On December 14, 2025, Alta Copper Corp. has entered into a definitive arrangement agreement with Fortescue Ltd's wholly owned subsidiary, Nascent Exploration Pty Ltd, whereby Nascent will acquire all outstanding common shares of Alta Copper not currently held by the purchaser. Nascent presently holds 33,638,304 Alta Copper Shares, representing 35.7% of the issued and outstanding shares. Under the transaction terms, shareholders will receive C$1.40 cash per share, valuing the company at approximately C$138.8 million on a fully diluted basis, funded from Fortescue's existing cash reserves. The purchase price represents a 50% premium to the 30-day volume-weighted average trading price of C$0.94 per share for the period ended December 12, 2025, and a 100% premium to the C$0.70 per share for the period ended November 7, 2025.

Nascent will provide Alta Copper with an unsecured bridge loan of US$1.4 million (approximately C$1.93 million) with a one-year term and 10% per annum interest compounded daily. A C$3 million termination fee is payable by Alta Copper in certain circumstances, while the purchaser has agreed to reimburse Alta Copper for expenses up to US$1.4 million (approximately C$1.93 million) under certain termination scenarios.

Haywood Securities Inc. serves as financial advisor to the Special Committee, and Fort Capital Partners acted as independent valuator. Gowling WLG (Canada) LLP is legal counsel to Alta Copper, Blake, Cassels & Graydon LLP represents the Special Committee, and Borden Ladner Gervais LLP acts as legal counsel to Fortescue and Nascent.