Alta Copper Announces Annual General Meeting Voting Results

VANCOUVER, British Columbia / ACCESSWIRE / June 30, 2024 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) (“Alta Copper” or “the Company”) announces the voting results of its annual general meeting of shareholders held on Friday, June 28, 2024 in Vancouver, British Columbia.

In total, 45,215,379 common shares, representing 53.71% of the outstanding shares of the Company, were represented at the meeting and all motions presented were adopted.

Here is a summary of the results of the Annual General Meeting vote:

Appointment of an auditor

Kreston GTA LLP was appointed as auditor of the company for the following year, for remuneration to be determined by the directors.

Votes for: 97.69%

Abstentions: 2.31%

Adoption of a new omnibus share incentive plan

The adoption of a new 10% omnibus equity incentive plan was ratified and approved.

Votes for: 95.97%

Votes against: 4.03%

Number of administrators

The number of directors was set at seven.

Votes for: 97.29%

Votes against: 2.71%

Election of directors

The following nominees have been elected as directors to serve until the next annual meeting of shareholders of the Company or until their successors are elected or appointed.

Pursuant to the Company’s majority voting policy, the Company anticipates that each of Joanne C. Freeze, Miguel Inchaustegui, Steven Latimer and Sean I. Waller will tender their resignations as directors of the Company, each of which has received a greater number of votes retained than votes in favor of their election as director. After receipt of such resignations by the Company, the Board of Directors of the Company will determine whether or not to accept the resignations in accordance with the majority voting policy, with each of the directors having offered their resignation abstaining from the process of decision making.

For each of the directors voting without a vote, between 87% and 99% of the votes without a vote were cast by Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Ltd. (“Fortescue”). In accordance with the Company’s majority voting policy, the reasons for Fortescue’s non-voting votes and the views of other Company stakeholders will be considered by the Board in determining whether to accept the resignations. The Company will provide a further update once the Board has consulted with all parties. The Board intends to complete this process as quickly as possible and within the required 90 days in accordance with Toronto Stock Exchange policies.

The Company’s Executive Chairman, Giulio Bonifacio, is currently in discussions with Fortescue regarding the withheld votes. Fortescue has indicated that it believes a reconstituted Board of Directors would prove beneficial to the Company and result in an even more accelerated development of the Cañariaco Project. The Company is encouraged by Fortescue’s desire to play a more active role and welcomes the opportunity to work with Fortescue as we advance the Cañariaco Project. “The Cañariaco Project is a robust, large-scale copper project and the involvement of Fortescue, a global mining company with extensive experience in developing and operating large-scale base metal mines, can only be viewed as positive. We look forward to our discussions with Fortescue in the coming weeks,” commented Mr. Bonifacio.

About Alta Cuivre

Alta Copper is focused on developing its 100% owned Cañariaco advanced copper project. Cañariaco comprises 97 km² of highly prospective land located 102 km northeast of the city of Chiclayo, Peru, which includes the advanced Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect, all located on a 4 km NE-SW trend in the prolific Northern Peru mining district. Cañariaco is one of the largest copper deposits in the Americas not owned by a major company.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). Forward-looking statements are generally identified by words such as: believe, expect, anticipate, intend, estimate, plan, postulate and similar expressions, or are those that, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements regarding the effective date of the consolidation and the name change of the Company. These forward-looking statements are made as of the date of this press release. Although the Company believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that the expectations and assumptions contained in such statements will prove to be correct. The Company cautions investors that the Company’s forward-looking statements are not guarantees of future results or performance and are subject to risks, uncertainties, assumptions and other factors that could cause events or results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake no obligation to update or alter any forward-looking statements, except as required by applicable securities laws.

On behalf of the Board of Directors of Alta Copper Corp.

“Giulio T. Bonifacio“, executive chairman and director

For more information, please contact:

Giulio T. Bonifacio, Executive Chairman and Director
(protected email)
+1 604 318 6760

Or

Joanne C. Freeze, President, CEO and Director
(email protected)
+1 604 512 3359

E-mail: (email protected)
Website: www.altacopper.com
Twitter: https://twitter.com/Alta_Copper
LinkedIn: https://www.linkedin.com/company/altacopper/
Facebook: https://www.facebook.com/AltaCopperCorp
Instagram: https://www.instagram.com/altacopper/
Youtube: https://www.youtube.com/@AltaCopper

SOURCE: Alta Copper Corp.