Lara Exploration Ltd. · TSXV:LRA
Lara Exploration — Investor Presentation (October 2025)
30 slides from Lara Exploration's investor presentation, October 2025
Slide 1: Developing Brazil's Next Copper Mine
Sy Lara \, exploration Developing Brazil’s Next Copper Mine October 2025 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 News release Lara Reports Results of Preliminary Economic Assessment for its Planalto Copper-Gold Project, 21/10/2025. contains Non IFRS Financial Performance Measures “All-in Sustaining Costs”, “Total Site Costs”, “Total Adjusted Operati
Slide 4: Flagship Project - Planalto
Liberdade Itaituba — e Fofoca South —@ ;— Celesta Fertec Alli Allpa P o Kenita ——e ‘aa! s & Planalto Picha Bifox 4d Copper-Gold Mine Development in Brazil Mining-Friendly Jurisdiction Well-established mining district with supportive local authorities. Proven mine-permitting record New mines- Ero Cop
Slide 5: Why Para, Brazil?
Why Para, Brazil? Planalto * Agriculture and mining dominate the local economy. * Politically supportive of mining, with the revenues shared locally (State, Municipality and Landowners). * Clear and proven permitting process with state level project approvals. ° Secretariat of Environment and Sustai
Slide 6: Carajas Infrastructure
Carajas Infrastructure BRAZIL * 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 { [esi or} Ane ~ z tox 4 _A| Baracarena Port significant copper mines, b
Slide 7: Project Location
Project Location coum PS Serra Norte (Fe) . 36% Fe (Resources) oOo >) CA Celesta BRAZIC 2 (cuau) / Curionépolis L— © carsjés Parauapebas ‘Substation Airport 6 Neo Antas North . — Highway BRAZIL (cuAu) Ne -@- High Tension Power line \S @ Mine / Deposit C~ Planalto Deposit 2 (cuau) $11D (Fe) 6% Fe (Re
Slide 8: Deposits and Targets Map
Planalto Deposits and Targets Map =» / © Drillholes 28,273m in 92 DH HE Cu in soil (>284ppm) DIVISA PLANALTO [J Licenses total 4,211.87 Ha TARGET a me DEPOSIT [) Targets/Deposits ) “> Power line = z ~, — Highway r : ‘ Gravel road HIGHWAY WwW TARGET — HIGHWAY E ~~ = TARGET @ Planalto Deposit tas au)
Slide 9: PEA Pit
Planalto PEA Pit (Stable design) i — [1.5,ceEILinc) ‘Sy Lara exploration LARA EXPLORATION | TSXV: LRA PLANALTO PRESENTATION \,
Slide 10: Long Section
Planalto Long Section Section 636986 E hia (0.15,0.2) (0.2,0.25) (0.25,0.3) 304 406) ps1 100m “55 Long section S-N looking W, showing Block Model cells >0.16% CuEq| ‘Sy Lara exploration 10 LARA EXPLORATION | TSXV: LRA PLANALTO PRESENTATION &
Slide 11: Mining
Planalto Mining SIMPLE MINING “t Pre-strip - 16.2 Mt. RoM + Silica Cap - 5m benches, 40t trucks, 3.7 m3 excavators. Waste - 10m bench, 100t trucks, 15 m3 excavators. Dilution - 7% dilution (0.16% CuEq), 2% mining loss. Low Grade Stockpile - 13mt (0.18-0.19% CuEq), processed at end. Strip Ratio - 2es
Slide 12: Metallurgy
Planalto Metallurgy SIMPLE PROCESSING “2 + Crush - 8 Mtpa, Hard Ore 18.5-20.0 kWhi/t. + Grind — SAG Mill + 2x Ball Mill (P80 of 75 um). + Float. - Chalcopyrite + Gold. Regrind section. + Pyrite - Option to recover pyrite to separate stream. + Recovery - Cu- 90.9% Au 51.1%. QUALITY CHALCOPYRITE CONCE
Slide 13: Process Flowsheet
Planalto Process Flowsheet ROM «Uh As Needed- Pyrite Cleaner | Scavenger cleaner-scavenger | Fidat x2 Tiries Grind-SAG Grind-Ball Mills x2 SIMPLE FLOWSHEET + Industry Standard - Recovering only chalcopyrite, diverting pyrite to tails. + OEM Equipment - Major equipment specification and design. Metso
Slide 14: PEA: General Layout
Planalto PEA: General Layout \ We || iting power ines 2308 LE Proposed 1380 power ne (PEA option 2) DS00KV, Licenses Mining infrastructure — Existing power tines ==" Proposed power line a) * ‘aungoum > ec) INFRASTRUCTURE BENEFITS 4km from highway and power lines Flat-lying, with year-round access 10
Slide 15: Tailings
Planalto Tailings TAILINGS STORAGE FACILITY OPTIONS *2 + Studies - 2x studies, various options. a ‘South Central Discharge ‘Storage Volume Total | 91.1 Nim’ Paddock Storage 645m? Volume (Thickened ‘Slurry Talings) ETD Storage Volume | 26.6 Nim? (Paste Thickened ‘alings) Embankment Volume | 13.5 Nim?
