Lara Exploration Ltd. · TSXV:LRA
Lara Exploration — Investor Presentation (May 2026)
31 slides from Lara Exploration's investor presentation, May 2026
Slide 1: Creating Value Through Discovery in South America
CREATING VALUE THROUGH DISCOVERY IN SOUTH AMERICA CORPORATE PRESENTATION MAY 2026 TSXV: LRA
Slide 2: Forward-Looking Statement-1
Forward-Looking Statement-1 Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “antic
Slide 3: Forward-Looking Statement-2
Forward-Looking Statement-2 Note 3- The 43.101 Planalto PEA report, Effective Date: October 15th, 2025 contains certain non IFRS financial performance measures (including “All-in Sustaining Costs”, “Total Site Costs”, “Total Adjusted Operating Costs”, “Average Annual Net Revenue”, “Average Annual Fr
Slide 4: Copper-Gold Mine Development in Brazil
Copper-Gold Mine Development in Brazil Liberdade Mining-Friendly Jurisdiction Flagship Project - Planalto Itaituba Well-established mining district with supportive Celesta 100%-owned open pit copper-gold project Fofoca South local authorities. Fertec PEA Nov. 2025*2,*3 8Mtpa, 36ktpa copper productio
Slide 5: Why Pará, Brazil?
Why Pará, Brazil? Planalto ❖ Agriculture and mining dominate the local economy. ❖ Politically supportive of mining, with the revenues shared locally (State, Municipality and Landowners). STATE OF PARÁ ❖ Clear and proven permitting process with state level project approvals. ❖ Secretariat of Environm
Slide 6: Carajás Infrastructure
Carajás Infrastructure N B R A Z I L ❖ World class mining district, home to Vale’s main iron ore operations, in addition to copper, gold, nickel and manganese production. Belém Port ❖ Vale, BHP and Ero Copper operate the four existing Baracarena Port significant copper mines, but there are several o
Slide 7: Project Location
Project Location Parauapebas, Rail Station DISTANCE TO MINES Antas North Serra Norte (Fe) 2.6Mt @ 1.2% Cu 15 km 1.7 Bt @66% Fe (Resources) Celesta BHP BRA I L (Cu,Au) Pedra Branca 5Mt @ 2.1% Cu 38 km Carajás Parauapebas Curionópolis Substation 275 Curionópolis Sossego 32 km 159.4Mt @ 0.88% Cu Airpor
Slide 8: Planalto Deposits and Targets Map
Planalto Deposits and Targets Map Drillholes 28,273m in 92 DH Cu in soil (>284ppm) DIVISA Licenses total 4,211.87 Ha PLANALTO TARGET Targets/Deposits DEPOSIT Power line Highway Gravel road MAIN PIT SODRE HIGHWAY W TARGET TARGET HIGHWAY E SILCA CAP PIT TARGET JB TARGET SILCA CAP DEPOSIT VILA PLANALTO
Slide 9: PEA Pit
Planalto PEA Pit 1,500m 500m MAIN PIT SILICA CAP N W E (STABLE DESIGN) SECTION 636986 E 9 LARA EXPLORATION | TSXV: LRA | CREATING VALUE THROUGH DISCOVERY IN SOUTH AMERICA
Slide 10: Planalto Long Section
Planalto Long Section S N 100m SECTION 636986 E Long section S-N looking W, showing Block Model cells >0.16% CuEq 10 LARA EXPLORATION | TSXV: LRA | CREATING VALUE THROUGH DISCOVERY IN SOUTH AMERICA
Slide 11: Mining
Planalto Mining SIMPLE MINING *2 Mining Units Value ❖ Pre-strip - 16.2 Mt. Mining Yr.1-8 (ore + waste) Mt/yr 20 Peak mining rate (ore + waste) Mt/yr 35 ❖ RoM + Silica Cap - 5m benches, 40t trucks, 3.7 m3 excavators. Peak processing Mt/yr 8 ❖ Waste - 10m bench, 100t trucks, 15 m3 excavators. LoM ❖ Di
Slide 12: Metallurgy
