The Cactus Project is a brownfield copper development project owned by Arizona Sonoran Copper Company Inc. (“ASCU”) near the city of Casa Grande, Arizona. The Cactus Project encompasses an extensive land package of approximately 5,720 acres, which includes the Parks/Salyer deposit and the Cactus East and Cactus West deposits. The Project is located on private land and is close to significant infrastructure including paved roads, railways and grid power.

On August 7, 2024, ASCU announced the results of a Preliminary Economic Assessment (PEA) for the Cactus Project. The project is envisioned to have two open pit mines, Cactus West and Parks/Salyer, and a sublevel cave underground mine, Cactus East, with ore being processed via heap leach and solvent extraction/electro-winning. On October 15, 2024, ASCU announced it had initiated a Pre-Feasibility Study for the Cactus project that is expected to be completed in the second half of 2025.

As per the 2024 PEA, the Cactus Project is forecasted to generate average annual copper production of 172 million pounds per year over the 31-year mine life, with an average of 232 million pounds per year over the first 20 years of operation. ASCU is currently targeting first cathode production in 2028/2029. Work underway to achieve this timeline includes completion of a Pre-Feasibility Study and amendments to permitting in 2025, completion of a definitive feasibility study and construction decision in 2026, followed by a construction period of 18 to 24 months.