Mr. Agustin Dranovsky reports

MINSUD ANNOUNCES 10,500-METRE DRILL PROGRAM TARGETING RESOURCE GROWTH AND NEW DISCOVERIES AT CHITA VALLEY

Minsud Resources Corp. is expecting a 10,500-metre diamond drilling program to commence in August, 2026, at the Chita Valley polymetallic (Cu-Au-Ag-Mo-Zn-Pb) (copper-gold-silver-molybdenum-zinc-lead) project located in San Juan, Argentina. The program will target both expansion and potential upgrading of the existing mineral resource base and the testing of multiple priority targets across the broader Chita Valley porphyry-epithermal system.

This drilling program follows the National Instrument 43-101-compliant resource delineation conducted over Chita's two open pittable deposits: i) the Chinchillones polymetallic sulphide deposit with 233 million tonnes of indicated mineral resources grading 0.44 per cent CuEq (copper equivalent) (0.22 per cent Cu, 10.1 grams per tonne Ag, 0.10 g/t Au, 34.3 parts per million Mo and 0.16 per cent Zn) and 782 million tonnes of inferred mineral resources grading 0.36 per cent CuEq (0.19 per cent Cu, 8.1 g/t Ag, 0.08 g/t Au, 83.7 ppm Mo and 0.09 per cent Zn), and ii) Chita South porphyry (PSU) oxide deposit with seven million tonnes of indicated mineral resources grading 0.30 per cent Cu and 174 million tonnes of inferred mineral resources grading 0.29 per cent Cu. In aggregate, the project hosts 240 million tonnes of indicated mineral resources grading 0.43 per cent CuEq (0.23 per cent Cu, 9.8 g/t Ag, 0.10 g/t Au, 33.3 ppm Mo and 0.16 per cent Zn) and 955 million tonnes of inferred mineral resources grading 0.35 per cent CuEq (0.21 per cent Cu, 6.6 g/t Ag, 0.07 g/t Au, 68.4 ppm Mo and 0.08 per cent Zn). The mineral resource estimates referenced in this news release are based on the mineral resource estimate announced by the company on Feb. 27, 2026, and supported by the independent National Instrument 43-101 technical report dated April 13, 2026.

Highlights

The 10,500-metre program will test four priority areas: Chinchillones (4,600 m), Placetas (2,150 m), Chita South porphyry -- PSU (2,250 m) and Pinto (1,500 m):

• At the Chinchillones deposit, the planned program will include 4,600 m of diamond drilling to confirm the strike and up- and down-dip extensions of several high-grade Cu-Au-Ag-Zn-Pb hydrothermal breccia bodies identified from previous drilling.
• These hydrothermal breccias demonstrably host long intervals of zoned high-grade polymetallic mineralization. This is exemplified by the hydrothermal breccia intersected at CHDH23-69 which yielded 786.0 m at 0.43 per cent Cu, 368 ppm Mo, 0.23 g/t Au and 15.78 g/t Ag, from 456 to 1,242 m (open at depth) (see press release dated May 8, 2023).
  • Including 160.0 m at 0.35 per cent Cu, 0.34 g/t Au, 45.72 g/t Ag, 3.58 per cent Zn, 1.25 per cent Pb, from 456 m;
  • Including 166.3 m at 1.35 per cent Cu, 0.54 g/t Au, 26.63 g/t Ag, 181 ppm Mo, from 616 m.
• Detailed relogging of drill core, including textural and geochemical zonation from brecciated wall rocks to proximal and central breccia zones, indicate that these breccia bodies remain open for additional testing and may provide an opportunity to expand mineral resources.
• At the Placetas porphyry copper prospect, 3.5 km southwest of the Chinchillones deposit, detailed mapping confirmed prospective dioritic and dacitic lithologies similar to those hosting the Chinchillones polymetallic deposit. The planned scout drilling at Placetas comprises of 2,150 m.
  • A grid soil survey consisting of 206 samples collected at 100 m intervals outlined a coherent Cu-Mo-Au anomaly at least one km long and 0.5 km wide. Importantly, this multielement anomaly coincides with an east-northeast-trending fault zone that separates dioritic rocks to the northwest from dacitic rocks to the southeast, a geological setting closely comparable with the controls observed at the Chinchillones polymetallic deposit.
• At the Chita South (PSU) area the detailed mapping, conducted in conjunction with surface geochemistry, has identified undertested intrusion centres with affiliated hydrothermal breccias hosting porphyry-related B-type quartz-sulphide veinlets. A total 2,250 m of drilling is planned.
• At the Pinto epithermal-porphyry prospect, detailed mapping identified auriferous linear, high sulphidation zones occupying faults and faulted contact zones between Permian granitoids and late dacite porphyry domal features. The magnetics footprint indicates that these linear high sulphidation zones occur in gradients/shoulders to magnetic highs and are interpreted to also be prospective sites for affiliated porphyry copper emplacement. A total 1,500 m of scout drilling is planned.

