MSR.V · 2026-02-27 12:00:00

Minsud reports significant mineral resources growth at Chita Valley Deposits

Corporate Updates

TSX-V: MSR

February 27, 2026

TORONTO, ONTARIO - Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”), is pleased

to report its Mineral Resource estimates over its two deposits (Chinchillones polymetallic Cu-Ag-Zn-Pb-Au

deposit and Chita South supergene -enriched Cu-Mo-Au-Ag deposit) at the Chita Valley Project effective

February 20, 2026 (or as otherwise specified herein). These two deposits are merely 2 kms apart (Map 1

below). This milestone marks a highly significant progress in the Chita Valley Project’s ongoing

development.

On a consolidated and attributable basis, contained metal in the Indicated and Inferred Mineral Resource

categories totaled:

• Indicated Resources: 1,033 Kt copper equivalent , consisting of 540 kt Cu, 8.0 kt Mo, 73 .2 MOz

Ag, 754 kOz Au, and 375 kt Zn; and

• Inferred Resources: 3,333 kt of copper equivalent , consisting of 2,024 kt Cu, 65.4 kt Mo, 195.8

MOz of Ag, 2,051 kOz of Au, 719 kt of Zn.

Highlights

Chinchillones Polymetallic (Cu-Zn-Ag-Au Deposit)

• Indicated Resources: 30.7 % increase; 1,014 kt CuEq consisting of 521 kt Cu, 8.0 kt Mo, 73.2 MOz

Ag, 754 kOz Au and 375 kt Zn @ 0.44 CuEq % (0.22 % Cu, 10.1 ppm Ag, 0.1 ppm Au, 34.3 ppm Mo,

0.16% Zn).

• Inferred Resources: 37.8% increase; 2,823 kt CuEq consisting of 1,514 kt Cu, 65.4 kt Mo, 195 .8

MOz Ag, 2,051 kOz Au and 719kt Zn @ 0.36 CuEq % (0.19% Cu, 8.1 ppm Ag, 0.08 ppm Au, 83.7

ppm Mo, 0.09% Zn).

• The resources are considered suitable for open -pit mining and flotation process, based on Net

Smelter Return cutoffs, with copper equivalent calculated post-estimation using the same pricing and

recovery parameters as for the NSR.

• Copper, silver, and gold are the primary contributors to the Mineral Resource Estimate, with

molybdenum and zinc as secondary contributors.

• Mineralization remains open at depth, with further molybdenum potential identified in unexplored

areas.

• High-grade breccias remain under-drilled and open along strike, up- and down-dip.

Chita South Porphyry (PSU) Supergene-enriched Deposit (Cu)

• Indicated Resources: 19 kt Cu @ 0.30% Cu

• Inferred Resources: 510 kt Cu @ 0.29% Cu

• Mineralization remains open at depth, with further coherent molybdenum potential identified in the

deposit’s central area.

• Mineralization appears open along strike to the southwest with significant surface geochemistry.

Mineral Resource Estimates (MRE)

A mineral resource estimate on Chinchillones was previously completed by Cube Consulting Pty Ltd in

January 2025 (Manrique et al., 2025) – since then, an additional 28 drill holes have been added to the Chita

Valley project. The previous MRE for the Chita South Porphyry (PSU) was completed in February 2018 by

P and E Mining Consultants Inc. (Burga et al., 2018).

The total combined summary MRE for the Chita Valley Project is shown in Tables 1 thru Table 5 - the

economic grades of the Mineral Resource Estimate (MRE) have been reported above Net Smelter Return

(NSR) cut-offs that vary by deposit and domain. These NSR cut-offs are:

• Chinchillones low zinc geological domain - US$10.00/tonne

• Chinchillones high zinc geological domain - US$11.65/tonne

• PSU secondary enriched domain – US$7.10/tonne

Both the Chinchillones Complex and PSU deposits demonstrate reasonable prospects for eventual

economic extraction (“RPEEE”), as defined by the Committee for Mineral Reserve International Reporting

Standard. This evaluation is based on drilling conducted by MSA between 2020 and 2025, supplemented

by earlier drill holes. The estimate is supported by preliminary metallurgical studies and economic

parameters, mining costs, processing costs, and metal recoveries from Cu, Mo, and Zn concentrates to

derive Net Smelter Return (“NSR”).

The updated Mineral Resource Estimate was prepared by Mr. Mi chael Job, Principal Geology and

Geostatistics, a full-time employee of Cube Consulting Pty Ltd, in collaboration with GeoEstima SpA. As a

Qualified Person (QP) under NI 43 -101 standards, Mr. Job oversaw all aspects of the Mineral Resource

Estimation.

