Gualcamayo Advances with Deep Carbonates and US$665 Million Investment

Three years after AISA Group's takeover of Minas Argentinas, Gualcamayo is undergoing a stage of productive reorganization and new resource development in San Juan. The operation continues recovering gold and silver from previously extracted ore, while advancing the Deep Carbonates project.

The initiative involves a US$665 million investment and was approved in early 2026 to join the Large Investment Incentive Regime (RIGI). The development is located beneath former productive areas and plans for the construction of an underground mine along with a pressure oxidation (POX) plant.

Since April 2024, the company has ceased extracting and crushing fresh ore, concentrating activity on recovering material deposited in the leach valley. To achieve this, it reconstructed the heap, redesigned the irrigation system, increased flow, and implemented metallurgical modifications.

During 2025, Gualcamayo produced 43,700 gold equivalent ounces without incorporating new ore. In the same period, the cost per ounce sold was around US$1,150, compared to approximately US$2,400 in 2023. Information filed with the National Securities Commission also reported pre-tax earnings of US$116 million in 2025.

Deep Carbonates has more than 80,000 meters of diamond drilling and its resources were recategorized under NI 43-101 and JORC standards. The project contains more than 4.8 million ounces in resources, including 2.4 million ounces of reserves. The company is currently developing prefeasibility studies and plans to expand district exploration.

The company's projections estimate exports of US$26.5 billion between 2030 and 2055. Annual investment in the operation reaches around US$60 million, while the DCP design continues under evaluation.