Chilean Cobalt Corp. Announces Memorandum of Understanding With Subsidiary of Key Mining Corp, for Long-Term Desalinated Water Supply to Support Responsible Development of La Cobaltera and El Cofre Projects

About this update from Chilean Cobalt Corp.

BERWYN, PA / ACCESS Newswire / July 6, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") announces that it has entered into a Memorandum of Understanding ("MOU") with Gold Express Mines SpA, a subsidiary of Key Mining Corp., a U.S.-based critical minerals company active in Chile, to progress discussions for a long-term desalinated water supply agreement supporting the development of the Company's La Cobaltera and El Cofre projects in northern Chile. The MOU highlights the strategic importance of securing long-term water infrastructure in Chile's Atacama Desert, one of the driest regions in the world and a top global mining jurisdiction. Reliable access to desalinated seawater is a critical enabling factor for the development of large-scale mining projects in the region and represents a key milestone and strategic objective for the continued responsible development of the Company's cobalt-copper assets. The contemplated water supply would be sourced from the proposed Cerro Blanco Water seawater reverse osmosis (SWRO) desalination project located in the Huasco coastal area, approximately 30 kilometers from Chilean Cobalt's projects. Importantly, the project has advanced several early development milestones, including an approved Environmental Impact Statement (EIS), and progress on easements, pipeline permitting, and mining concessions supporting project development. Maritime concession applications have been declared admissible, with regulatory approval anticipated in 2026. The desalination project is expected to have an authorized capacity of approximately 440 liters per second and is designed to serve mining and broader regional water demand. Under the MOU, Chilean Cobalt is expected to secure a long-term allocation of desalinated water under a definitive agreement, with volumes intended to support the phased development of the La Cobaltera and El Cofre projects. The contemplated arrangement is expected to include customary commercial terms for infrastructure-based water supply agreements in Chile, including defined delivery points, take-or-pay structure, and standard allocations of construction, operational, and connection responsibilities between the parties; however, specific terms remain subject to negotiation and agreement in definitive documentation. The non-binding agreement is structured to provide a framework for long-...

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