NASCENT EXPLORATION PTY LTD. ANNOUNCES INCREASED INVESTMENT IN ALTA COPPER CORP.

PERTH, Australia, Jan. 16, 2024 /CNW/ - Nascent Exploration Pty Ltd. ("Nascent"), a wholly owned subsidiary of Fortescue Ltd. (Fortescue) has completed a private placement investment (the "Private Placement") into Alta Copper Corp. (TSX: ATCU) (BVL: ATCU) (OTCQX: ATCUF) ("Alta Copper") on December 20, 2023.

Pursuant to the Private Placement, Alta Copper issued to Nascent an aggregate of 6,255,942 common shares ("Shares") at a price of $0.50 per Share for a total purchase price of $3,127,971.

Prior to the completion of the Private Placement, Nascent owned 19,811,556 Shares, representing 25.4% of the outstanding Shares on a non-diluted basis, and 23.8% on a fully diluted basis. Upon completion of the Private Placement, Nascent now holds 26,067,498 Shares, representing 31.0% (an increase of 5.5%) of the outstanding Shares on a non-diluted basis and 29.1% (an increase of 5.3%) on a fully diluted basis.

Nascent's acquisition was made for investment purposes. In accordance with applicable Canadian securities laws, Nascent may, from time to time and at any time, evaluate its investment in Alta Copper and acquire additional shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of Alta Copper in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Alta Copper and other relevant factors.

The head office of Alta Copper is located at Suite 801, 1112 Pender Street, Vancouver, BC, Canada V6E 2S1. The head office of Nascent is located at Level 2, 87 Adelaide Terrace, East Perth, WA, Australia 6004.

A copy of the Early Warning Report filed on Form 62-103F1 in connection with the Private Placement can be requested from Cameron Wilson, Corporate Secretary of Nascent, at [email protected].

About Fortescue

Fortescue is an integrated green technology, energy and metals company recognised for its culture, innovation and industry-leading development of infrastructure, mining assets and green energy initiatives.

Since our founding 20 years ago, Fortescue has become one of the world's largest producers of iron ore with more than two billion tonnes of iron ore delivered to our customers.

Fortescue is unique within heavy industry: we are committed to reducing our emissions to Real Zero by 2030 across our Australian terrestrial mining operations ? eliminating fossil fuels by developing local renewable power and replacing our existing equipment with battery electric and green hydrogen models.

Through our Energy business, we are focused on meeting urgent global demand for green energy, aviation fuels, green fertilisers and green shipping fuels.

fortescue.com

SOURCE Nascent Exploration Pty Ltd.