An anonymous director of CAP reports

CAP S.A. ANNOUNCES SUBSCRIPTION FOR SHARES OF ACLARA RESOURCES INC.

CAP S.A. has entered into a subscription agreement with Aclara Resources Inc., pursuant to which CAP has agreed to purchase 9,686,220 common shares of Aclara at a purchase price of $2.83 (Canadian) per share, being $20,000,001.89 (U.S.) in the aggregate. Completion of the subscription is subject to customary conditions precedent, including approval by Aclara's shareholders and the Toronto Stock Exchange.

Aclara intends to seek shareholder approval at it annual general and special meeting to be held on May 7, 2026. Completion will occur in two tranches; the first tranche (as to 8,031,479 shares) is anticipated to close on or around March 31, 2026, and the second tranche (as to 1,654,741 shares) is anticipated to close on or around May 12, 2026, following the issuer's shareholders meeting (assuming approval of the issuer's shareholders). Upon completion of the subscription, CAP will hold 31,849,363 shares, being approximately 12.92 per cent of the issued and outstanding shares (calculated on a non-diluted basis). CAP presently holds 22,163,143 shares, being approximately 10.07 pepr cent of the issued and outstanding shares, calculated on a non-diluted basis.

CAP is a Chilean publicly traded company and one of the most significant mining-industrial conglomerates in that country. Through its operating subsidiaries, it has a presence throughout Chile and operates in critical sectors of the economy, carrying out activities in three major segments: mining, industrial and infrastructure.

CAP also has an international footprint, with operations in Argentina and Peru, and its products are distributed across various regions, reaching markets in the Americas, Asia and Oceania.

The acquisition of the shares falls within the framework of the alliance established between the two companies in March, 2024. Under this agreement, the Chilean company committed to entering the production of rare earth elements and value-added products in Chile, as well as securing the right to subscribe for up to a 19.9-per-cent ownership interest in Aclara.

This transaction represents a tangible step forward in CAP's 2030 strategy, which aims to position the company as a leader in the field of critical materials for decarbonization efforts.

Pursuant to an investor rights agreement to be entered concurrently with the closing of the issuance of the shares, CAP will be entitled to appoint one individual to Aclara's board of directors.

CAP has acquired the shares for investment purposes. CAP may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over shares through market transactions, private agreements, subscriptions from treasury or otherwise, or may in the future, and may develop plans or intentions relating: (a) the acquisition or disposition of additional securities of Aclara; (b) a corporate transaction, such as a merger, reorganization or liquidation, involving Aclara or its subsidiaries; (c) a sale or transfer of a material amount of the Aclara's assets or the assets of its subsidiaries; (d) a change in the board of directors or management of the Aclara, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on Aclara's board; (e) a material change in the present capitalization or dividend policy of Aclara; (f) a material change in Aclara's business or corporate structure; (g) a change in Aclara's bylaws or another action that might impede the acquisition of control of Aclara; (h) the delisting of Aclara's common shares; (i) Aclara ceasing to be a reporting issuer; (j) a solicitation of proxies from securityholders; or (k) any action similar to any of those enumerated above.