Slide 16: Production
Planalto Production 40 45 0.40% 0.43% 0.42% LoM: Cu- 560 kt (1.2B Ib) * Au- 111 koz 30 120kt pa concentrate 28% Process LG stockpile 2 25 = s 45% 0.46% 0.50% 0.46% | a6 3696 042% 0 aise 5 Yr.1-6: Cu 36 ktpa (79M Ib) S 2% 0 E 3 g Au- 7.2 koz pa = os0x C2) 0.46% 0.49% £ 15 Et Concentrate trucked 680 k
Slide 17: CAPEX & OPEX
Planalto CAPEX & OPEX CALara OPEX *2 Description Unit Cost CAPEX 72 Initial Sustaining| Total Mining USS/t ex-pit 3.04 (uss) (US$) (uss) Mining USS/t processed 8.34 Mining Pre-Strip 28.5 = 28.5 Processing USS/t processed 7.66 Processing Plant 238.5 85.9 324.4 Tailings USS$/t processed 0.13 Tailing M
Slide 18: PEA Financial
Planalto PEA Financia *2- Planalto PEA , Lara news release 21/10/2025 *3 Non IFRS financial performance measures See note 3 18 ORATION | TSXV: LRA PLANALTO PRESEN 2) Key Unit Costs *? Discount Unit NPV 8% Pos Tax Sensitivity Total site costs*? 2.14 Rate to Discount Rate *? Government royalties USS/I
Slide 19: Recent Milestones & Path to Production
19 Recent Milestones & Path to Production Acquire Fi Construction Atlantica Submit | File mining | concession — : 4G Mining Advancement _ extension , Geass concession __ LI Submission Permitting Initial Production Hire CLAM for Finish EIA/RIMA and EIA/RIMA Mining Application start prep LP Concession
Slide 20: Exploration Opportunities
Exploration Opportunities - DIVISA PLANALTO " Oo /¢ TARGET oa ) we DEPOSIT | MAIN PIT HOMESTEAD HIGHWAY W aa! SODRE TARGET TARGET — HIGHWAY E TARGET 3 _|siuica Po DEPOSIT VILA. PLANALTO In and Near Pit Exploration + Measured and Indicated Resources — Infill drilling to increase resource confidence.
Slide 21: Outstanding Development Attributes
Outstanding Development Attributes This project has all the characteristics necessary for successful development Located in the Carajas, a well-established mining district, building new mines. Supportive government that is pro foreign investment/mining. Permitting track record Favourable fiscal and
Slide 22: Shareholder Capital
Shareholder Capital Common Shares Management and Directors 19.2% Share Price (Close Oct 20, 2025) c$ 2.59 29.8% Cash (2 2025 filing) C$M 3.80 Shares O/S M 50.50 Options M 2.70 Market Cap C$M 130.80 Adrian Day Asset. Management 19.5% Family Offices 22.7% EuroPacific Gold Fund 8.9% and Directors own 1
Slide 23: Management Team
Management Team MILES THOMPSON (CHAIRMAN) Lara Exploration founder with +30 years in global mineral exploration. Co-Founder and Chairman of Reservoir Minerals. Prior to Lara, was Manager Business Development for Gold Fields Exploration, working on acquisitions and JVs in South America, E. Europe, th
Slide 24: 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 Freepo
Slide 25: Global Copper Discoveries
Global Copper Discoveries Copper Discoveries & Exploration Budgets (1990-2023) Lara Team Discovery & Liberdade Lara Team Discovery 180 5,000 & Cukaru Peki March 2013 ; 197m @ 0.72% CuEq soo Lara Team Discovery 160 July 2012 : mz 266m @ 1.23% CuEq > Celesta 140 Production 2021 4,000 “hume 2015 56m @
Slide 26: Largest Copper Discoveries, 2014 - 2023
10 largest Copper Discoveries, 2014 - 2023 Discovery Year” Discovered by Country Sha past production (metre tons) Kamoa-Kakula (Kakula) 2014 Ivanhoe Mines DRC 19.30.47 (ls Western Foreland 2017 Ivanhoe Mines DRC 4,959,000 J) Encierro 2014 Antofagasta PLC Chile 3,400,000 Cachorro 2015 Antofagasta PLC
Slide 27: Copper
Copper Record Size Structural Deficits Fast Approaching kt 36000 === Refined copper supply 34000 === Copper demand 30000 SST er Projected deficit 28000 ©,©' in 2035: 9.9mt! 26000 a iin Potential for Planalto to Deliver Feasibility, Permitting, Financing > into Projected Copper Deficit 22000 Definiti
Slide 28: Resource Estimate
Planalto Resource Estimate Main Indicated 47.7 0.53 0.06 0.56 253 557 92 Mineralization —_|nferred 77.7 0.51 0.06 0.54 396 874 150 Host Rock | Inferred 76.3 02 0.03 0.22 153 336 74 Mineralization rota jinicstea | 47.70.68] 0.06] ose] 289] 587/92 jinfered | 1540) 0.36) 0.04) one] sao) 1210) 223.5) No
Slide 29: For more information please contact
Sy Lara \, exploration —Tsxv: LRA For more information please contact: Christopher Macintyre Vice President, Corporate Development Suite 414, 100 Richmond Street West Toronto, Ontario M5H 3K6, Canada Phone: +1 416-703-0010 Fax: +1 416-964-0823 Or visit us online at: www.laraexploration.com
Slide 30: Level plan view
Leve 80 120m Below Surface Planalto 4) 200m Plan view, showing Block Model cells >0.16% CuEq ‘Sy Lara exploration 30 LARA EXPLORATION | TSXV: LRA PLANALTO PRESENTATION &
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