Patriot to Issue 20M Shares Plus Milestones for 100% Tassa Silver-Gold Acquisition

Strategic Acquisition in Peru

Patriot Resources Limited has announced a significant step in expanding its mineral portfolio with the acquisition of a 100% interest in the Tassa Silver Gold Deposit, located in Peru’s mineral-rich Ubinas district. The deal is structured through the purchase of Colque Holdings Pty Ltd, the entity holding the deposit, for an initial payment of 20 million shares and US$500,000 in cash.

This acquisition positions Patriot to tap into a high-grade silver and gold resource that has already been drill confirmed through a comprehensive scout drilling program comprising 26 diamond drill holes totaling over 8,400 meters. The results reveal impressive silver grades, including a standout intercept of 60 meters at 224.20 grams per tonne silver, with sections reaching up to 1,765 g/t silver. Gold mineralisation is also evident, particularly in the southern zone, with intercepts such as 16 meters at 1.50 g/t gold.

Milestone-Linked Consideration and Growth Potential

The acquisition’s consideration is notably milestone-based, with further shares payable upon the definition of JORC-compliant indicated mineral resources at various thresholds, culminating in a potential 50 million ounce silver equivalent resource. This structure aligns vendor incentives with resource development and provides Patriot with a capital-efficient pathway to scale the project.

Geographically, the Tassa deposit shares a border with Buenaventura’s San Gabriel Gold mine, which boasts proven and probable gold reserves of 1.8 million ounces at 3.71 g/t gold and 3.1 million ounces of silver. San Gabriel is expected to commence production imminently, underscoring the strategic value of Tassa’s location within a proven mining district.

Complementing a Diversified Battery Minerals Portfolio

Patriot’s Executive Chairman, Hugh Warner, highlighted the acquisition as a key addition to the company’s battery minerals-focused portfolio. Alongside the Tassa project, Patriot holds promising lithium assets in Canada’s Gorman Lithium Project and copper projects in Zambia’s Mumbwa High Grade Copper District. These projects are strategically positioned near existing or near-term producers, enhancing Patriot’s potential to contribute to critical mineral supply chains.

Looking ahead, Patriot plans to undertake further drilling in 2026 to delineate and expand the resource at Tassa, with the goal of advancing the project toward a maiden JORC resource announcement. The company is also progressing a capital raising to support the acquisition and subsequent exploration activities.

Risks and Next Steps

The acquisition remains subject to due diligence, capital raising, and regulatory approvals, which introduces some uncertainty around timing and completion. Additionally, the resource is at an early stage, with true widths and full resource estimates pending further work. Investors should also consider the potential dilution from milestone share issuances tied to resource milestones.

Nevertheless, the deal underscores Patriot’s commitment to building a diversified portfolio of high-value mineral assets aligned with the global energy transition, combining silver, gold, lithium, and copper projects across multiple jurisdictions.