Planalto Metallurgy SIMPLE PROCESSING *2 ❖ Crush - 8 Mtpa, Hard Ore 18.5-20.0 kWh/t. ❖ Grind – SAG Mill + 2x Ball Mill (P80 of 75 µm). ❖ Float. - Chalcopyrite + Gold. Regrind section. ❖ Pyrite - Option to recover pyrite to separate stream. ❖ Recovery - Cu- 90.9% Au 51.1%. QUALITY CHALCOPYRITE CONCEN
Slide 13: Process Flowsheet
Planalto Process Flowsheet SIMPLE FLOWSHEET • Industry Standard - Recovering only chalcopyrite, diverting pyrite to tails. • OEM Equipment - Major equipment specification and design. Metso - Milling and crushing, FLS - Flotation and thickening, Andritz - Concentrate Filter Presses, Weir – Slurry Pum
Slide 14: PEA: General Layout
Planalto PEA: General Layout PROPOSED 138kV POWER LINE EXISTING POWER LINES (PEA OPTION 2) 230Kv FRESHWATER POND INFRASTRUCTURE BENEFITS 500Kv MINING ADMINISTRATION CONTRACTOR INFRASTRUCTURE ❖ 4km from highway and power lines PA-160 PYRITE DAM PROCESSING ❖ Flat-lying, with year-round access PLANT LO
Slide 15: Tailings
Planalto Tailings TAILINGS STORAGE FACILITY OPTIONS *2 ❖ Studies - 2x studies, various options. ❖ Conventional design - Slurry tailings, flat area more challenging. ❖ High Rainfall - Dry stack not so suitable. ❖ Thickened paste - Good option used at Vale's nearby Sossego copper mine, viewed favourab
Slide 16: Production
Planalto Production 40 45 LoM: Cu- 560 kt (1.2B lb) 0.46% 40 35 0.45% 0.47% Au- 111 koz 30 0.47% 35 120kt pa concentrate 28% 0.42% Process LG 30 stockpile Yr.1-6: Cu 36 ktpa (79M lb) Cu in concentrate (kt) 25 Au- 7.2 koz pa Mined (Mt) 0.52% 0.52% 25 0.56% 0.51% 0.46% 0.45% 0.47% 20 0.42% 0.40% 20 Co
Slide 17: CAPEX & OPEX
Planalto CAPEX & OPEX CAPEX *2 Initial Sustaining Total OPEX *2 (US$ M) (US$ M) (US$ M) Description Unit Cost Mining US$/t ex-pit 3.04 Mining Pre-Strip 28.5 -- 28.5 Mining US$/t processed 8.34 Processing Plant 238.5 85.9 324.4 Processing US$/t processed 7.66 Tailing Management Facility 13.1 62.1 75.
Slide 18: Initial CAPEX & OPEX
Initial CAPEX & OPEX OPEX CAPEX CAPEX US$ M % 9% 1% $1.62 Pre-Strip 28.5 5% $0.13 Plant 238.5 44% Tailings 13.1 2% Water 15.0 3% $546 Infrastructure 28.3 5% $17.75 47% $8.34 Power 20.6 4% per tonne million Construction 29.5 5% 43% produced EPCM 47.3 9% $7.66 Owners 33.7 6% Costs Contingency 90.9 17%
Slide 19: Financial Metrics
Planalto Financial Metrics Key Unit Costs *2 Total site costs*3 2.14 Post tax NPV Sensitivity to Discount Rate Government royalties US$/lb Cu 0.08 Discount NPV (US$ million) Total adjusted operating costs*3 payable 2.54 Rate All in sustaining costs*3 2.70 6% 495 8% 378 Capital Costs 10% 284 Initial
Slide 20: Recent Milestones & Path to Production
Recent Milestones & Path to Production MRE PEA PFS Study FS Study Construction Production Acquire Atlantica PAE Mining Licence (Brazil) concession H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2024 2025 2026 2027 2028 2029 2030 2031 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 360 Days 180 Days 180 Days Hire CLAM LP Applica
Slide 21: Exploration Opportunities
Exploration Opportunities In and Near Pit Exploration • Measured and Indicated DIVISA Resources – Infill drilling to PLANALTO TARGET increase resource confidence. DEPOSIT • Identify new mineralisation in pit – Increase RoM feed MAIN PIT tonnage, reduce strip ratio. SODRE HIGHWAY W TARGET TARGET Pit
