TITULAR
Green Energy SpA
01
Project overview
Green Energy SpA holds the Coya 1–27 mining claims over the Salar de Miraje in northern Chile's Antofagasta Region, within the Lithium Triangle — the arid belt of high-altitude salt basins shared by Chile, Argentina and Bolivia that together hold roughly half the world's known lithium reserves and supplies a significant share of its production.
PROJECT NAME
María Elena Nitrate Project
MINING CLAIMS
Coya 1–27
LOCATION
Salar de Miraje, Chile
PROJECT COMPANY
Green Energy SpA
TOTAL AREA
7,100 ha
Source: submitted project document.
02
Project location
The project sits in the Salar de Miraje area of northern Chile, near the town of María Elena in Tocopilla Province. The submitted documentation identifies the concession area through project maps and satellite imagery, which present the concession as the core project land position.
Source: submitted project document.
Total project area: 7,100 ha. This differs from the smaller area figures used elsewhere in this overview — 300 ha for the individual claim record shown in Section 03, and approximately 2,000 ha for the currently unmined target area outlined in red on the project map. The relationship between the overall 7,100 ha project position, the individual claim records and the approximately 2,000 ha target area should be confirmed against the official cadastral survey.
03
Concession area
The project comprises the mining claims identified as Coya 1–27. The submitted document includes a dedicated concession-area section with the registry details reproduced below for one representative claim record in the group.
Explotación — Manifestación · Coya 10 del 1 al 60
Green Energy SpA
RUT
77.728.339-1
ROL NACIONAL
No asignado
ROL CAUSA
V-217-2023
JUZGADO
Juzgado de Letras y Garantía, María Elena
CONSERVADOR
María Elena
COMUNA / PROVINCIA
María Elena / Tocopilla
REGIÓN
02 — Antofagasta
ÁREA (this claim)
300 hás
DATUM
PSAD56 Huso 19 Sur
Detailed boundaries for all 27 claims should be verified against the official mining records and cadastral documentation before any investment or transaction.
Source: submitted project document.
04
Development concept & investment roadmap
Development is based on the identified nitrate-bearing mining area. The project is intended to progress through technical verification, resource characterization, permitting, processing studies and commercial evaluation — a staged approach designed to reduce technical and execution risk.
1
Legal & technical due diligence
Confirm claim standing and commission independent technical review.
2
Exploration, sampling & laboratory testwork
Field mapping and systematic sampling across the claim block.
3
Resource definition & process studies
Convert exploration data into a compliant resource estimate and test processing routes.
4
Feasibility, permitting & financing
Formal feasibility study alongside environmental, water and operating permits.
5
Construction, commissioning & commercial production
Build-out and ramp-up to commercial output.
Indicative development sequence; timing and budget require project-specific studies. Detailed technical parameters were not provided in the source document.
05
What still needs to be verified
Technical due diligence
- Confirm claim status, boundaries and title.
- Complete geological mapping and sampling.
- Determine nitrate mineralization, grade and continuity.
- Assess extraction, processing and recovery options.
- Prepare an independent technical and economic assessment.
Recommended verification steps; not stated as completed in the source document.
Permitting & legal review
- Verify the legal status of Coya 1–27 mining claims.
- Review applicable Chilean mining, environmental, water, land-access and operating requirements.
- Confirm all permits and approvals required for construction, processing and export.
- Establish a clear compliance and permitting schedule before major capital deployment.
Recommended due-diligence framework; the source document does not provide a complete permitting register.
06
Commercial development
- Define the target nitrate products and specifications.
- Evaluate processing and beneficiation requirements.
- Assess logistics from the project area to export or domestic markets.
- Develop offtake options with qualified industrial buyers.
- Build a project financial model after technical test work and resource verification.
Recommended commercial-development framework.
07
Illustrative exploration target & conceptual value scenario
Not a resource or reserve estimate
The figures on this page are conceptual exploration scenarios prepared for preliminary screening only, using an assumed unmined target area of approximately 2,000 hectares, mineralized
thickness, density and grades. They do not constitute Mineral Resources or Mineral Reserves under any reporting code, and no economic value should be attributed to them until the Coya
1–27 claims have been independently verified through geological mapping, drilling, systematic sampling, laboratory assays and a compliant resource estimation.
Conceptual multi-mineral resource parameters
Assumed unmined target area: approximately 2,000 hectares (20.0 km²) · Assumed bulk density: 1.80 t/m³ · Area-scaling factor from the previous 135 ha scenario: 14.81×
| Parameter | Low case | Base case | High case |
|---|---|---|---|
| Assumed mineralized thickness | 2 m | 4 m | 6 m |
| Conceptual material volume | 40.00 Mm³ | 80.00 Mm³ | 120.00 Mm³ |
| Conceptual material tonnage | 72.0 Mt | 144.0 Mt | 216.0 Mt |
| Nitrate grade | 3.0% | 4.5% | 6.0% |
| Iodine grade | 200 ppm | 300 ppm | 400 ppm |
| Lithium grade | 50 ppm | 75 ppm | 100 ppm |
| Potassium grade | 1.0% | 1.5% | 2.0% |
| Boron grade | 1,000 ppm | 1,500 ppm | 2,000 ppm |
Conceptual contained mineral quantities
| Mineral | Low case | Base case | High case |
|---|---|---|---|
| Nitrate | 2,160,000 t | 6,480,000 t | 12,960,000 t |
| Iodine | 14,400 t | 43,200 t | 86,400 t |
| Lithium | 3,600 t Li | 10,800 t Li | 21,600 t Li |
| Potassium | 720,000 t | 2,160,000 t | 4,320,000 t |
| Boron | 72,000 t | 216,000 t | 432,000 t |
Illustrative gross in-situ value
For preliminary screening only, before recovery, processing, CAPEX, OPEX, royalties, taxes, transportation and financing costs.
| Component | Low case | Base case | High case |
|---|---|---|---|
| Nitrate | US$648.0 M | US$1,944.0 M | US$3,888.0 M |
| Iodine | US$720.0 M | US$2,160.0 M | US$4,320.0 M |
| Lithium | US$36.0 M | US$108.0 M | US$216.0 M |
| Potassium | US$72.0 M | US$216.0 M | US$432.0 M |
| Boron | US$72.0 M | US$216.0 M | US$432.0 M |
| Indicative gross value | US$1,548.0 M | US$4,644.0 M | US$9,288.0 M |
Prepared by area-scaling the previous 135 ha conceptual scenario to approximately 2,000 ha (14.81×), while keeping the same assumed thickness, density, grades and illustrative valuation basis. These are indicative, unverified figures for preliminary screening only.
Economic interpretation
The approximately US$1.55 billion / US$4.64 billion / US$9.29 billion figures are gross in-situ screening values for the low/base/high cases, not project profit or NPV. They
exclude mining recovery, metallurgical recovery, processing losses, CAPEX, OPEX, infrastructure, water, royalties, taxes, transport, financing, permitting and closure costs.
Accordingly, the enlarged area changes the conceptual contained quantities and gross value, but a defensible economic feasibility result still requires drilling, assays, recovery
testwork, mine planning and a project-level financial model.
08
Conclusion
The María Elena Nitrate Project represents a mining-development opportunity associated with the Coya 1–27 claims in Salar de Miraje. The next priority is independent verification of the legal, geological, technical and commercial foundations of the project. Following verification, it can be advanced through a staged investment and development program.
Source: submitted project document.