Colossus Resources Signs Letter of Intent with Austral Gold Limited to Acquire the Calvario and Mirador Copper Porphyry Projects in Chile

Colossus Resources Corp. has signed a Letter of Intent dated April 5, 2023 to acquire a 100% undivided interest in the Calvario and Mirador copper porphyry projects located in Chile. The acquisition involves arm's-length parties including Austral Gold Limited and its subsidiaries Minera Mena Chile Ltda and Revelo Resources Corp.

The transaction represents a strategic expansion for Colossus into Chilean copper assets, specifically targeting copper porphyry systems which are known for their large-scale, bulk tonnage mineral deposits. Copper porphyries are among the world's most significant sources of copper production and often contain valuable byproducts.

This acquisition aligns with the broader industry focus on copper assets, driven by the metal's critical role in electrification, renewable energy infrastructure, and the global energy transition. Chile remains one of the world's premier copper jurisdictions, offering established mining infrastructure and regulatory frameworks for copper development.

The signing of the LOI marks the initial stage of the acquisition process, with the transaction subject to completion of due diligence, definitive agreements, and regulatory approvals typical for TSX-V listed companies pursuing international acquisitions.