Table 1: Chinchillones Mineral Resource Estimate as at 20 February 2026 (Economic Grades)

Domain Classification M Tonnes CuEq

(%)

(g/t)

(ppm)

(%)

Low

Zinc

Indicated 177 0.37 0.24 8.1 0.10 45.1 0.0

Inferred 681 0.32 0.19 6.8 0.08 96.1 0.0

High

Zinc

Indicated 56 0.63 0.17 15.1 0.11 0.0 0.67

Inferred 101 0.64 0.19 14.5 0.09 0.0 0.71

Total Indicated 233 0.44 0.22 10.1 0.10 34.3 0.16

Inferred 782 0.36 0.19 8.1 0.08 83.7 0.09

Table 2: Chinchillones Mineral Resource Estimate as at 20 February 2026 (Economic Metal)

Domain Classification M Tonnes CuEq

Metal kt

M Oz

k Oz

Metal kt

Low

Zinc

Indicated 177 662 428 46.0 562 8.0 0.0

Inferred 681 2,176 1,321 148.8 1,768 65.4 0.0

High

Zinc

Indicated 56 352 93 27.3 192 0.0 375

Inferred 101 647 193 47.0 283 0.0 719

Total Indicated 233 1,014 521 73.2 754 8.0 375

Inferred 782 2,823 1,514 195.8 2,051 65.4 719

Table 3: Chita South Porphyry (PSU) Mineral Resource Estimate as at 20 February 2026

(Economic Grades and Economic Metal)

Domain Classification M Tonnes CuEq

Metal kt

CuEq

(%)

(g/t)

(ppm)

(%)

Enriched Indicated 7 19 0.30 0.0 0.0 0.0 0.0

Enriched Inferred 174 510 0.29 0.0 0.0 0.0 0.0

Total Indicated 7 19 0.30 0.0 0.0 0.0 0.0

Inferred 174 510 0.29 0.0 0.0 0.0 0.0

Table 4: Chita Valley Total Mineral Resource Estimate as at 20 February 2026 (Economic

Grades)

Table 5: Chita Valley Total Mineral Resource Estimate as at 20 February 2026 (Economic

Metal)

Classification M Tonnes CuEq

Metal kt

M Oz

K Oz

Metal kt

Metak kt

Indicated 240 1,033 540 73.2 754 8 375

Inferred 955 3,333 2,024 195.8 2,051 65.4 719

Notes:

(1) The Qualified Person for the Mineral Resource Estimate is Michael Job, FAusIMM, a Director of Cube

Consulting Pty Ltd. The estimate is reported using the 2014 CIM Definition Standards. The effective

date of the Mineral Resource Estimate is 20 February 2026.

(2) The Mineral Resource estimate is reported on a 100% basis for the joint venture company Minera

Sud Argentina S.A, with a wholly owned subsidiary of South32 Limited’s attributable interest of

tonnage and grade 50.1% and Minsud Resources Corp’s attributable interest of tonnage and grade

49.9%.

(3) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The

estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,

taxation, socio-political, marketing, or other relevant is sues. It is noted that no specific issues have

been identified as yet.

Classification M Tonnes CuEq

(%)

(g/t)

(ppm)

(%)

Indicated 240 0.43 0.23 9.8 0.1 33.3 0.16

Inferred 955 0.35 0.21 6.6 0.07 68.4 0.08

(4) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an

Indicated Mineral Resource and must not be converted to a Mineral Reserve.

(5) The Mineral Resources in this report were estimated using the Canadian Institute of Mining,

Metallurgy and Petroleum (CIM) Estimation of Mineral Resources & Mineral Reserves Best Practice

Guidelines.

(6) The resource is reported above Net Smelter Return (NSR) cut offs – for the low zinc geological domain

US$10/t (US$9/t milling + US$1/t G&A) ,for the high zinc geological domain US$11.65/t (US$10.65/t

milling + US$1/t G&A) , and – for the enriched secondary domain at PSU US$7.10/t (US$6.10/t

leaching/cathode + US$1/t G&A ) An optimized pit shell was utilized to constrain Mineral Resource

reporting that used a US$1.90/t mining cost, the above milling/G&A costs and with overall 45-degree

pit slopes.

(7) The metal prices used for the NSR calculation in US$ are $4.363/lb Cu, $2,995.12/oz Au, $37.34/oz

Ag, $19.80/lb Mo, $1.236/lb Zn. Metallurgical recoveries for the low zinc domain are 87% Cu, 40%

Au, 65% Ag, 50% Mo. Metallurgical recoveries for the high zin c domain are 60% Cu, 40% Au, 70%

Ag, 55% Zn. Metallurgical recoveries for the enriched secondary domain at PSU are 75% Cu.

