BacTech Environmental Corporation provided an updated progress report on its Tenguel ­Ponce Enriquez bioleaching plant and project. Detailed Engineering: COO David Tingey, based in Guayaquil, continues working closely with EPCM to finalize the Detailed Engineering report. Completion estimated for December 2022.

Detailed Engineering Processing Plant Updates: Company and EPCM actively engaged in pre-development activities at the Project, with overall Detailed Engineering progress standing at 86% as at October 31, 2022. Technical team and Coffey Tetra Tech UK are completing the final design and data review for the key BACOX area and associated facilities. Civil and structural discipline is nearing completion for the entire project with preliminary consultations being held with local civil contractors and manufacturers.

Architectural designs and construction drawings for the buildings and facilities of the project completed and submitted for the Municipal in relation to the construction permitting process. Local authorities have responded, issuing comments and revisions that are now being addressed and completed to meet Municipality requirements. Detailed Engineering 69kV 1.4 km Powerline and Associated Sub-Station Updates: Company, Direct Project and CNEL are actively engaged in pre-development activities at the Project, with overall Detailed Engineering progress standing at 90% as of October 31, 2022.

Procurement: Procurement standing at 62% as of October 31, 2022. Critical equipment suppliers have been identified for Ball Mill, CCD Thickener, Filter Presses, Agitators, Electrical Transformers, etc. have been identified.

LOIs to follow. Tank mechanical design has been optimized. Upon approval of the design of tanks and reactors, specifications and RFQ's will be issued.

Environmental Assessment, Permitting and Communities: Company has received official Technical ESIA (Environmental and Social Impact Assessment) approval from the Ministry of Environment, Water, and Ecological Transition. Company is in discussions with government officials for direction to pursue the final community environmental consultation phase in order to secure its Environmental License. The Company also reports that ongoing discussions continue with several groups with respect to Project Financing.

Details will be released to the market concurrent with a signed agreement.