Arc Minerals Ltd. announced that through its subsidiary, Unico Minerals Limited (Arc Minerals 67% shareholding, with the balance held by Kopara Investments Ltd), it has signed a binding joint venture agreement with a subsidiary of Anglo American plc ("Anglo American") (the "Joint Venture Agreement") in respect of its copper interests in North Western Zambia (the "Joint Venture"). Under the Joint Venture Agreement, Anglo American will have the right to retain up to 70% shareholding in the Joint Venture company based on previously announced exploration expenditures. The Joint Venture Agreement, including related investments and cash payments, is subject to certain conditions precedent being satisfied, including normal regulatory approvals in Zambia.

All other substantive commercial terms of the proposed Joint Venture remain unchanged from those previously announced on 12 May 2022.