(8) The copper equivalent (CuEq) grades use the metal prices and recoveries as used for the NSR

calculation; for the low zinc domain CuEq_% = Cu_% +(Au_ppm x 0.4603) + (Ag_ppm x 0.0093) +

(Mo_ppm x 0.00026). For the high zinc domain, CuEq_% = Cu_% +(Au_ppm x 0.6675) + (Ag_ppm x

0.0146) + (Zn_% x 0.000026). Note that Zn is not recovered in the low zinc domain, and Mo is not

recovered in the high zinc domain at Chinchillones. For the enriched secondary domain at PSU

CuEq_% = Cu_%.

(9) The value contribution of each metal to the project can be derived from the NSR calculation. These

are: Cu 59%, Ag 20%, Au 11%, Mo 6%, Zn 4%.

(10) The figures in the above tables may not add up due to rounding.

Geological Data

Chinchillones

For the NSR calculations at Chinchillones, the geological domains were separated into low and high zinc

domains – most of the resource is within the low zinc domain, with the high zinc domain a smaller discrete

zone. Copper concentrate would be sourced from both the low and high zinc domains, but it was assumed

that zinc concentrate would only be sourced from the high zinc geological domain, with different recoveries

and processing costs compared to the low zinc domain.

Lithological and alteration 3D models do not strongly control copper mineralization, as grades vary

significantly within and across these domains, making them unsuitable for estimation. To address this, a

Cu-As-Ag high-sulfidation envelope was created using a proxy based on Cu, As, Sb, S, and Fe , enabling

the identification of high-sulfidation signatures in both drilling and block models. Additional Mo and Zn -Pb

grade shell envelopes were also developed. The final estimation domains are combinations of the high-

sulfidation and Mo/Zn -Pb grade shells, as defined through statistical similarities and domain boundary

analysis.

Chita South Porphyry (PSU)

For the secondary enriched domain, it was assumed that only copper cathode would be recovered (75%)

with no other by-products recovered. Additional metallurgical testwork will be conducted at PSU to ascertain

amenability of the immature supergene-enriched domain at PSU to flotation and conventional leaching test.

Principal Supergene-enrichment Domains Characteristics.

• The largely immature supergene -enriched zone extends 1.2kms x 1.1kms. It is characterised by

the presence of chalcocite-digenite and covellite in quartz-sulfide veins/veinlets and as multitudes

of minute disseminations. The supergene-enriched domain ranges from 10 to 150m thick.

• The leached capping is up to 50m thick and consists of variable amounts of hematite, goethite and

jarosite with minor supergene copper minerals.

• The supergene clays, (kaolinite, illite and smectite and iron sulfates) make up less than 5 vol% of

rock; the subdued supergene clay content contributes to the high copper recoveries (>80%, up to

95%) achieved in the metallurgical leaching tests and sequential copper analyses.

Mr. Ramiro Massa, director of the Company said: “This updated resource confirms that Chita Valley is

evolving into a district -scale copper platform with meaningful scale, strong polymetallic credits and

substantial expansion upside. In a market increasingly seeking large, technically robust and scalable copper

assets, we believe Chita Valley stands out as a compelling long -term development and strategic

opportunity.”

Quality Assurance/Quality Control

All core samples were cut and prepared on-site at the project area. The sample lengths were usually 2 m,

except in areas with low recovery (loss areas, faults, etc.) and breaks from discrete principal geological

features (e.g., vein, vein breccia). Drill core sizes of the drillholes included in this report are all HQ.

Cutting was carried out by trained Miner a Sud Argentina personnel. Cores were split using the industry -

standard Corewise automatic circular diamond blade rotary saw in the middle of the core, around 1 cm

away from the core orientation mark. Half-core and duplicate samples, including all fragments, were placed

in labelled plastic bags. Each had the sample number and was sealed using plastic security straps.

All core samples were submitted to the ALS Patagonia S.A. in Mendoza as the primary laboratory for

sample preparation. This ISO 9001 accredited facility, with the prepared pulp samples sent to ALS Perú

S.A. in Lima, Peru. The ALS Perú S.A. laboratory is accredited under ISO 9001:2008 and ISO 17 025,

ensuring compliance with international standards.

The analytical protocols are outlined as follows:

• ME-MS61 and ME-MS61m: Multi-trace analyses of 48 elements with a 4-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 mL of 10 % hydrochloric acid. The resulting solution is an alyzed by

ICP-AES. Results are corrected for spectral interelement interference.

