MONTREAL, Oct. 12, 2026 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (TSXV CDPR | OTCQX CDPMF | FRA N8HP | BVL CDPR) ("CDPR" or the "Company") announces that the Sale Committee of Activos Mineros S.A.C. ("AMSAC") has awarded Public Auction No. 001-2026-AMSAC (the "Auction") to the Company's subsidiary, Cerro de Pasco Resources del Perú S.A.C. The Auction was called by AMSAC for the transfer of the tailings held in the Quiulacocha Tailings Storage Facility for their economic reprocessing. The award was granted on October 12, 2026 and remains subject to the execution of definitive agreements with AMSAC, which is expected in the coming days.
Upon execution of the definitive agreements, the Company expects to hold both the mineral rights and the surface rights over the Quiulacocha tailings, which, together with its 100%-owned El Metalurgista concession, is expected to consolidate all the mineral and surface rights required to advance the Quiulacocha Tailings Reprocessing Project. The Company will provide further update once the agreements have been executed.
Background to the Auction
AMSAC, a Peruvian state-owned entity responsible for the remediation of legacy mining environmental liabilities, called the Auction under Supreme Decree No. 013-2008-EM, which allows it to transfer accumulated mining waste or tailings from its closure and remediation projects to the private sector for economic use.
The Auction covers the tailings of the Quiulacocha Tailings Storage Facility, identified as mining environmental liability ID No. 6752 in the district of Simón Bolívar, province and department of Pasco, together with the associated surface rights required for their reprocessing. The Quiulacocha tailings host a polymetallic mineral inventory that includes several critical minerals, and their reprocessing is expected to contribute to the supply of critical minerals while addressing one of Peru's largest legacy mining environmental liabilities.
Next Steps
Signing of the definitive agreements with AMSAC is expected in the coming days, at which point the Company will provide a further update. The Company continues to advance a comprehensive technical program at Quiulacocha, leading toward a maiden Mineral Resource Estimate and feasibility-level studies
About Cerro de Pasco Resources
Cerro de Pasco Resources Inc. is focused on developing its 100%-owned El Metalurgista concession in central Peru, which hosts silver-rich tailings and stockpiles accumulated over more than a century of mining in one of the most prolific polymetallic districts in the Americas. The Company's strategy is to reprocess historic mining waste to recover value while addressing the long-term environmental liabilities associated with these tailings.
For more information, please visit www.pascoresources.com.
Further Information
Donna Yoshimatsu, VP Investor Relations
Mobile: +1 416-722-2456
Email: dyoshi@pascoresources.com
Forward-Looking Statements
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as "plans", "seeks", "expects", "estimates", "intends", "anticipates", "believes", "could", "might", "likely", "scheduled" or variations of such words or statements that certain actions, events or results "may", "will", "could", "would", "might", "will be taken", "occur", "be achieved" or other similar expressions. Forward-looking statements, including the expectations of CDPR's management regarding the execution of the definitive agreements with AMSAC and the timing thereof, the expected consolidation of the rights required to advance the Quiulacocha Tailings Reprocessing Project; the advancement of the Quiulacocha Tailings Reprocessing Project, and the timing, outcome and impact of permitting and regulatory processes, are based on CDPR's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CDPR to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that the definitive agreements with AMSAC will be executed on the expected timeline or at all. Forward-looking information is based on the opinions, estimates and assumptions of management as of the date of this news release. These assumptions include that the definitive agreements will be executed with AMSAC within the expected timeframe and on terms consistent with the rules of the Auction; that the Company will satisfy the terms and conditions of the Auction; that the award will not be successfully challenged; that the required permits, authorizations and community agreements will be obtained in a timely manner; that financing will be available on acceptable terms. Forward-looking statements are subject to business and economic factors and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the risk that the definitive agreements are not executed on the expected timeline, on the expected terms, or at all; challenges to the award, or administrative or legal proceedings relating to the Auction; and the the risk factors set out in CDPR's public documents, available on SEDAR+ at www.sedarplus.ca.
The Company has not established a mineral resource or mineral reserve for the Quiulacocha tailings in accordance with NI 43-101. Ongoing drilling, assay, metallurgical and related technical work are intended to support a first Mineral Resource Estimate and future technical studies; there can be no assurance that any such estimate or study will be completed or, if completed, that it will support the advancement of the project.
Although CDPR believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Forward-looking information is provided as of the date of this news release. Except where required by applicable law, CDPR disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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