Aldebaran Resources Inc · TSXV:ALDE
Aldebaran Resources — Investor Presentation (September 2026)
32 slides from Aldebaran Resources's investor presentation, September 2026
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 September 2026 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: Investment Highlights: Advancing a Large, High-Quality Copper Project
INVESTMENT HIGHLIGHTS ADVANCING A LARGE, HIGH-QUALITY COPPER PROJECT Altar Is One Of The Largest Undeveloped Copper Robust PEA & Advancing To Deposits In The World PFS Located In An Emerging Right Management Team & Hotbed For Copper Partners To Execute Development Projects TSX.V: ALDE | OTCQX: ADBRF
Slide 4: What's Our Business Model? A Management Team With a Clear Plan
WHAT’S OUR BUSINESS MODEL? A MANAGEMENT TEAM WITH A CLEAR PLAN AND SUCCESSFUL RECORD TSX.V: ALDE | OTCQX: ADBRF
Slide 5: 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 6: 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 13.15% Ticker (OTCQX) ADBRF 41.23% Shares issued 185,337,834 INSIDERS 5.62% Fully diluted 201,482,834 Share price (Sep 21, 2026) C$2.99 Market capitalization
Slide 7: How Has the Stock Performed?
HOW HAS THE STOCK PERFORMED? SHARE PRICE PERFORMANCE REFLECTS PROGRESS AND DEVELOPMENT Aldebaran made the OTCQX50 for 2024 and Aldebaran vs the Sprott Junior Copper Miners ETF 2025: a ranking of the top performing companies on the OTCQX Market based on total annual return and average daily dollar vo
Slide 8: Where Does Altar Rank in Size?
WHERE DOES ALTAR RANK IN SIZE? THE 4th LARGEST COPPER PROJECT HELD BY A JUNIOR 94 67 60 Copper Projects In The Hands Of Juniors 50 40 Copper Equivalent (B lbs) Acquired by Major Mining Company 30 in 2026 20 10 0 g le M i r s z es te s ri go el os s a er no no ta ta ru ba r tu tz ta o bb KS ab Be or
Slide 9: What Were Our Goals for the PEA?
WHAT WERE OUR GOALS FOR THE PEA? LONG LIFE WITH SIGNIFICANT PRODUCTION Long life operation >100,000 tonnes CuEq average annual production Minimize initial capex Minimize operational footprint Maximize NPV & IRR Use actual operations as benchmarks rather than projects TSX.V: ALDE | OTCQX: ADBRF
Slide 10: What Were the PEA Results?
WHAT WERE THE PEA RESULTS? ROBUST ECONOMICS WITH SIGNIFICANT PRODUCTION Mine Life Production Economics 48 years 121.5k t CuEq/year US$2.0 B NPV (8%) Including 3 years of construction First 20 years of mine life 101.4K t CuEq/year for LOM 20.5% IRR After-tax AISC Initial Capex Throughput US$2.25 per
Slide 11: What Are the Results of the 2025 PEA?
WHAT ARE THE RESULTS OF THE 2025 PEA ? SIGNIFICANT VALUE WITH LEVERAGE TO METAL PRICES PEA Pricing Spot Prices Scenario $4.35 Copper $6.15 Copper $2,500 Gold $4,500 Gold NPV (8%) – B USD $2.0 B $5.3 B IRR 20.5% 38.9% Payback – Years 4 1.35 TSX.V: ALDE | OTCQX: ADBRF Notes: Base case metal prices: $4
Slide 12: Project Timeline: Multiple Catalysts as Aldebaran Advances Altar
PROJECT TIMELINE MULTIPLE CATALYSTS AS ALDEBARAN ADVANCES ALTAR Q4 2026 Q2/Q3 2027 • Drill Results • Submit RIGI • Finalize Centauri • Mineral Application for • Pre-Feasibility Minerals Spin Altar Resource Study (PFS) Out Estimate (MRE) Q3 2026 Q1 2027 TSX.V: ALDE | OTCQX: ADBRF
Slide 13: How Does the Altar PEA Compare? Robust Economics
HOW DOES THE ALTAR PEA COMPARE? ALTAR DELIVERS ROBUST ECONOMICS Base Case Project NPV 8% (US$ MM) Project IRR (%) TSX.V: ALDE | OTCQX: ADBRF Source: Company disclosures. Note: Select comparable companies include single-asset focused copper developers with a technical study at PEA stage or further ad
Slide 14: How Does the Altar PEA Compare? Mine Life and Production
HOW DOES THE ALTAR PEA COMPARE? PEER LEADING MINE LIFE WITH STRONG PRODUCTION Mine Life (Years) Average Production (CuEq kt p.a.) Source: Company disclosures Note a: Select comparable companies include single-asset focused copper developers with a technical study at PEA stage or further advanced TSX
Slide 15: Does Aldebaran Have Upside? Trading at a Discount to Peers
DOES ALDEBARAN HAVE UPSIDE? CURRENTLY TRADING AT A DISCOUNT TO PEERS P/NAV (Consensus) EV/Total Resources (US¢/CuEq lb’s) Faraday 0.90x Marimaca ¢29.53 Trilogy 0.64x Faraday ¢22.11 Northisle Copper 0.56x Trilogy ¢10.23 Ivanhoe Electric 0.56x Ivanhoe Electric ¢9.60 Hot Chili 0.51x Northisle Copper ¢7
Slide 16: Favourable Capital Intensity
