AngloGold Ashanti Terminates Option for Organullo Gold Project, Salta Province, Argentina
LC2324142-1
AngloGold Ashanti Terminates Option
for Organullo Gold Project, Salta Province, Argentina
NR25-18 October 30, 2025
Vancouver, B.C. – Latin Metals Inc. ("Latin Metals " or the "Company") - (TSXV: LMS)
(OTCQB: LMSQF) announces that AngloGold Argentina Exploraciones S.A. ( "AngloGold"), a
wholly owned subsidiary of AngloGold Ashanti plc, has provided Latin Metals with 90 days written
notice ("Notice") of its intention to terminate its option agreement (the "Option") to acquire an
up to 80% interest in the Organullo ( "Organullo" or the "Project"), Ana Maria and Trigal
properties.
The Notice, dated October 29, 2025, provides for a termination effective January 27, 2026. The
Phase I drill program for Organullo (see previous news release dated September 29, 2025) will
not proceed. AngloGold Ashanti’s decision to withdraw from the Organullo agreement arises as
a result of a change by AngloGold Ashanti in its global Greenfields Exploration strategy.
Keith Henderson, President and CEO of Latin Metals, commented:
"Organullo remains a 100%-owned, fully drill-permitted, gold exploration project with
multiple untested targets prospective for both high-sulphidation gold and porphyry
copper-gold mineralization. Gold prices in 2025 have exceeded US$4,000 per ounce, a
substantial increase from US$1,800 per ounce in 2022 when the option agreement was
signed. This significant change in market conditions strengthens our confidence in
attracting a new partner to advance this high-potential project."
Mr. Henderson added:
"From a technical standpoint, the drill targets at Organullo were considered a high priority
for AngloGold, and the decision to withdraw from the Organullo agreement is a result of a
recent change to AngloGold's global Greenfields Exploration strategy. Their exploration
model drew comparisons between Organullo’s geological setting and that of Salares Norte
in Chile—a high-grade, Tier One gold deposit owned by Gold Fields Limited."
During the Option period, AngloGold was targeting a multi-million-ounce, Tier 1 discovery at
Organullo and defined multiple high-priority drill targets, including three previously unexplored
advanced argillic alteration zones extending along a 6 km strike length. District-scale geophysical
anomalies, structural interpretations, surface geochemical results, and hyperspectral data
collectively support the project’s strong potential for a significant gold discovery.
Over the course of the Option, AngloGold invested approximately US $3.3M in exploration and
permitting activities. The Organullo property was also expanded through the acquisition of
additional mineral rights, which now form part of the consolidated property package.
NR25-18 Continued 2 October 30, 2025
LC2324142-1
Salares Norte, owned by Goldfields Limited has a published proven and probable reserve (2024);
3.4Moz grading 5.36 g/t gold. Readers are cautioned that the Salares Norte gold deposit analogy
is located in Chile and that Latin Metals has no interest on or right to acquire any interest in the
deposit, and that mineral deposits on similar properties, and any production therefrom or
economics thereto, are not in any way indicative of mineral deposits at Organullo or the potential
production from, or cost or economics of, any future mining of any of Latin Metals’ mineral
properties.
Qualified Person
Eduardo Leon, QP, is the Company's qualified person as defined by NI 43-101 and has reviewed
the scientific and technical information that forms the basis for portions of this news release. He
has approved the disclosure herein. Mr. Leon is not independent of the Company, as he is an
officer of the Company and holds securities of the Company.
About Latin Metals
Latin Metals Inc. is a copper, gold and silver exploration company operating in Peru and Argentina
under a prospect generator model, minimizing risk and dilution while maximizing discovery
potential. With 18 projects, the company secures option agreements with major mining
companies to fund exploration. This approach provides early-stage exposure to high-value
mineral assets.
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On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are referred to the Company's web site ( www.latin-
metals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.com.
For further information, please contact:
Keith Henderson
Suite 890 - 999 West Hastings Street,
Vancouver, BC, V6C 2W2
E-mail: [email protected]
Elyssia Patterson, VP Investor Relations
Email: [email protected]
Phone: 778-683-4324
NR25-18 Continued 3 October 30, 2025
LC2324142-1
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including,
without limitation, future option partners for Organullo, and the entering into of option agreements with such parties, and the
anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company
believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but
not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words
including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or
will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied
several material assumptions, including without limitation, market fundamentals will result in sustained precious and base metals
demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future
development of the Company’s Argentine projects in a timely manner, the availability of financing on suitable terms for the
development, construction and continued operation of the Company projects, and the Company’s ability to comply with
environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to differ materially from any future results, performance or achievements expressed
or implied by the forward-looking information. Such risks and other factors include, among others, the inability of the Company
to attract suitable future partners for developing Organullo and negotiate and enter into option terms acceptable to the Company,
operating and technical difficulties in connection with mineral exploration and development and mine development activities,
including the geological mapping, prospecting and sampling programs being proposed for the Properties (the "Programs"), actual
results of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the
timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the
development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional
capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets
and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants,
equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the
inability of the Company to obtain any necessary permits, consents or authorizations required, any current or future property
acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging
practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of
pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration
of acquisitions, as well as those factors discussed under the heading as well as those factors discussed under the heading “Risk
Factors” in the Company’s annual management’s discussion and analysis and other filings of the Company with the Canadian
Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR+ website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the
Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by
reference herein.
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