Lara Exploration

They report a 200-million-ton open-pit resource (Jul 2025), with about 8 million tons of ore to be processed (Feb 2026) and a processing plan of about 8 million tons (Apr 2026). On grade, the company cites 0.61% copper with more than 1% in a central high-grade core area (Jul 2026), and notes grades potentially 0.7 or even 0.8 on a mineralization trend from the Silica Cap pit trending southeast into the Atlantica license (Apr 2026).

As of Jul 2025, the company reports that the site has no primary forest, no First Nations presence, and no monuments, which management characterizes as favourable for permitting.

The company also assumes that copper on the surface in soil samples is a good indicator of copper below (April 2026). A phase three metallurgical program is planned for July 2026. On the water side, management says the key assumption is about 2 metres of rainfall each year and that water management is critical (July 2026).

In February 2026 the company reported an NPV of $380 million at a copper price of $9,500 per ton, and an NPV of $1.2 billion at $13,000 per ton, with an IRR of about 21% at the $9,500 level and 40% plus at the then-current copper price. By April 2026, management noted that the prior preliminary assessment had used $9,500 copper, while the metal was then trading at $6 (July 2026). The company also cited an all-in sustaining cost that is "pretty pretty low" and an energy cost of 6 cents per kilowatt hour, with a capex budget of about $6.5 million to drill out the first parts of the pit and complete some technical studies.

In July 2025 the company reported just under $4 million in cash, no debt, and roughly $10 million already spent by partner Capstone on de-risking. By April 2026 the cash position had risen to over $33 million Canadian, with management stating capital needed of about US $25 million (or Canadian $33 million). In July 2026 management reiterated that about US $25 million in capital is needed. Separately, the company noted in February 2026 that it has never done a rollback or consolidation in nearly 18 years, and at that time reported $3.5 million in treasury with a burn rate of less than $1 million Canadian.

As of July 2026, they reported that the environmental impact study was completed towards the end of the year and they were filing for the first environmental permit, noting that the permit review including public consultation takes about a year. Earlier, in April 2026, the company said it planned to spend "a good 10 million" on a pre-feasibility study and drill-out over the following 12 months. A preliminary economic assessment was released in November of the prior year, and as of July 2025 management said a "PA" (presumably a preliminary assessment) would probably come out in autumn.

As of April 2026, the company said it expects drilling results over the next two to three months. In a July 2026 update, management added that a batch of drill holes and an updated resource estimate are upcoming, and that the company plans to file for its first environmental permit towards the end of the year.

The company reports it has operated as a prospect generator for 18 years without any rollbacks (Jul 2025). Management says Simon Ingram was President and CEO of Reservoir Minerals, which went public at 65 cents and was exited at $9.40, creating $500 million of value (Feb 2026). The company also reports discovering the Timot project in Serbia—described as the 13th largest copper discovery in the last 30 years—which was sold for $940 million (Jul 2025). Management notes nearly 20% insider ownership, with founder Miles Thompson holding 10% (Jul 2025), and states that Thompson, along with VP of Corporate Development Chris Macintosh, were part of the Reservoir Minerals team (Feb 2026).

According to management, Atalaya Mining Corp holds 7% of the company as of April 2026, while the management team collectively owns "a bit under 20%." The company has zero warrants outstanding (February 2026) and 2.7 million incentive options (February 2026).