Andina Copper - Why I am Deeper Involved Now.

The scale of what’s emerged at the Cobrasco discovery in Colombia is impressive. From what’s been drilled so far, we think it's just scratching the surface.

*Updated article 6th February 2026*

*Pampa Metals changes name and re brands to Andina Copper*

For those interested in mining and exploration in South America, I’ve taken on a full-time role with Andina Copper as VP Technical Communications.

It’s a mix of project geology and investor relations, and honestly, it’s damn fun, especially when you’re working with the quality of projects we’ve got in Cobraco (Colombia), Piuquenes (Argentina) and Mantau (Chile).

In the chopper heading to the Cobrasco project, Chocó, Colombia. 🇨🇴🚁

Pampa Metals is acquiring Rugby Resources through a share exchange.

Pampa Metals will issue 1 Pampa share for every 6 Rugby shares held, acquiring an 80% interest in the Cobrasco copper-moly porphyry project in Colombia, and 100% ownership of the Mantau IOCG exploration project in Chile.

Once the acquisition wraps up, the combined market cap of Pampa Metals and Rugby Resources should land around C$21 million (Pampa’s about C$14M + Rugby’s around C$7M). Rugby shareholders will end up owning roughly 38% of the new combined company.

So, post-acquisition, we’re looking at Pampa having a market cap of about C$20M.

Here is the story I can finally write about and why I see tremendous value in being apart of it as a shareholder,

It was only a few weeks ago, when Joe (Pampa's CEO) invited me along on a site visit to Cobrasco to do some due diligence before Pampa potentially acquired the project, it couldn't have been a quicker "yes" from me.

Helipad at the Cobrasco Project, Chocó, Colombia. 🇨🇴🚁

Cobrasco is honestly one of the most exciting porphyry copper discoveries globally.

I’ve heard Vukasin Pekovic break it down on various podcasts, read through his detailed reports, and even had Tom Woolrych from Deutsche Rohstoff walk me through a Leapfrog model.

From just two and a half drill holes, I won’t comment on specifics for compliance reasons, but…

What's even more interesting is that a few kilometers away from MCC/Rio Tinto's Comita project, where they’ve hit significant copper grades. It’s probably all the same big porphyry system.

So, bottom line: At Andina Copper we think Cobrasco is huge.

Rugby’s geologist’s have done some excellent technical work out there and I was dead set very impressed by their level of professionalism.

The challenge here isn't in the geology and copper mineralisation potential, never has been.

Joe and myself at the Rugby—soon to be Pampa—core shed and offices/accommodation in Quibdó, Colombia. 🇨🇴⛏️

Why wasn’t Cobrasco drilled and developed back in the day? The answer is simple: it’s located in the western Colombian jungle, specifically in the Chocó department.

Chocó is predominantly an Afro-Colombian region and is among the poorest areas in the country. Despite these challenges, Rugby Resources has done very well and successfully established a 10-year community agreement with local residents and secured all necessary permits for what is very low environmental impact exploration drilling.

I picked this up in the creek at Cobrasco, fresh sulphides. Copper minerals present: chalcopyrite, bornite, covellite - minor malachite, azurite. 🇨🇴⛏️

The project requires helicopter-supported drilling due to its remote location and challenging access, but it’s only a 15-20 minute flight from the city of Quibdó, the capital of the Chocó department in Colombia, where Andina Coppers' coreshed, accommodation and finca are located. MCC/Rio Tinto's nearby Comita project faces similar logistics.

Here are the world class copper intercepts from those initial 2.5 drill holes in 2022, demonstrating just how spectacular the potential is:

CDH001

• 808m @ 0.42% Cu (copper) (184m-992m)

CDH002

• 754m @ 0.46% Cu (152m-906m)

CDH003

• 144.6m @ 0.69% Cu (156m–300.6m (EOH) ended early for various reasons and in copper serious +2% Cu juice.

One big thing to notice, these are NOT CuEq values.*

AND mineralisation actually starts from near-surface 0.2-0.3% Cu range.

This slide sums up the opportunity at Cobrasco perfectly. Look at that copper anomaly (the moly anomaly is just as prevalent and is a better marker of a porphyry system since it’s less mobile), and note the proximity to MCC/Rio Tinto. The best part of the system is highly likely still undrilled at Cobrasco.

Here's photographic evidence of drilling in the region from a low pass we made by helicopter during our recent site visit.

Low pass in the helicopter over the MCC/Rio Tinto Comita project. The blue tarp marks an MCC drill rig. 🇨🇴🚁

What's the X factor here at Cobrasco to get things progressing?

Joseph van den Elsen.

Joe is Australian but also a Colombian citizen, having lived in the country for a decade. Through his various ventures, he has achieved getting Cobrasco up and running.

Andina has fully recommenced exploration at Cobrasco.

What do you reckon will happen to the stock when explortion gets underway at one of the world's most exciting porphyry discoveries?

Now the next step is reporting on exploration results.

