On July 8, 2024, Cerro de Pasco Resources Inc. closed the transaction. The company has now issued 32,980,000 units at a price of CAD 0.10 per unit for aggregate gross proceeds of up to CAD 3,298,000. Eric Sprott, a new insider of the company, acquired 20,000,000 units under the Offering through 2176423 Ontario Ltd., a corporation beneficially owned by him.

2176423 Ontario Ltd. also acquired 17,000,000 Common Shares from an existing shareholder of the Corporation through a share purchase agreement. Eric Sprott now beneficially owns or controls 37,000,000 Common Shares and 20,000,000 Warrants, representing approximately 9% of the outstanding Common Shares on a non-diluted basis and 13.3% on a partially diluted basis assuming the exercise of such Warrants. All securities issued in connection with the Offering are subject to a statutory hold period ending four month and one day from the date of their issuance, in accordance with applicable securities laws.