Megado Minerals Advances Alpartir Silver-Copper-Antimony Project with Extensive Magnetic Survey in Northern Spain

Geographic and Geological Overview of the Alpartir Project

Megado Minerals' Alpartir project offers a significant exploration opportunity within the Aragón region of northern Spain, targeting silver, copper, and antimony mineralisation in a historically productive European mining district. Covering 576 square kilometres with 8 permits—5 granted Exploration Permits and 3 Investigation Permits under application—the project is situated in an area with documented historical copper, silver, lead, and antimony mining activities stretching over 36 kilometres along a north-south axis from the Alpartir mine to Fombuena.

The mineralisation at Alpartir is hosted in Ordovician-Silurian basement rocks, known for hosting high-grade, structurally controlled silver-copper-antimony vein systems. The exploration model targets fault breccia and veins, with multiple mineralised structures mapped across the area. Primary sulphide minerals identified include pyrrhotite, pyrite, chalcopyrite, galena, sphalerite, tetrahedrite, and lead-sulphosalts. Pyrrhotite and magnetite contribute to magnetic responses used to identify exploration targets. Megado views Alpartir as a strategic entry into a historically productive European silver-copper-antimony district with strong geological foundations and considerable exploration upside.

High-Resolution Magnetic Survey Unveils Structured Target Framework

Megado completed a detailed high-resolution airborne magnetic survey using Xcalibur Smart Mapping's MIDAS system, covering 451.3 square kilometres in the southern survey block southwest of Zaragoza, including the Encinacorba-Fombuena-Luesma-Bádenas region. Specialist consultants Gaia Exploración S.L. reprocessed and interpreted the magnetic data, applying advanced techniques to eliminate cultural noise and enhance geological interpretation. The processing generated complementary magnetic products that differentiate shallow noise and local lithological effects from deeper, structurally controlled magnetic sources.

The survey has transformed understanding of the southern Alpartir permits, revealing a highly structured geological system with multiple persistent anomalies and target corridors extending beyond known historical workings. The magnetic data delineate a complex network of lineaments, gradients, and magnetic domains, with strong gradient changes aligning with regional structures, indicating faults, fractures, and tectonic contacts as key controls. Several magnetic responses cross geological units, suggesting deeper structures, hydrothermal alteration, and magnetic mineral redistribution contribute to the observed magnetic patterns.

Identification of Priority Targets Through Converging Geophysical Signals

The magnetic survey identified several priority target areas characterised by overlapping persistent deep-source anomalies, analytic-signal maxima, strong magnetic gradients, and mapped or interpreted geological structures. These zones provide a disciplined foundation for follow-up fieldwork and target ranking, indicating structurally controlled mineralisation at depth. The persistence of anomalies after filtering shallow effects and their concurrence across independent magnetic products significantly increases confidence that the principal boundaries represent genuine geological features rather than artefacts.

The magnetic framework aligns with a district-scale hydrothermal system, consistent with the region's historical mining and multiple documented copper, silver, lead, and antimony workings. These results substantially bolster the exploration case for Alpartir by systematically identifying target corridors across the project area, moving beyond reliance on historical mine locations. Combined with documented high-grade historical silver and copper workings and the lack of modern systematic exploration including drilling, the magnetic findings underscore the project's outstanding exploration potential.

Initiation of Stream Sediment Geochemistry Survey Across Southern Permits

Megado has launched a regional stream sediment survey across the southern Exploration Permits to complement the magnetic survey by validating and prioritising identified targets. Stream sediment surveys are cost-effective reconnaissance tools that trace anomalies and detect previously unknown mineralisation zones not evident from surface mapping or historical records. The geochemical data will be integrated with magnetic results to prioritise follow-up investigations and guide future Investigation Permit applications.

This field validation represents a systematic approach to testing and refining targets identified through magnetic interpretation. The stream sediment survey is expected to provide independent geochemical confirmation of magnetic anomalies, enhancing confidence in priority targets before committing to more intensive exploration such as ground geophysics and drilling. The complementary magnetic and geochemical data enable a robust, multidisciplinary understanding of the district’s mineralisation systems, focusing exploration on the most prospective areas.