One of Australia’s most successful mining entrepreneurs, Tony Manini, has joined the board as Chairman, and now Dan Earle and Steve MacIntosh have come on as strategic advisors.

Bryce Roxburgh (Ex-Rugby Resources CEO and major shareholder) has joined the board at Andina Copper as part of the acquisition.

These board changesn and factors, please copper market fundementals and these as well as executing to date at cobrasco is what has seen our shareprice rerate significantly since I first wrote this article (it’s still early days, we’re just getting started).

Piuquenes project in San Juan, Argentina.

Just a few hundred meters from Aldebaran’s now-economic El Altar project, which recently delivered a PEA showing roughly 80% of the resource in a block cave and 20% in an open pit, Piuquenes has suddenly become, even more, incredibly valuable.

Here are the world-class copper-gold intercepts from the Piuquenes Central porphyry since Pampa acquired the project in 2023:

PIU01-2024DDH

• 422m @ 0.48% Cu, 0.61 g/t Au (gold) (198m-620m)

PIU02-2024DDH

• 448m @ 0.42% Cu, 0.46 g/t Au (214m-662m)

PIU03-2024DDH

• 801m @ 0.40% Cu, 0.51 g/t Au (54m-855m (EOH))

PIU16-01DDH

• 558m @ 0.38% Cu, 0.42 g/t Au (362m–920m (EOH))

Aldebaran’s progress at El Altar is an added bonus for Piuquenes. While Piuquenes stands on its own as a strong project, having a billion-tonne development right next door, just over the hill, backed by Rio Tinto and led by John Black, who has a track record of getting projects sold, only strengthens the investment case.

The Piuquenes Project has two mineralised porphyries on the property, it’s the companies flagship project and hold huge potential with it being directly adjacent to Aldebaran Resources’ +C$600M market cap El Altar project.

Summary.

Andina Copper will acquire three quality projects in South America, with Rio Tinto as a neighbour for two of them, Piuquenes and Cobrasco.

One dark horse is Mantau project in Chile which sits next to billionm dollar market cap Marimaca Coppers Pampa Medina project and has rock chips and old working up to 28% Cu and 5 g/t Au - this project is literally read to hammer explroation wise whenever.

The flagship project, Piuquenes, has two mineralised porphyries on the property and is located adjacent to Aldebaran's giant El Altar project. Aldebaran has one of the strongest team in the sector with a proven track record of doing it all before.

Cobrasco is one of the most exciting porphyry copper discoveries globally. Pampa CEO Joe is personally backing the project, leveraging his extensive Colombian business experience to restart drilling and advance the project.

The third project, Mantau, located in Chile, is currently in the pre-drilling exploration phase. Recent drilling results from its significant neighbour, Marimaca Copper, released in December, showed low to mid-grade copper oxide mineralisation hosted in andesitic volcanics. This makes Mantau highly prospective, underscoring its exploration potential in a prime copper district in Chile. This project certainly shouldn't be overlooked.

Having personally visited both Cobrasco and Piuquenes (multiple times), I’ve seen Joe in action and fully back him to lead this acquisition. I genuinely believe he’s the right person to advance these projects and deliver significant shareholder value.

Don’t forget, serious mining legend Bryce Roxburgh is still hanging around and joining the Pampa board—a huge factor here.

Having Tony Manini from EMR Capital involved in a personal capacity, along with Rob Cohen from 1832 Asset Management as major shareholders, is a huge vote of confidence.

Once Pampa Metals lists on the TSX-V and then the ASX, and plans to get drill rigs turning at Cobrasco, further advances the two porphyry systems at Piuquenes, and starts exploration at Mantau, its current market cap of around ~$14M - before finalising the Rugby Resources acquisition - it doesn’t get much more of a steal than that to me.

It can’t get onto the TSX-V soon enough. Being on the CSE is a significant hurdle holding many retail investors back, as a lot of people don’t have access. It’s easily the question I get asked most often.

I’m excited to be fully involved and to see how all of this ages with time.

Cheers,

Jordan - Geólogo Trader 🇦🇺

Disclaimer: This includes forward-looking statements and opinions after personal project site visits. I have a vested interested in Pampa Metals, I hold stock, am participating in the current open private placement, and have a part-time role as Investor Relations Advisor. Please DYOR.

Piuquenes project, San Juan, Argentina. 🇦🇷⛏️

Side note for loyal Geólogo Trader subscribers:

I recently visited my second home in Asunción, Paraguay. It was fantastic, and yep—I got some funny looks standing in the ‘Paraguayans Only’ immigration line while using my newly acquired residency card to enter the country.

During the trip, I had a great meeting with a Paraguayan senator, who gave me a personal tour of the congress building and shared some unbelievable yet unsurprising insights about the country. It's amazing what opportunities posting on social media can open up—just do it!

I'm halfway through writing an article to update you all on my slow and complicated path with internationalisation, my US LLC, and how I'm managing my business affairs abroad.

I've decided to change my approach after navigating quite a few hurdles—especially given how challenging it has been to move my shares out of Australia. More details soon if you’re interested!

Have a good weekend.