Aldebaran Resources Inc · TSXV:ALDE
Aldebaran Resources — Investor Presentation (October 2025)
33 slides from Aldebaran Resources's investor presentation, October 2025
Slide 1: The Altar Copper Gold Project
The Altar Copper Gold Project Advancing a Copper Giant in San Juan, Argentina TSX.V: ALDE OTCQX: ADBRF October 2025 TSX.V: ALDE | OTCQX: ADBRF
Slide 2: Forward-Looking Statements
ALDEBARAN RESOURCES FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact
Slide 3: Advancing a Large, High-Quality Copper Project
INVESTMENT HIGHLIGHTS ADVANCING A LARGE, HIGH-QUALITY COPPER PROJECT Altar Is One Of The Largest Aldebaran Has Secured Undeveloped Copper Funding To Advance Altar Deposits In The World Through PEA & PFS Located In An Emerging Right Management Team & Hotbed For Exploration & Partners To Execute Minin
Slide 4: What's Our Business Model?
CORPORATE OVERVIEW WHAT’S OUR BUSINESS MODEL? Identify Add Liquidity Deposit Value Event What we look for What we do Why we sell • Drilling completed • Drill • Avoid capex • Low-cost entry • Grow resources • Lowers risk • Overlooked potential • De-risk project • Shorter timeline for • Potential to b
Slide 5: A Management Team With a Clear Plan and Successful Record
WHAT’S OUR BUSINESS MODEL? A MANAGEMENT TEAM WITH A CLEAR PLAN AND SUCCESSFUL RECORD TSX.V: ALDE | OTCQX: ADBRF 5
Slide 6: Who Are We? A Core Management Team With a Track Record of Success
WHO ARE WE? A CORE MANAGEMENT TEAM WITH A TRACK RECORD OF SUCCESS ALDEBARAN’S CO-FOUNDERS OTHER KEY MANAGEMENT 15+ years of experience in 20+ years experience managing corporate development, exploration programs throughout exploration and strategy. the Andean Cordillera. Formerly Formerly with Yaman
Slide 7: What Is the History of the Altar Project?
WHAT IS THE HISTORY OF THE ALTAR PROJECT? PREVIOUSLY SOLD FOR ~US$487 MILLON Peregrine Metals Sibanye Stillwater Aldebaran Resources Peregrine acquires project, Sibanye acquires Option agreement complete, significantly expands Stillwater and advances Altar owned Aldebaran 80% / mineralization at Alt
Slide 8: Who Are Our Partners?
WHO ARE OUR PARTNERS? ALDEBARAN HAS MAJOR FINANCIAL AND STRATEGIC BACKING • San Francisco based • Precious metal and PGM • Diversified miner based • Technology division of hedge fund producer based in South in Australia, spun out Rio Tinto, working with Africa from BHP in 2015 Aldebaran to evaluate
Slide 9: What Is Our Capital Structure?
WHAT IS OUR CAPITAL STRUCTURE? A TIGHTLY-HELD JUNIOR WITH STRATEGIC PARTNERS Strong Shareholder Backing Capital Structure Ticker (TSX.V) ALDE 14.34% Ticker (OTCQX) ADBRF 44.07% Shares issued 169,914,120 INSIDERS 5.30% Fully diluted 183,894,120 Share price (Oct 14, 2025) C$3.43 Market capitalization
Slide 10: How Has the Stock Performed?
HOW HAS THE STOCK PERFORMED? SHARE PRICE PERFORMANCE REFLECTS PROGRESS AND DEVELOPMENT $4.00 1,200,000 Aldebaran made the OTCQX50 for 2024 and 2025: a ranking of the top performing companies on the OTCQX Market based on $3.50 total annual return and average 1,000,000 daily dollar volume growth. $3.0
Slide 11: What Is the Transaction With Nuton?
WHAT IS THE TRANSACTION WITH NUTON? OPTION AGREEMENT THAT FUNDS ALDEBARAN WELL INTO THE FUTURE Transaction • Aldebaran grants Nuton an option to acquire a 20% interest in the Altar project Consideration • US$ 250 M in total payments üUS$ 10 M – Signing Payment (COMPLETE) üUS$ 20 M – Mineral Resource
Slide 12: Where Is the Altar Project Located?
WHERE IS THE ALTAR PROJECT LOCATED? SAN JUAN, ARGENTINA: AN EMERGING MINING DISTRICT Mining officially set as state policy • Strong government support Exceptional geological setting • Many sizeable Copper and Gold projects Government wants to advance projects • Quicker permitting, clear process Soci
Slide 13: What Changes Are Happening in San Juan?