Investigation Permit Applications Set Stage for Drilling Phase

Following the magnetic survey and ongoing geological reconnaissance, Megado has identified priority zones for Investigation Permit applications. These permits in Spain allow more advanced exploration activities, including ground geophysics and drilling, beyond the reconnaissance-level work permitted under Exploration Permits. Securing Investigation Permits is a critical milestone, enabling the company to progress from geophysical and geochemical surveys to direct subsurface testing through drilling.

The targeted Investigation Permit applications reflect Megado’s confidence in the magnetic data and systematic exploration approach. By focusing permit requests on areas where magnetic data, geological interpretation, and field observations converge, the company aims to improve permit approval chances and optimise exploration capital. An area has been identified for a third Investigation Permit application, indicating a phased strategy to secure drilling rights across multiple target zones within the project.

District-Scale Hydrothermal System Model Supports Long-Term Exploration Strategy

The magnetic survey results support interpreting the Alpartir project as a large, coherent district-scale hydrothermal system rather than isolated mineral occurrences. This model implies that mineralisation processes and structural controls responsible for historical workings over 36 kilometres of strike are systematic and repeatable across the broader area. Persistent magnetic anomalies, distinctive gradients, and interpreted deep structures suggest mineralisation conditions extend well beyond known historical mines.

This hydrothermal system interpretation aligns with documented historical mining that produced silver and copper from structurally controlled vein deposits hosted in fault breccia and veins. Megado’s exploration model recognises that primary sulphide minerals such as pyrrhotite, pyrite, and chalcopyrite generate measurable magnetic responses, while hydrothermal alteration may modify magnetic mineral patterns. Integrating geophysical, geochemical, and geological data provides a systematic framework to identify new mineral systems, positioning Alpartir as a long-term exploration project with potential for multiple discoveries.

Shareholder Vote on 80% Acquisition Option Scheduled for September 2026

Megado’s control of the Alpartir project depends on shareholder approval of an option agreement to acquire an 80% interest. The company expects a shareholder vote on this acquisition in September 2026, marking a key corporate milestone in advancing the project toward full control. This timing coincides with ongoing field validation and Investigation Permit application preparations, supporting shareholder assessment of the acquisition opportunity.

The conditional nature of Megado’s interest reflects typical mineral exploration acquisition structures, with commitments staged according to exploration success and regulatory progress. By advancing exploration alongside acquisition documentation, the company aims to demonstrate the option’s value based on geological merit and a clear path to drilling. The September 2026 vote allows approximately three months from this update to complete field validation and finalise acquisition paperwork.

Exploration Potential in a Historically Productive European Mining District

Megado’s entry into the Alpartir project strategically positions the company within a historically productive European silver-copper-antimony district lacking modern systematic exploration. The project’s documented historical workings over 36 kilometres confirm economic mineralisation, but exploration methods and geological understanding have advanced significantly since historical mining ceased. Modern airborne geophysics, digital mapping, and systematic geochemical sampling provide tools unavailable during the historical era, offering substantial discovery potential within known mineralised systems.

The absence of modern drilling creates an exploration advantage, as shallow mineralisation was likely exploited by historical miners, leaving deeper vein extensions untested. Megado’s disciplined approach—identifying targets through magnetic and geochemical data before drilling—maximises the probability of success once Investigation Permits are obtained. This phased methodology aligns with best practices in emerging mineral districts.

Next Steps and Project Timeline

The exploration program is advancing through near-term phases, including field validation of magnetic anomalies and the regional stream sediment survey. These efforts aim to strengthen confidence in priority targets and guide Investigation Permit applications. While the company has not specified timelines for completing fieldwork or permit submissions, these steps logically precede drilling permit approval and the start of drilling campaigns.

Megado has identified priority zones for Investigation Permit applications, indicating regulatory filings are underway. Granting these permits will enable ground geophysics and drilling, marking the next major exploration phase. The shareholder vote on the acquisition option in September 2026 represents a corporate milestone aligned with completing initial field validation and preparing the project for drilling-stage exploration. Investors will likely monitor announcements on permit applications, survey results, and shareholder approval updates as key indicators of Alpartir’s advancement.