Election of suspension period

Minsud has exercised its contractual 12-month suspension period under the shareholders' agreement. During the suspension period, South32 is responsible for the contributions required to be made to Minera Sud Argentina SA (MSA), Minsud is not required to finance its 49.9-per-cent share, and the contractual dilution provisions are suspended, in each case subject to the terms of the shareholders' agreement. Upon expiry of the suspension period, the rights and obligations of the parties in respect of the suspension period contributions, including any potential adjustment to MAI's interest, will be determined in accordance with the applicable provisions of the shareholders' agreement.

Agustin Dranovsky, president and chief executive officer of Minsud Resources, commented: "With 240 million tonnes of indicated mineral resources and 955 million tonnes of inferred mineral resources already defined, the 2026 drilling program is designed to expand and potentially upgrade the existing resource base while testing multiple high-priority targets across a large-scale porphyry-epithermal district that remains significantly underexplored. We believe Chita Valley continues to offer substantial potential for resource growth and new discoveries, and that the combination of resource scale, exploration upside, excellent infrastructure and South32's operatorship positions it among the most compelling copper development opportunities in Argentina."

Quality assurance/quality control

All core samples are cut and prepared on-site at the project area. The sample lengths are usually two m, except in areas with low recovery (such as loss areas and faults) and breaks from discrete principal geological features (such as vein and vein breccia). Drill core sizes of the drill holes are largely HQ-diameter.

Cutting is carried out by trained MSA personnel. Cores are split using the industry-standard Corewise automatic circular diamond blade rotary saw in the middle of the core, around one centimetre away from the core orientation mark. Half-core and duplicate samples, including all fragments, are placed in labelled plastic bags. Each bag is marked with the sample number and sealed using plastic security straps.

All core samples are submitted to ALS Patagonia S.A. in Mendoza as the primary laboratory for sample preparation. This ISO 9001-accredited facility carries out the sample preparation, and the prepared pulp samples are then sent to ALS Peru S.A. in Lima, Peru. The ALS Peru S.A. laboratory is accredited under ISO 9001:2008 and ISO 17025, ensuring compliance with international standards.

The analytical protocols are outlined as follows:

• ME-MS61 and ME-MS61m: Multitrace analyses of 48 elements with a four-acid digestion. A prepared sample (0.25 g) is digested with perchloric, nitric and hydrofluoric acids to dryness. The residue is taken up in a volume of 12.5 millilitres of 10 per cent hydrochloric acid. The resulting solution is analyzed by ICP-AES. Results are corrected for spectral interelement interference.
• ME-OG62: For samples overlimit, analysis is by four-acid digestion using conventional ICP-AES analysis for Ag, As, Cu, Mo, S, Pb and Zn.
• Fire assay procedure Au-AA24 (50g): Gold is analyzed using a conventional fire assay fusion method with atomic absorption spectroscopy (AAS).

MSA follows industry standard procedures for the work with a quality assurance/quality control (QA/QC) program. Field duplicates, standards and blanks are included with all sample shipments to the principal laboratory. MSA detected no significant QA/QC issues during review of the data.

Qualified persons and technical information

The scientific and technical information in this press release has been compiled, reviewed and approved by Dr. Renato Bobis, MAusIMM CP (Geo), part-time vice-president of exploration of the company, and is a qualified person as defined by Canadian National Instrument 43-101. Dr Bobis has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a qualified person.

About the Chita Valley project, San Juan province

The Chita Valley project is a large resource-delineation to exploration-stage porphyry system with widespread porphyry style Cu-Mo-Au and polymetallic Ag-Pb-Zn mineralization. The project hosts two open pittable Canadian National Instrument 43-101-compliant resource bases, comprising the Chinchillones polymetallic sulphide deposit and the Chita South porphyry supergene copper deposit.

San Juan province of Argentina has a robust mining sector and recognizes the important economic benefits of responsible development of its substantial mineral resource endowment. The Chita Valley project is owned and managed by MSA, of which Minsud indirectly holds a 49.9-per-cent interest. The other 50.1-per-cent interest in MSA is indirectly owned by South32. Minsud and South32 entered into a shareholders' agreement to govern the management and operation of MSA which will include further exploration.

About Minsud Resources Corp.

Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo-Au-Ag-Pb-Zn project, in the province of San Juan, Argentina. The company's shares are listed on the TSX-V under the trading symbol MSR and on the OTCQX under the symbol MDSQF.

About South32 Ltd.

South32 is a globally diversified mining and minerals company. The company's purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. South32 is trusted by its owners and partners to realize the potential of their resources. South32 produces minerals and metals critical to the world's energy transition from operations across the Americas, Australia and Southern Africa, and the company is discovering and responsibly developing its next generation of mines. South32 aspires to leave a positive legacy and build meaningful relationships with its partners and communities to create brighter futures together.

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