WHAT CHANGES ARE HAPPENING IN SAN JUAN? A PRO-MINING JURISDICTION LOOKING TO ADVANCE PROJECTS Fraser Institute LATAM rankings Guyana* Right wing governor New administration Large copper elected 2023 pushing mining investments San Juan • First right-wing • Copper roundtables • BHP/Lundin acquire Chil
Slide 14: Incentive Regime for Large Investments (RIGI)
INCENTIVE REGIME FOR LARGE INVESTMENTS (RIGI) A NEW FEDERAL REGIME OF FISCAL INCENTIVES FOR LARGE PROJECTS Key benefits of the RIGI include: Select investments since RIGI: July 2024 BHP and Lundin Mining TAX EXPORT DUTIES STABILITY C$4.1 agree to acquire Filo • 25% corporate tax • Exempted from • En
Slide 15: How Does Argentina Compare on Taxes?
HOW DOES ARGENTINA COMPARE ON TAXES? LOWER EFFECTIVE TAX RATES THAN CHILE AND PERU TSX.V: ALDE | OTCQX: ADBRF 15
Slide 16: 2021 Resource Estimate
2021 RESOURCE ESTIMATE ALTAR WAS ALREADY LARGE, BUT WAS POISED TO GROW Measured & Inferred Indicated Cu 11.4 Billion lbs 1.8 Billion lbs Copper 0.43% 0.42% Au 3.4 Million Oz 0.4 Million Oz Gold 0.09 g/t 0.06 g/t Ag 38.6 Million Oz 4.8 Million Oz Silver 1.00 g/t 0.8 g/t Altar Central & Altar East – 2
Slide 17: How the Deposit Grew Through Exploration
HOW THE DEPOSIT GREW THROUGH EXPLORATION >63,000 METRES OF DRILLING BETWEEN THE 2021 AND 2024 MRE’s 2021 2024 2021: A SIGNIFICANT RESOURCE WITH POTENTIAL FOR GROWTH 2021-2024: SUSTAINED DRILLING SUCCESS AT ALTAR UNITED • A total of 255 drill holes (119,052 m) completed at Altar between • Over 63,000
Slide 18: 2024 Resource Estimate
2024 RESOURCE ESTIMATE ONE OF THE WORLD’S LARGEST COPPER DEPOSITS Measured & Inferred Indicated Cu 22.01 Billion lbs 9.83 Billion lbs Copper 0.42% 0.37% Au 5.08 Million Oz 1.71 Million Oz Gold 0.07 g/t 0.04 g/t Ag 93.76 Million Oz 49.04 Million Oz Silver 1.22 g/t 1.25 g/t Notes: • See slide 31, or p
Slide 19: Resources Dominantly in Measured & Indicated
RESOURCES DOMINANTLY IN MEASURED & INDICATED LIMITED INFILL DRILLING NEEDED TO TRANSITION TO RESERVES ~66% of Copper pounds from the 2024 Mineral Resource Estimate are in the Measured and Indicated category TSX.V: ALDE | OTCQX: ADBRF 19
Slide 20: Regional Exploration
REGIONAL EXPLORATION ALTAR HAS A LARGE LAND PACKAGE WITH BLUE SKY POTENTIAL QDM South • Potential extension of the QDM/Radio system • Multi-element geochemical anomaly, accompanied by the occurrence of strong alteration and veining in outcrop • Favourable resistivity anomaly from the DCIP geophysics
Slide 21: Radio Porphyry & QDM Gold
RADIO PORPHYRY & QDM GOLD ADDITIONAL MINERALIZATION PROVIDES OPTIONALITY • QDM Gold is a near-surface gold deposit containing 590,000 Oz’s of AuEq at 0.91 g/t AuEq1 • Radio Porphyry is a porphyry intrusion sitting below the QDM gold deposit • Radio Porphyry is not currently included in resource esti
Slide 22: SpinCo
SpinCo CREATING VALUE FROM ALDE’S NORTHERN ARGENTINE ASSETS RIO GRANDE Aldebaran to spin out it’s non-core exploration Salta, Argentina properties into a new company, focused on ü M&I – 71 MT at 0.30% Cu, 0.36 g/t Au & 3.2 g/t Ag copper, gold, and silver exploration in Argentina Inf – 41 MT at 0.23%
Slide 23: Project Timeline
PROJECT TIMELINE MULTIPLE CATALYSTS AS ALDEBARAN ADVANCES ALTAR Activities 2025 2026 Q4 Q1 Q2 Q3 Q4 Drill Program Drill Results Engineering Studies, Environmental & CSR Programs Nuton Phase 1 Results PEA Resource Update SpinCo IPO PFS TSX.V: ALDE | OTCQX: ADBRF 23
Slide 24: Where Does Altar Rank in Size?