HOW DOES ALDEBARAN COMPARE TO ITS PEERS? FAVOURABLE CAPITAL INTENSITY Capital Intensity: Base Case Study NPV / Initial Capital (x) Source: S&P Capital IQ and public disclosures TSX.V: ALDE | OTCQX: ADBRF Note a: Companies include single-asset copper developers with a study at PEA stage or further ad
Slide 17: Manageable Initial Capital
HOW DOES ALDEBARAN COMPARE TO ITS PEERS? MANAGEABLE INITIAL CAPITAL Initial Capital (US$ MM) Source: S&P Capital IQ and public disclosures TSX.V: ALDE | OTCQX: ADBRF Note a: Companies include single-asset copper developers with a study at PEA stage or further advanced
Slide 18: Project Benchmarking
HOW DOES ALDEBARAN COMPARE TO ITS PEERS? PROJECT BENCHMARKING Aldebaran Maintains A Compelling Position In The Copper Developer Landscape Source: S&P Capital IQ and public disclosures TSX.V: ALDE | OTCQX: ADBRF Note a: Companies include single-asset copper developers with a study at PEA stage or fur
Slide 19: 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 20: The Copper M&A Cycle Has Begun
THE COPPER M&A CYCLE HAS BEGUN MAJORS HAVE BEEN ACTIVELY ACQUIRING ASSETS Hudbay Minerals acquires Arizona Sonoran US$1.48 B 2026 M&A Cycle In Bull Market Jiangxi Copper acquires SolGold US$1.13 B 2026 Fortescue acquires Alta Copper C$139 M 2026 Majors Buy Development Anglo American agrees deal to m
Slide 21: Investment Recap
INVESTMENT RECAP TSX.V: ALDE OTCQX: ADBRF CONTACT: Ben Cherrington, ALDEBARAN Investor Relations Manager NEWS FLOW: ONE OF THE HIGH-PROFILE COMPELLING ben.cherrington@aldebaranresources.com R E S O U R C E S MULTIPLE LOCATION IN LARGEST VALUATION & +1 347-394-2728 (N. America) UPCOMING UNDEVELOPED T
Slide 22: Appendix
APPENDIX TSX.V: ALDE | OTCQX: ADBRF
Slide 23: Case Study: Transition From Open Pit to Block Cave Underground
CASE STUDY: TRANSITION FROM OPEN PIT TO BLOCK CAVE UNDERGROUND NEWMONT’S TIER-ONE CADIA CU-AU MINE IN AUSTRALIA The largest underground mine in Australia has transitioned from open-pit to block cave mining: • 1998 – Open pit mining commenced • 2009 – Underground mining commenced • 90,000 TPD undergr
Slide 24: Opportunities to Unlock Additional Value: High-Grade Molybdenum
OPPORTUNITIES TO POTENTIAL UNLOCK ADDITIONAL VALUE HIGH-GRADE MOLYBDENUM IN BLOCK CAVES Installation of a molybdenum circuit in the later years of the mine when higher-grade molybdenum is encountered in the lower block caves. Block Caves Mo Altar Central – Upper Lift 35.38 Altar Central – Lower Lift
Slide 25: What Does the Mining Profile Show?
WHAT DOES THE MINING PROFILE SHOW? A PHASED TRANSITION FROM OPEN-PIT TO UNDERGROUND Mining Profile 90 0.90% 80 0.80% 70 0.70% 60 0.60% Cu Eq. Grade Tonnes (M) 50 0.50% 40 0.40% 30 0.30% 20 0.20% 10 0.10% - 0.00% 1 2 3 4 5 6 7 8 9 -3 -2 -1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 3
Slide 26: Production Schedule and Cash Costs
WHAT DO THE PRODUCTION SCHEDULE AND CASH COSTS SHOW? SUSTAINABLE LONG-LIFE PRODUCTION LOM CuEq Production and C1 Cash Costs Years 1-20 160,000 3.50 121,445 CuEq tonnes per annum 140,000 C1 Cash Costs – 1.71/lb Cu 3.00 C1 Cash Costs per lb payable Cu ($US) AISC – 2.25/lb Cu 120,000 2.50 100,000 Years
Slide 27: Significant EBITDA & Free Cash Flow
HOW PROFITABLE DOES THE PEA SUGGEST ALTAR IS? SIGNIFICANT EBITDA & FREE CASH FLOW EBITDA & Free Cash Flow Years 1-20 800 US$ 571 M EBITDA US$ 368 M FCF 600 per Annum 400 Years 1-30 200 US$ 522 M EBITDA (US$ M) 0 US$ 327 M FCF -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Slide 28: Why Copper? Increasing Demand and Diminishing Supply
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 29: Copper Price History
COPPER PRICE HISTORY LONG-LIFE ASSETS CAN TAKE ADVANTAGE OF SUPER CYCLES Copper production to fall short of demand by 590,000 Current tons in 2026, the biggest Super Cycle supply deficit since 20041 Chinese Super Cycle Oil Crises The deficit is expected to Super Cycle increase to even higher Asian S
Slide 30: 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
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
Slide 32: Centauri Minerals: Creating Value From Northern Argentine Assets
Centauri Minerals CREATING VALUE FROM ALDE’S NORTHERN ARGENTINE ASSETS RIO GRANDE Salta, Argentina Aldebaran to spin out it’s non-core exploration ✓ M&I – 71 MT at 0.30% Cu, properties into a Centauri Minerals 0.36 g/t Au & 3.2 g/t Ag Inf – 41 MT at 0.23% Cu, 0.28 g/t Au & 2.8 g/t Ag ✓ Best Intercep
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