Aldebaran Resources Inc · TSXV:ALDE
Aldebaran Resources — Investor Presentation (November 2025)
39 slides from Aldebaran Resources's investor presentation, November 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 November 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 PEA Reports 48 Year Mine Undeveloped Copper Life, After Tax NPV (8%) of Deposits In The World US$2 Billion, and 20.5% IRR Located In An Emerging Right Management Team & Hotbed For Copper Partners To Exec
Slide 4: What's Our Business Model?
WHAT’S OUR BUSINESS MODEL? A MANAGEMENT TEAM WITH A CLEAR PLAN AND SUCCESSFUL RECORD TSX.V: ALDE | OTCQX: ADBRF 4
Slide 5: Who Are We? A Core Management Team
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 6: 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 7: 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 8: 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 (Nov 1, 2025) C$3.68 Market capitalization C
Slide 9: How Has the Stock Performed?
HOW HAS THE STOCK PERFORMED? SHARE PRICE PERFORMANCE REFLECTS PROGRESS AND DEVELOPMENT $4.50 1,200,000 Aldebaran made the OTCQX50 for 2024 and 2025: a ranking of the top performing companies on the OTCQX Market based on $4.00 total annual return and average Aldebaran reports PEA daily dollar volume
Slide 10: What Is the Transaction With Nuton?
WHAT IS THE TRANSACTION WITH NUTON? OPTION AGREEMENT THAT FUNDS ALDEBARAN WELL INTO THE FUTURE Transaction • Aldebaran grants Nuton an option to acquire a 20% interest in the Altar project Consideration • US$ 250 M in total payments üUS$ 10 M – Signing Payment (COMPLETE) üUS$ 20 M – Mineral Resource
Slide 11: 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 12: 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 13: 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 14: 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 14
Slide 15: 2024 Resource Estimate
2024 RESOURCE ESTIMATE ONE OF THE WORLD’S LARGEST COPPER DEPOSITS Measured & ~66% of Copper pounds from the 2024 Mineral Resource Inferred Indicated Estimate 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 16: Altar PEA, October 2025 Financial Metrics
ALTAR PEA, OCTOBER 2025 FINANCIAL METRICS Metric Unit Base Case Metal Prices Spot Metal Prices Mine Life Years 48 48 After Tax NPV - 8% M USD 2,009 3,336 IRR % 20.5% 28.0% Payback Period Years 4 2.22 LOM Gross Revenue M USD 44,738 53,163 LOM Free Cash Flow M USD 10,632 15,766 Initial Capex M USD 1,5
Slide 17: Open Pit Site Layout and Infrastructure
ALTAR PEA, OCTOBER 2025 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 invest
Slide 18: Underground Block Caves & Development
ALTAR PEA, OCTOBER 2025 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. Not
Slide 19: 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 20: Opportunities to Unlock Additional Value: 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: Production Schedule
ALTAR PEA, OCTOBER 2025 PRODUCTION SCHEDULE 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 1-30 CuEq tonnes 2.00 116,294 CuEq tonnes
Slide 22: EBITDA & Free Cash Flow
ALTAR PEA, OCTOBER 2025 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 26 27 28 29 30 31 32 33 34 35 36
Slide 23: The Mine Plan
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% 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 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Years OP Mineralized Ma
Slide 24: Nuton Case
ALTAR PEA, OCTOBER 2025 NUTON CASE Nuton Case Relative to Base Metric Base Case Case (+/- %) After Tax NPV - 8% (M USD) 2,009 -4.3% Gross Revenue - LOM (M USD) 44,738 -16.9% Free Cash Flow - LOM (M USD) 10,679 +7.3% Recovered Copper - LOM (M lb) 9,420 -9.3% Recovered Gold - LOM (M Oz's) 1.24 -100.0%
Slide 25: Centauri Minerals
Centauri Minerals CREATING VALUE FROM ALDE’S NORTHERN ARGENTINE ASSETS RIO GRANDE Salta, Argentina Aldebaran to spin out it’s non-core exploration ü 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 ü Best Intercep
Slide 26: 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 Centauri Minerals Go Public Event PFS TSX.V: ALDE | OTCQX: ADBRF 26
Slide 27: Where Does Altar Rank in Size?
WHERE DOES ALTAR RANK IN SIZE? THE 5TH LARGEST COPPER PROJECT HELD BY A JUNIOR 94 67 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.” 40 Taylor Combaluzier, VP & Min
Slide 28: 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 40 See press release dated
Slide 29: 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 30: 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) 750 600 400 200 420 250 0 Nuton Acquisition Altar Implied ALDE Interest In Final Nuton Cash ALDE Implied ALDE Market Cap Cost (20%) Valuation (100%) Altar (60%)
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: The Copper M&A Cycle Has Begun
THE COPPER M&A CYCLE HAS BEGUN MAJORS HAVE BEEN ACTIVELY ACQUIRING ASSETS Anglo American agrees deal to merge with Teck Resources US$53 B 2025 M&A Cycle In Bull Market BHP and Lundin Mining acquire Filo Corp C$4.1 B 2024 MACH Metals acquires Rex Minerals A$393 M 2024 Majors Buy Development BHP makes
Slide 37: What Did We Do With Antares Minerals?
WHAT DID WE DO WITH ANTARES MINERALS? CREATED SIGNIFICANT VALUE AND EXECUTED THE BUSINESS PLAN Sold Antares to First Quantum for US$ 650 M TSX.V: ALDE | OTCQX: ADBRF 37
Slide 38: 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 39: 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
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