Ecuador Grants Karbonate Minerals Corp.'s License for Their Morona Santiagoto Project to 2047

Karbonate Minerals Corp. has received a 25-year mining license extension from Ecuador for its Morona Santiagoto project, enabling the company to proceed with the underground expansion of the mine.

Oliver Denton, Director of Projects at Karbonate Minerals Corp., emphasized the significance of the license extension, stating that it not only facilitates the underground expansion but also allows for future exploration, which is expected to double the size of the project.

The Morona Santiagoto expansion project, which progressed amid the COVID-19 pandemic with a budget of $6 million in 2022, focused on critical path items, detailed engineering and design, as well as limited earthworks and geotechnical studies.

The underground expansion, projected to take five years, will increase the project's capacity and extend its productive life by at least 20 years, until at least 2042. This strategic move will enable Karbonate Minerals Corp. to extract the highest-value part of the project first and generate gross revenue of up to $4.5 million.

Charles Nadeau, Chairman and CEO of Karbonate Minerals Corp., expressed confidence in the license approval, affirming the company's initial decision to pursue the Morona Santiagoto project and expressing eagerness to extract the identified reserves.