ASCU owns 100% of the Cactus Project located in Pinal County, Arizona, 40 miles south of Phoenix and 10 miles west of the Interstate 10 freeway. The Cactus Project refers to the privately-owned land assets, comprising of, amongst other things, the mineral rights to the old Sacaton East, Sacaton West and Parks/Salyer Deposits, previously owned and operated by ASARCO. The graphic below depicts the location of the Cactus Project, the Parks / Salyer Property as well as the Company's operational office located in Tempe.

Cactus Project Location

The property benefits from significant available infrastructure including electric power available through a transmission line connected to an existing substation at the mine site, water and proximity to a rail line for future concentrate transport, if required. The cities of Casa Grande and Maricopa are nearby and, combined with Phoenix, can supply sufficient skilled labor for the Cactus Project. The Greater Phoenix area is a major population center (approximately 5.0 million persons).

ASCU's re-development plan for the Cactus Project is underpinned by a multi-billion pound mineral resource base and the Company believes that significant opportunities exist to scale the mineral resource base through in-pit and near-pit organic expansion opportunities.

The Company is currently finalising a preliminary economic assessment in connection with the Cactus Project and expects to move the project to the feasibility study stage in the short-medium term. Initial results demonstrate a robust project with strong potential project returns.

Further details of the studies will be made available in due course.