Slide 22: Outstanding Development Attributes
Outstanding Development Attributes This project has all the characteristics necessary for successful development Located in the Carajás, a well-established Municipalities with experienced mining district, building new mines. & available labour force. Supportive government that is pro foreign Discove
Slide 23: Shareholder Capital
Shareholder Capital Management and Directors own 17% 17% 23% Management & Directors Float Common Shares 16% Share Price (Close May 6, 2026) C$ 4.00 Adrian Day Asset Management Cash (May 2026) C$M 33.5 15% Family Shares O/S M 62.0 Offices 7% EuroPacific Options M 2.7 15% 7% Gold Fund Atalaya Institut
Slide 24: Management Team
Management Team MILES THOMPSON SIMON INGRAM MICHAEL BENNELL CHRISTOPHER CHAIRMAN PRESIDENT, CEO, AND VP, EXPLORATION MACINTYRE DIRECTOR VP, CORPORATE DEVELOPMENT ❖ Lara Exploration founder with +30 ❖ +40-year track record with years in global mineral exploration. ❖ +25 years in the resource industry
Slide 25: Cukaru Peki Discovery in Serbia
Cukaru Peki Discovery in Serbia CO-FOUNDED RESERVOIR MINERALS Simon, Miles, and Chris co-founded Reservoir Minerals (TSXV: RMC), listed January 2011 at C$0.65 per share with a ~C$13M Market Cap. COPPER-GOLD DISCOVERY MADE The Cukaru Peki copper-gold discovery made with JV funding from Freeport MacMo
Slide 26: Global Copper Discoveries
Global Copper Discoveries Copper Discoveries & Exploration Budgets (1990-2023) Lara Team Discovery Major Copper Discoveries (1990-2023) Lara Team Discovery Liberdade 180 5,000 10 Cukaru Peki March 2013 197m @ 0.72% CuEq Lara Team Discovery 4,500 160 July 2012 266m @ 1.23% CuEq. Celesta Production 20
Slide 27: 10 Largest Copper Discoveries, 2014-2023
10 largest Copper Discoveries, 2014 - 2023 Discovery Copper in reserves, resources Discovery Discovered by Country Year and past production (metric tons) Kamoa-Kakula (Kakula) 2014 Ivanhoe Mines DRC 19,840,147 Western Foreland 2017 Ivanhoe Mines DRC 4,959,000 Encierro 2014 Antofagasta PLC Chile 3,40
Slide 28: Copper
Copper Record Size Structural Deficits Fast Approaching Refined copper supply Copper demand Peak copper supply is approaching Projected deficit Operation in 2035: 9.9Mt1 Construction Potential for Planalto to Deliver Feasibility, Permitting, Financing into Projected Copper Deficit Definition, PEA, P
Slide 29: Planalto Resource Estimate
Planalto Resource Estimate Zone Resource Resource Cu Grade Au Grade Equivalent Cu Cu Au Category (Mt) (%) (g/t) Cu (%) (Kt) (M lbs) (Koz) Main Indicated 47.7 0.53 0.06 0.56 253 557 92 Mineralization Inferred 77.7 0.51 0.06 0.54 396 874 150 Host Rock Inferred 76.3 0.2
Slide 30: Contact
CONTACT Christopher MacIntyre Vice President, Corporate Development Suite 414, 100 Richmond Street West Toronto, Ontario M5H 3K6, Canada Phone: +1 416-703-0010 Email: chris@laraexploration.com Fax: +1 416-964-0823 www.laraexploration.com TSXV: LRA 30 LARA EXPLORATION | TSXV: LRA | CREATING VALUE THR
Slide 31: LARA EXPLORATION | TSXV: LRA | CREATING VALUE THROUGH DISCOVERY IN SOUTH AMERICA
31 LARA EXPLORATION | TSXV: LRA | CREATING VALUE THROUGH DISCOVERY IN SOUTH AMERICA