Filing of Maritime Concession Application

Halo Minerals PLC

01 May 2026

 

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1 May 2026

Halo Minerals PLC

("Halo Minerals", the "Company" and, together with its subsidiaries, the "Group")

Filing of Maritime Concession Application - Offshore Extension at Playa Verde

Halo Minerals PLC (AIM: HALO), the copper development company focused on extracting critical minerals from legacy mining waste, is pleased to announce it has commenced the procedure to file a formal maritime concession application with the Chilean maritime authority (Subsecretaría para las Fuerzas Armadas, Dirección General del Territorio Marítimo y de Marina Mercante, "DIRECTEMAR") and Ministry of National Defence (Subsecretaría para las Fuerzas Armadas, "SSFFAA"). The maritime concession will cover the shoreline and offshore area immediately adjacent to the Company's flagship Playa Verde Project in Chañaral, Atacama Region. Based on historic bathymetric surveys, academic research, and company investigations, Halo estimates that approximately 100 million tonnes of copper-bearing tailings-originating from the same source as the 53 million tonne JORC-compliant resource and 32 million tonnes of ore reserves owned by Halo onshore-remain within its mining licenses. These licenses extend into the bay area and may be suitable for hydraulic recovery and reprocessing.

As part of the application process, the field work for the high-water line survey was completed last week, marking the first step of the procedure.

Andrew Dennan, Chief Executive Officer, commented:

"Halo Minerals was admitted to trading on AIM on the strength of its 53Mt onshore resource and the filing for the maritime concession is a natural and material extension. This secures potential access to more than double the tonnage we already have sitting onshore in shallow water and are highly synergistic materials to process through the plant that will be installed to re-treat the onshore Ore Reserves.

Our model has always been focused on the development and production of key strategic and battery metals from legacy mine waste through responsible reprocessing. Recovering these offshore tailings would significantly boost copper production, extend mine life, and directly address a 50-year legacy issue for the community of Chañaral. We will progress the application transparently with the authorities and local stakeholders."

Background - Playa Verde

·     The Group's principal asset comprises six mining concessions covering approximately 13.57km² of copper-bearing tailings located in the coastal town of Chañaral

·   JORC (2012) Mineral Resource of 53Mt at 0.24% Cu, including Proved and Probable Ore Reserves of 32.2Mt at 0.25% Cu containing 79,359 tonnes of fine copper in situ covers the "on-shore" beach and surf-zone areas only

·     Ore Reserves-only economics (CPR): post-tax NPV10 of US$154.1 million and IRR of 50.9% at US$5.30/lb Cu and US$4,300/oz Au

Maritime Concession - Key Points

·     Application area: contiguous offshore block contained within existing mining licenses extending from the low-water mark to approximately 1.5km seaward, covering the historic submarine tailings footprint at Chañaral Bay.

·     Historical context: an estimated 250 million tonnes of tailings were discharged into Chañaral Bay by the former El Salvador and Potrerillos mines between the 1930s and 1978, forming artificial beaches over 5km long and extending out into the bay area.

·    Based on historic bathymetric surveys, academic research, and company investigations, Halo estimates that approximately 100 million tonnes of copper-bearing tailings-originating from the same source as the 53 million tonne JORC-compliant resource and 32 million tonnes of ore reserves owned by Halo onshore-remain within its mining licenses. These licenses extend into the bay area and may be suitable for hydraulic recovery and reprocessing. The maritime concession, if granted, would provide Halo with exclusive rights to:

1.   conduct marine surveys, sampling and environmental baseline studies;

2.   undertake pilot-scale recovery trials; and

3.  ultimately, subject to approval of a separate environmental impact assessment study, integrate offshore material into the planned Playa Verde processing flowsheet.

The application is consistent with Chile's policy encouraging remediation of historic coastal deposits. Reprocessing removes a source of marine environmental liabilities while recovering copper and gold without new hard-rock mining.

Figure 1 - Location of mining concessions

Next Steps

·      DIRECTEMAR and SSFFAA public notice period (expected by end of Q2 2026)

·      Baseline environmental studies and community consultation in Chañaral, in parallel with onshore DFS optimisation work

·      Subject to the granting of the maritime concession application, a phased offshore resource definition programme to upgrade the potential ~100Mt historic estimate to a JORC-compliant Exploration Target and, in due course, Mineral Resource

The Company will provide further updates as the application progresses. The maritime concession remains subject to grant by SSFFAA and subsequent environmental permitting; there is no guarantee of timing or outcome, and the ~100Mt figure is currently a historic, non-JORC estimate that requires verification.

The Directors of the Company are responsible for the release of this announcement.

Enquiries:

Halo Minerals PLC	Via Tavistock below
Andrew Dennan, Chief Executive Officer Frank Jackson, Chief Financial Officer
[e-mail]
www.halominerals.co.uk
Cairn Financial Advisers LLP (NOMAD)	[phone]
Ludovico Lazzaretti Liam Murray James Western
Global Investment Strategy (Broker)	[phone]
Christopher Kipling
Tavistock (Public Relations)	[phone]
Nick Elwes Josephine Clerkin Gareth Tredway

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.   Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. 

Notes to Editors

Halo Minerals PLC is the 100% owner of the Playa Verde project, an advanced copper tailings project focused on reprocessing metal rich historic tailings which have accumulated onto a beach located in the Atacama region of Chile. The project is a technically de-risked and in October 2025 received unanimous approval for its EIA from the Chilean Government's Ministerial Committee.

Playa Verde has a JORC compliant resource of 53.4 Mt @ 0.24% Cu, which includes reserves of 32.2 Mt @ 0.25% Cu, and is updating its DFS for dredging and retreatment initially targeting the reserves of ore located on the beach followed by up to a further 21 Mt of ore contained in the western berm and shoreline area. The project is well placed with significant upside in securing the rights to process up to a further ~100Mt of offshore potential resource which originated from the same historical mining operations as the onshore resource.

Halo Minerals plans to advance the Playa Verde project on an accelerated timeline to production with funds raised expected to take the project to a final investment decision. Financial analysis estimates operating costs of only $2.19 per pound of copper produced, with the processing of the reserves having an NPV10 of US$ 154.1 million and an IRR of 50.9% after tax from a 7 year life of mine to produce the 32.2 Mt of reserves (based on static commodity price assumptions of $5.30/lb Cu and $4,300/oz Au).

The Company's philosophy is "Mining with a difference" working with the community to detoxify the region, returning the re-treated beach back to the local community whilst economically producing key strategic and battery metals to the benefit of all stakeholders.

 

END