Leviathan Gold set to acquire Cura Exploration Botswana

Leviathan Gold Ltd. is pleased to announce that it has entered into a non-binding letter of intent dated 13th June 2025, with Cura Exploration Botswana Corp. (formerly 1513711 B.C. Ltd.1) (“Privco”), whereby the Company will acquire all of the issued and outstanding securities of Privco.

Privco is party to share purchase agreements, with Afri Energy Pty Ltd., AfriMetals No. 1 Pty Ltd. and AfrIMetals No.2 Pty Ltd., and the shareholders of the AfriMetals Entities for the purchase of all the shares of the AfriMetals Entities, which are the holders of certain copper and uranium prospecting licenses in Botswana.

The key asset of the AfriMetals Entities is the land package commonly referred to as the Central Project, which directly adjoins MMG’s Khoemacau group of deposits, (Measured and Indicated Mineral Resources of 94Mt @1.8% Cu and 22 g/t Ag and Inferred Mineral Resources of 209Mt @1.6% Cu and 20 g/t Ag3) on the Kalahari Copper Belt which, together with the nearby Banana Zone (Measured and Indicated Mineral Resources of 33Mt @1.4% Cu and 21 g/t Ag and Inferred Mineral Resources of 120Mt @0.8% Cu and 10 g/t Ag) were acquired by MMG Ltd in 2023 for US$1.9 billion.

Central displays similar large-scale geological characteristics to those observed at Khoemacau, making the property prospective for a Tier 1 copper discovery. Specifically, all known KCB copper deposits – including those of Khoemacau – occur at or close to a well-understood stratigraphic contact (namely the interface between the D’Kar and Ngwako Pan Formations) where these rocks have been folded into extensive structural “domes”, into which fault structures then channeled and focused the flow of mineralizing fluids. Central boasts around 30 kilometers of this contact where it forms a prime domal structure, as supported by a recent high-resolution ground magnetic survey. This is the next structure south from those hosting Khoemacau; each other dome at Khoemacau hosts copper deposits or discoveries.

In addition, the AfriMetals Entities also hold an extensive Botswanan portfolio of uranium prospecting licenses. Most prominently the Serule Uranium Project owned by the AfriMetals Entities adjoins, and is situated immediately adjacent and down-dip of the Letlhakane Uranium Project (Indicated Mineral Resources of 71.6Mt @ 360ppm U3O8 and Inferred Mineral Resources of 70.6Mt @ 363ppm U3O8 containing 56.8 and 56.9Mlbs U3O8 in these categories respectively5) acquired via a AUD$64 million merger by Lotus Resources in 2023. Recent drilling at Serule suggests the presence of a mineralized zone in excess of 4 kilometers in width, where a prominent drillhole interval includes 10m @ 415ppm U3O8.

Readers are cautioned that information in respect of Khoemacau, Banana Zone and Letlhakane Uranium Project is not indicative of the mineralization on the Properties and readers should not rely on such information with respect to the Adjacent Properties when assessing the Properties. There is no assurance that the Properties will yield scientific, technical or other information or results as that of the Adjacent Properties.

Botswana is a politically stable pro-mining investment jurisdiction – ranked #1 in Africa by the Fraser Institute, enjoying investor-friendly legislation, a highly proficient and well-educated workforce, and first world infrastructure – set up to support mining, which is a pivotal and widely-accepted national economic driver. The Kalahari Copper Belt is regarded by the USGS “as one of the world’s most prospective areas for yet-to-be-discovered sediment-hosted copper deposits”. The Properties cover over 12,000 square kilometers of prospective copper and uranium tenure6.

Leviathan Gold’s President and Chief Executive Officer, Luke Norman, remarked: ”The proposed acquisition by Leviathan of Privco would result in Leviathan adding to its portfolio of mineral assets the highly strategic and yet under-explored Central Project directly adjoining MMG’s world class Khoemacau “Cluster” of copper deposits on the Kalahari Copper Belt – with which Central appears to share important geophysical, structural and stratigraphic indicators – places Leviathan in pole position to make a major copper discovery in mining-friendly Botswana. Beyond Central, the greater Botswanan property portfolio contemplated under the Proposed Transaction provides the Company with further value-creating opportunities, not only on the broader Kalahari Copper Belt, but also at the Serule Uranium Project, covering an extensive package of prospective Lower Karoo Formation sedimentary rocks.”