"The Aurora project is in an early stage of development, and the goal is to advance it to the point where it has a defined mineral resource by 2025."

Ian Gendall

CEO AND PRESIDENT, DLP RESOURCES

March 22, 2024

Can you introduce our readers to DLP Resources (DLP)?

DLP is listed on the TSXV and the OTCQB in the US. We have a strong board with members from Ascot Resources and Osisko Mining to name but a few. Fully diluted, we have 124.8 million shares outstanding. Our flagship project is the Aurora porphyry copper-molybdenum project located 60 km north of Cuzco in Southern Peru. Aurora is an advanced stage exploration project. Our other project is Esperanza, a greenfield project outside of Arequipa. We also have copper-silver-cobalt and zinc projects in BC, but our focus is Peru.

Can you provide an overview of your flagship Aurora project?

Aurora was first drilled by Bear Creek Mining in 2001 and Vena in 2005. Approximately 3,900 m of drilling were performed. The potential of the project was underestimated because most of the drilling was shallow, reaching depths of only 300-400 m.

We acquired the project in 2021 and have performed deep drilling down to 1,000 m. We commenced the current drill program in August 2022 with 3 drill holes. In 2023 we completed 10 holes on the project. In total we have performed 9,910 m of drilling. We have a program in place for 2024 to drill 10 holes and 10,000 m. We are currently in a round of financing seeking to raise C$4-5 million to complete the proposed drilling. The Aurora project is in an early stage of development, and the goal is to advance it to the point where it has a defined mineral resource by 2025.

We also have an excellent relationship with the surrounding Parobamba community. 

What are the highlights from the current drill campaign?

All holes to date have intersected good copper and molybdenum mineralization from the top to bottom of the holes. The Aurora deposit has some of the best molybdenum grades in the world, and it is considered both a copper and molybdenum project. 

We intersected intervals of over 700 m at 0.5% CuEq, and 970 m at 0.3% CuEq. The last hole returned 773 m at 0.82% CuEq. 
In February 2024, we expanded the area by 500-600 meters. We identified surface outcrop rock samples with good copper, molybdenum, and silver values in the northeast of the property. We will be expanding to the southeast and northeast of Aurora during 2024. 

Can you introduce your Esperanza project?

Esperanza is an early stage, 100% DLP owned porphyry copper project. This year we started with a mapping and sampling program. We should have results in by mid-2024. We have also performed airborne imagery and identified alteration patterns; this will be combined with groundwork and, potentially, geophysics. The intention of the program is to bring Esperanza to a point of being drill ready by the end of 2024. 

What will copper and molybdenum supply and demand look like in the future?

For copper, all market research has shown we hit a tipping point for supply and demand, and either 2024 or 2025 will be the year of changeover, where demand outstrips supply. We expect to see a supply shortage that will last at least for the next 10 years. Molybdenum is generally a secondary product of copper production and there is also a projected 2-4% growth in demand. 

What role will juniors play in helping meet the impending copper supply shortage?

Juniors play a huge role in the exploration space. Juniors have fewer overheads and can be more aggressive moving into new areas, which allows us to execute exploration programs quicker than majors. Moving forward, I believe we will see a lot more discoveries being made by juniors. Majors are going to rely on juniors as their exploration arm. 

The industry is encountering a deficit in field experience as many experienced people have left. There is now a greater demand for experienced field geologists working in both major and junior companies to identify good projects for exploration success.

What are DLP’s main priorities for 2024?

Our focus is financing Aurora for 2024 and 2025. We also have projects in Canada that are only in operation in the summer. Peru is our principal focus. In terms of expenditure, 80% will be directed to Peru, and the remaining 20% to Canada. The copper space is the place DLP will be focused.

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