Aldebaran Resources Inc · TSXV:ALDE
Aldebaran Resources — Investor Presentation (September 2026)
40 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
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
INVESTMENT HIGHLIGHTS ADVANCING A LARGE, HIGH-QUALITY COPPER PROJECT One of the largest undeveloped Robust PEA, advancing toward copper deposits globally Pre-Feasibility (PFS) in 2027 Located in San Juan, Argentina’s Proven team and strategic emerging copper hub partners, positioned to execute TSX.V
Slide 4: 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 4
Slide 5: 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 corporate 20+ years experience managing development, exploration and exploration programs throughout the strategy. Formerly with Yamana Andean Cordillera. Formerl
Slide 6: Previously Sold for ~US$487 Million
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 Stillwater Option agreement complete, significantly expands and advances the project Altar owned Aldebaran 80% / mineraliz
Slide 7: Aldebaran Has Major Financial and Strategic Backing
WHO ARE OUR PARTNERS? ALDEBARAN HAS MAJOR FINANCIAL AND STRATEGIC BACKING • San Francisco based hedge • Precious metal and PGM • Diversified miner based in fund producer based in South Australia, spun out from Africa BHP in 2015 • Largest shareholder • Aldebaran has acquired • Made two strategic • P
Slide 8: A Tightly-Held Junior with Strategic Partners
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 9: Share Price Performance Reflects Progress and Development
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 10: San Juan, Argentina: An Emerging Mining District
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 advancing projects • Quicker permitting, clear process Social lice
Slide 11: A Pro-Mining Jurisdiction Looking to Advance Projects
WHAT CHANGES ARE HAPPENING IN SAN JUAN? A PRO-MINING JURISDICTION LOOKING TO ADVANCE PROJECTS Right wing governor New administration Large copper elected 2023 pushing mining investments • First right-wing • Copper • BHP/Lundin government roundtables acquire Filo for elected in 20+ formed for San C$4
Slide 12: A New Federal Regime of Fiscal Incentives for Large Projects
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 Corp • 25% corporate tax • Exempted from
Slide 13: Lower Effective Tax Rates Than Chile and Peru
HOW DOES ARGENTINA COMPARE ON TAXES? LOWER EFFECTIVE TAX RATES THAN CHILE AND PERU TSX.V: ALDE | OTCQX: ADBRF 13
Slide 14: One of the World's Largest Copper Deposits
2024 RESOURCE ESTIMATE ONE OF THE WORLD’S LARGEST COPPER DEPOSITS Measured & ~66% of Copper pounds from the 2024 Mineral Resource Estimate Inferred Indicated are in the Measured and Indicated category 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.
Slide 15: The 4th Largest Copper Project Held by a Junior
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 Acquired by Major Mining Company in 2026 40 Copper Equivalent (B lbs) 30 20 10 0 no e i uz rg us ri s le M go s er les o l r a s ta be ta do ta ba rt tz in Ko bb Be KS b
Slide 16: 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 Notes: Base case metal prices: $4.35 Cu/lb, $2500 Au/Oz & $27
Slide 17: Open Pit Site Layout and Infrastructure
2025 PEA OPEN PIT SITE LAYOUT AND INFRATSRUCTURE Long life operation with significant copper production. Robust economics with leverage to commodity prices. 60,000 TPD throughput minimizes operational footprint Notes: For a better view of the site layout, see Aldebaran’s public investor presentation
Slide 18: Underground Block Caves & Development
2025 PEA UNDERGROUND BLOCK CAVES & DEVELOPMENT Block caving allows us to pull forward higher-grade material in the mine plan. Maintains constant CuEq production numbers. throughput at 60,000 tpd. Optionality to increase CuEq grade though molybdenum processing and infill drilling. Notes: For a better
Slide 19: Newmont's Tier-One Cadia Cu-Au Mine in Australia
CASE STUDY: TRANSITION FROM OPEN PIT TO BLOCK CAVE UNDERGROUND NEWMONT’S TIER-ONE CADIA CU-AU MINE IN AUSTRALIA The largest underground mine in Australia has transitioned from open-pit to block cave mining: • 1998 – Open pit mining commenced • 2009 – Underground mining commenced • 90,000 TPD undergr
