, strategic technology metals essential to advanced semiconductors, energy systems and defense applications. Pursuant to the Agreement, CDPR will carry out the defined project development activities (the “PD Activity”), which include Sonic Drilling, Geotechnical and Hydrogeological Drilling, completion of a Feasibility Study and Engineering program, and preparation of a comprehensive Environmental and Social Impact Assessment (“ESIA”), as further described in the PD Implementation Plan. DFC’s funding will support defined components of the PD Activity, with CDPR contributing matching funds on a 1:1 basis for the applicable workstreams. This support from DFC marks a significant milestone in advancing the long-term potential of a world class multi metal and environmental remediation project and establishes a structured framework for the PD Activity. The Agreement also creates a defined framework under which DFC may consider potential future support beyond the development stage.

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Cerro de Pasco Resources Inc. Enters Project Development Funding Agreement with U.S. International Development Finance Corporation for Quiulacocha

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