• ME-OG62: For samples over-limit, analysis is with four acid digestion using conventional ICPAES

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 followed industry standard procedures for the work with a quality assurance/quality control (QA/QC)

program. Field duplicates, standards and blanks were 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 site visit, including the review of geological aspects such as sampling, drill core, logging, assay

laboratory procedures, and independent check samples, was conducted by Mr. Orlando Rojas of

GeoEstima. He is an independent Qualified Person as per National Instrument 43-101.

The Mineral Resource Estimate was prepared by Mr. Michael Job, FAusIMM (Geo), Principal Geology and

Geostatistics at Cube Consulting . He is a Qualified Person and independent of the issuer as defined in

National Instrument 43-101.

The scientific and technical information in this press release has been compiled, reviewed and approved

by Dr Renato Bobis, MAusIMM CP (Geo ), part-time VP-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 mineralisation and type of deposit under consideration and to the activity which he is undertaking

to qualify as a Qualified Person.

The Qualified Persons responsible for the technical report and its various chapters have reviewed and

approved the contents of this release.

The full technical report, prepared by Cube in compliance with National Instrument 43-101 - Standards of

Disclosure for Mineral Projects (“NI -43-101”), will be filed on SEDAR + (www.sedarplus.ca) under the

Company’s issuer profile within 45 days of this news release. The Mineral Resource Estimate is effective

as of February 20, 2026.

About the Chita Valley Project, San Juan Province

The Chita Valley Project is a large exploration stage porphyry system with classic alteration features,

widespread porphyry style Cu -Mo-Au and polymetallic Ag -Pb-Zn mineralization. Hosted by hydrothermal

phreatic breccias and associated gold/silver-bearing polymetallic veins of intermediate sulfide composition,

that conformed a lithocap of a porphyry system at Chinchillones. 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% interest. The other 50.1% interest in MSA is owned by a wholly

owned subsidiary of South32 Ltd (“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 Limited

South32 Limited 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 Limited is trusted by its owners and par tners to realise the potential of their resources. South32

Limited 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 dev eloping its

next generation of mines. South32 Limited aspires to leave a positive legacy and build meaningful

relationships with its partners and communities to create brighter futures together.

Map 1: Drill Hole Locations at the Chita Valley Project, with the Concessions Limit Outlined

FOR FURTHER INFORMATION PLEASE CONTACT

Agustin Dranovsky

President and Chief Executive Officer

[email protected]

www.minsud.com

+1 416-479-4466

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain information that may constitute forward -looking information under

applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements

about strategic plans, spending commitments, future operations, results of exploration, anticipated financial

results, future work programs, capital expenditures and objectives. Forward -looking information is

necessarily based upon a number of estimates and assumptions that, while considered reasonabl e, are

subject to known and unknown risks, uncertainties, and other factors which may cause the actual results

and future events to differ materially from those expressed or implied by such forward -looking information

including, but not limited to: fluctua tions in the currency markets (such as the Canadian dollar, Argentina

peso, and the U.S. dollar); changes in national and local government, legislation, taxation, controls,

regulations and political or economic developments in Canada and Argentina or other countries in which

the Corporation may carry on business in the future; operating or technical difficulties in connection with

exploration and development activities; risks and hazards associated with the business of mineral

exploration and development (including environmental hazards or industrial accidents); risks relating to the

credit worthiness or financial condition of suppliers and other parties with whom the Company does

business; presence of laws and regulations that may impose restrictions on min ing, including those

currently enacted in Argentina; employee relations; relationships with and claims by local communities;

availability and increasing costs associated with operational inputs and labour; the speculative nature of

mineral exploration and development, including the risks of obtaining necessary licenses, permits and

approvals from government authorities; business opportunities that may be presented to, or pursued by,

the Company; challenges to, or difficulty in maintaining, the Company’s tit le to properties; risks relating to

the Company’s ability to raise funds; and the factors identified under “Risk Factors” in the Company's Filing

Statement dated April 27, 2011. There can be no assurance that such information will prove to be accurate,

as actual results and future events could differ materially from those anticipated in such information.

Accordingly, readers should not place undue reliance on forward -looking information. All forward-looking-

information contained in this news release is give n as of the date hereof and is based upon the opinions

and estimates of management and information available to management as at the date hereof. The

Company disclaims any intention or obligation to update or revise any forward-looking information, whether

as a result of new information, future events or otherwise, except as required by law.

Neither the 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 release.

← Back to feed