Slide 20: Higher-Grade Molybdenum
OPPORTUNITIES TO POTENTIAL UNLOCK ADDITIONAL VALUE HIGHER-GRADE MOLYBDENUM Installation of a molybdenum circuit in the later years of the mine when higher-grade molybdenum is encountered in the lower block caves. Block Caves Mo Altar Central – Upper Lift 35.38 Altar Central – Lower Lift 150.98 Altar
Slide 21: The Mine Plan
2025 PEA THE MINE PLAN Mining Profile 90 0.90% 80 0.80% 70 0.70% 60 0.60% Cu Eq. Grade Tonnes (M) 50 0.50% 40 0.40% 30 0.30% 20 0.20% 10 0.10% - 0.00% -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Years OP Miner
Slide 22: Production Schedule
2025 PEA PRODUCTION SCHEDULE LOM CuEq Production and C1 Cash Costs Years 1-20 160,000 3.50 121,445 CuEq tonnes per annum 140,000 3.00 C1 Cash Costs – 1.71/lb Cu AISC – 2.25/lb Cu C1 Cash Costs per lb payable Cu ($US) 120,000 2.50 100,000 Years 1-30 CuEq tonnes 2.00 116,294 CuEq tonnes per 80,000 ann
Slide 23: EBITDA & Free Cash Flow
2025 PEA 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 per Annum 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 1 2 3
Slide 24: How Does the Altar PEA Compare?
HOW DOES THE ALTAR PEA COMPARE? ALTAR DELIVERS ROBUST ECONOMICS Base Case Project NPV 8% (US$ MM) Project IRR (%) Source: Company disclosures. Note: Select comparable companies include single-asset TSX.V: ALDE | OTCQX: ADBRF focused copper developers with a technical study at PEA stage or further ad
Slide 25: Peer Leading Mine Life with Strong 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 26: Currently 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 27: 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 Note a: Companies include single-asset copper developers with a study at PEA stage or further advanced TSX.V: ALDE | OTCQX:
Slide 28: 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 Note a: Companies include single-asset copper developers with a study at PEA stage or further advanced TSX.V: ALDE | OTCQX: ADBRF
Slide 29: 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 Note a: Companies include single-asset copper developers with a study at PEA stage or further advanced TSX.V: ALDE |
Slide 30: Copper Projects Often Become More Valuable When Derisked
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 31: 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 Resource Application for • Pre-Feasibility Altar Minerals Spin Estimate (MRE) Study (PFS) Out Q3 2026 Q1 2027 TSX.V: ALDE | OTCQX: ADBRF 31
Slide 32: Altar Has a Large Land Package with Blue Sky Potential
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 33: Additional Mineralization Provides Optionality
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 34: How Aldebaran Created Value from Its Non-Core Assets
Centauri Minerals HOW ALDEBARAN CREATED VALUE FROM ITS NON-CORE ASSETS RIO GRANDE Aldebaran span out it’s non-core exploration Salta, Argentina properties into Centauri Minerals Inc., on August ü M&I – 71 MT at 0.30% Cu, 27, 2026. Centauri shares were distributed to 0.36 g/t Au & 3.2 g/t Ag Inf – 41
Slide 35: Contributing to Sustainable Development
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 36: 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 Source : S&P Global, USGS, University
Slide 37: 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$139 M 2026 Majors Buy Development Anglo American agrees deal to m
Slide 38: Created Significant Value and Executed the Business Plan
WHAT DID WE DO WITH ANTARES MINERALS? CREATED SIGNIFICANT VALUE AND EXECUTED THE BUSINESS PLAN Sold Antares to First Quantum for US$ 650 M TSX.V: ALDE | OTCQX: ADBRF 38
Slide 39: 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 40: Investment Recap
INVESTMENT RECAP TSX.V: ALDE OTCQX: ADBRF CONTACT: Ben Cherrington, NEWS FLOW: ONE OF THE HIGH-PROFILE COMPELLING Investor Relations Manager MULTIPLE LARGEST LOCATION IN TOP VALUATION & ben.cherrington@aldebaranresources.com +44 7538 244 208 UPCOMING UNDEVELOPED CU- MINING STRATEGIC CATALYSTS AU ASS
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