ALTAR PROJECT JV

OVERVIEW

The Altar copper-gold project hosts a cluster of poprhyry deposits in Argentina which Aldebaran has identified as an opportunity to re-explore and later deliver to the rising copper market.

	Status	New 2021 Mineral Resource Estimate See News Mar 22, 2021 2020/2021 Drill Season Complete. See the results below:	Aldebaran Intercepts 63 m of 0.94% CuEq and 584 m of 0.52% CuEq in Hole ALD-21-217 at the Altar Project See News June 15, 2021	Aldebaran Intercepts 111 m of 1.4% CuEq Within 333.1 m of 0.86% CuEq, And Also Within 629 m of 0.61% CuEq in Hole QDM-21-42 at Altar [See News July 13, 2021](https://aldebaranresources.com/site/assets/files/5746/2021_jul_13_press_aldebaran_intercepts_111_m_of_1_4_cueq_within_333_1_m_of_0_86_cueq-.pdf)
Geology	A cluster of Cu-Au porphyries Also contains Ag and Mo Geological-Structural Model See News Jan 19, 2021	A cluster of Cu-Au porphyries Also contains Ag and Mo Geological-Structural Model See News Jan 19, 2021	A cluster of Cu-Au porphyries Also contains Ag and Mo Geological-Structural Model See News Jan 19, 2021	A cluster of Cu-Au porphyries Also contains Ag and Mo Geological-Structural Model See News Jan 19, 2021	A cluster of Cu-Au porphyries Also contains Ag and Mo Geological-Structural Model See News Jan 19, 2021
Location	San Juan Province, Argentina 10km from Chile-Argentina border 180km from city of San Juan	San Juan Province, Argentina 10km from Chile-Argentina border 180km from city of San Juan	San Juan Province, Argentina 10km from Chile-Argentina border 180km from city of San Juan	San Juan Province, Argentina 10km from Chile-Argentina border 180km from city of San Juan	San Juan Province, Argentina 10km from Chile-Argentina border 180km from city of San Juan
Nearby Mines	Pelambres Cu Mine (Antofagasta Minerals) El Pachon Cu Mine (Glencore Xstrata) Los Azules Cu Mine (McEwen Mining)	Pelambres Cu Mine (Antofagasta Minerals) El Pachon Cu Mine (Glencore Xstrata) Los Azules Cu Mine (McEwen Mining)	Pelambres Cu Mine (Antofagasta Minerals) El Pachon Cu Mine (Glencore Xstrata) Los Azules Cu Mine (McEwen Mining)	Pelambres Cu Mine (Antofagasta Minerals) El Pachon Cu Mine (Glencore Xstrata) Los Azules Cu Mine (McEwen Mining)	Pelambres Cu Mine (Antofagasta Minerals) El Pachon Cu Mine (Glencore Xstrata) Los Azules Cu Mine (McEwen Mining)
3 Mineralization Zones (To Date)	Altar East Altar Central QDM-Radio Porphyry	Altar East Altar Central QDM-Radio Porphyry	Altar East Altar Central QDM-Radio Porphyry	Altar East Altar Central QDM-Radio Porphyry	Altar East Altar Central QDM-Radio Porphyry
Option Agreement	The commitment of Aldebaran to carry the next US$30 million of expenditures on Altar over five years (inclusive of 2018 drilling that was conducted between February and May 2018) to earn 60% in the Altar project. An option granted to Aldebaran to earn an additional 20% in the Altar project by spending an additional US$25 million over a three-year period following the initial earn-in.	The commitment of Aldebaran to carry the next US$30 million of expenditures on Altar over five years (inclusive of 2018 drilling that was conducted between February and May 2018) to earn 60% in the Altar project. An option granted to Aldebaran to earn an additional 20% in the Altar project by spending an additional US$25 million over a three-year period following the initial earn-in.	The commitment of Aldebaran to carry the next US$30 million of expenditures on Altar over five years (inclusive of 2018 drilling that was conducted between February and May 2018) to earn 60% in the Altar project. An option granted to Aldebaran to earn an additional 20% in the Altar project by spending an additional US$25 million over a three-year period following the initial earn-in.	The commitment of Aldebaran to carry the next US$30 million of expenditures on Altar over five years (inclusive of 2018 drilling that was conducted between February and May 2018) to earn 60% in the Altar project. An option granted to Aldebaran to earn an additional 20% in the Altar project by spending an additional US$25 million over a three-year period following the initial earn-in.	The commitment of Aldebaran to carry the next US$30 million of expenditures on Altar over five years (inclusive of 2018 drilling that was conducted between February and May 2018) to earn 60% in the Altar project. An option granted to Aldebaran to earn an additional 20% in the Altar project by spending an additional US$25 million over a three-year period following the initial earn-in.

Aldebaran and Sibanye-Stillwater JV Agreement

Aldebaran has entered into a joint venture and option agreement with Sibanye-Stillwater to earn up to an 80% interest in the Altar project.

The consideration to acquire an initial 60% interest comprises:

An upfront cash payment of US$15 million to Sibanye-Stillwater which was paid upon the closing of the Arrangement;
The issuance of 19.9% of the shares of Aldebaran to Sibanye-Stillwater upon closing of the Arrangement;
Aldebaran commitment to fund the next US$30 million of expenditures on the Altar project over five years (inclusive of 2018 drilling that was conducted between February and May 2018), with a minimum of US$3 million each year;

Aldebaran has the right to earn an additional 20% interest in the Altar project by spending an additional US$25 million over a three-year period following Aldebaran's acquisition of the initial 60% interest.