Cerro Grande Mining Corporation Announces Termination of APA and Return of Assets to Tamidak

Core Points - Cerro Grande Mining Corporation (CEG) has formally terminated the Asset Purchase and Contracts Assignment Agreement (APA) with Minera Tamidak Limitada due to the inability to make the final cash payment required by Tamidak [1][3] - The total purchase price under the APA was 3,900,000,000 Chilean Pesos (approximately CDN$6.08 million), of which CEG had already paid 2,600,000,000 Chilean Pesos through the issuance of common shares [2] - The final installment of 1,300,000,000 Chilean Pesos was due by June 1, 2024, and Tamidak opted for cash payment, which CEG could not fulfill [3] - As a result of the termination, CEG has returned all acquired assets, including mining concessions related to the Pimentón Copper Gold Mining Project, and the Lease Agreement for Mining Exploitation Concessions has also been terminated [4] - The Board of Directors is currently reviewing options and will provide updates as necessary [5]