WHERE DOES ALTAR RANK IN SIZE? THE 5TH LARGEST COPPER PROJECT HELD BY A JUNIOR 158 150 60 “Altar is one of the largest Copper Projects In The Hands Of Juniors undeveloped Cu-Au deposits in the world and we believe it 50 should be sought after by major mining companies.” Copper Equivalent (B lbs) 40
Slide 25: Where Does Altar Rank in Size? (Measured & Indicated)
WHERE DOES ALTAR RANK IN SIZE? THE 5TH LARGEST COPPER PROJECT HELD BY A JUNIOR 94 67 60 Copper Projects In The Hands Of Juniors ~66% of Copper pounds from the Measured & Indicated Resources Altar 2024 Mineral Resource 50 Estimate are in the Measured and Indicated category Copper Equivalent (B lbs) 4
Slide 26: How Does Derisking Altar Add Value?
HOW DOES DERISKING ALTAR ADD VALUE? COPPER PROJECTS OFTEN BECOME MORE VALUABLE WHEN DERISKED Median Transaction Price (EV/lb CuEq) Of Copper Projects By Stage (2009-2024) Advancing copper projects 5.8¢ through economic studies can add significant value to the eventual sale price 4.3¢ 3.4¢ Majors are
Slide 27: Partnerships & Capital Structure
PARTNERSHIPS & CAPITAL STRUCTURE ALDEBARAN SUBSTANTIALLY UNDERVALUED BASED ON TRANSACTION PRICE 1,400 1,200 1250 1,000 190 940 800 $US (M) 750 600 400 200 415 250 0 Nuton Acquisition Altar Implied ALDE Interest In Final Nuton Cash ALDE Implied ALDE Market Cap Cost (20%) Valuation (100%) Altar (60%)
Slide 28: Creating Value for All Stakeholders
CREATING VALUE FOR ALL STAKEHOLDER CONTRIBUTING TO SUSTAINABLY DEVELOPMENT ACTIVELY INVOLVED IN COMMUNITY AND LARGE DEPOSIT WITH POTENTIAL FOR MULTI- A TECHNICAL APPROACH THAT GENERATES ENVIRONMENTAL PROJECTS GENERATIONAL MINE LIFE VALUE ALDEBARAN has a collaborative approach on the ground to work o
Slide 29: Why Copper?
WHY COPPER? INCREASING DEMAND AND DIMINISHING SUPPLY More copper required over next 25 years than has been produced over the last 120 years Six new large mines required every year to meet coming demand Lack of quality projects available to bring into production TSX.V: ALDE | OTCQX: ADBRF Source : S&
Slide 30: The Copper M&A Cycle Has Begun
THE COPPER M&A CYCLE HAS BEGUN MAJORS HAVE BEEN ACTIVELY ACQUIRING ASSETS BHP and Lundin Mining agree to acquire Filo Corp C$4.1 B 2024 M&A Cycle In Bull Market MACH Metals agrees to acquire Rex Minerals A$393 M 2024 BHP makes failed bid to acquire Anglo American US$49.1 B 2024 Majors Buy Developmen
Slide 31: What Did We Do With Antares Minerals?
WHAT DID WE DO WITH ANTARES MINERALS? CREATED SIGNIFICANT VALUE AND EXECUTED THE BUSINESS PLAN Sold Antares to First Quantum for US$ 650 M TSX.V: ALDE | OTCQX: ADBRF 31
Slide 32: 2024 Mineral Resource Estimate
2024 MINERAL RESOURCE ESTIMATE ü Significant increase when compared to the 2021 mineral resource estimate • 100% increase in Measured and Indicated tonnes • 542% increase in Inferred tonnes • 94% increase in Measured and Indicated Cu pounds • 462% increase in Inferred Cu pounds • 48% increase in Mea
Slide 33: Investment Recap
INVESTMENT RECAP TSX.V: ALDE OTCQX: ADBRF CONTACT: Ben Cherrington, ALDEBARAN Investor Relations Manager NEWS FLOW: ONE OF THE HIGH-PROFILE COMPELLING ben.cherrington@aldebaranresources.com R E S O U R C E S MULTIPLE LOCATION IN LARGEST VALUATION +1 347-394-2728 (N. America) UPCOMING UNDEVELOPED TOP
Aldebaran Resources — Investor Presentation (October 2025) on 6ix