Alli Allpa Phosphate Project

Lara Exploration Ltd. holds a 70% equity interest and is the operator of Fosfatos Alli Allpa, named for its significance in Quechua as "good soil” phosphates. The company is dedicated to advancing the exploration, technical studies, and development of a phosphate rock operation in the Junín region of Central Peru. The project aims to produce and concentrate phosphate rock to meet the growing demand for fertilizers in the Junín Region, the Peruvian market generally, and for export abroad.

Located between the provinces of Jauja and Concepción, the Alli Allpa Project has been under Lara's operatorship since 2022. Through Fosfatos Alli Allpa, Lara has actively engaged with local communities and regulatory bodies, ensuring compliance with authorities at both local and national levels. Lara is collaborating with the Peruvian National Institute of Agrarian Innovation (INIA) on local soil sampling studies, and fertilizing soils on selected test plots near the project, with crushed phosphate rock, demonstrating potential improvements in crop yields through the application of locally sourced phosphates.

The Project hosts a sedimentary phosphate deposit, where previous exploration, including trenching, drilling, processing testwork and other technical studies, identified an extensive zone of phosphate mineralization that is amenable to beneficiation and production of phosphate rock. The project was studied previously by Stonegate Agricom Ltd. (later acquired by Itafos Inc.), which published a NI 43-101 technical report ("Technical Report on the Mantaro Phosphate Deposit Junín District Peru" authored by Donald H. Hains and Michelle Stone of Hains Technology Associates) on SEDAR on March 16, 2010.

The project benefits from its strategic location near the national highway and major rail line connecting Huancayo with Lima and the port of Callao, as well as the newly completed Chinese-operated mega-port of Chancay. High tension transmission lines traverse the property's western side.