Southern Hemisphere Mining Limited has provided an update on its exploration work at the Llahuin Project in Chile, where recent detailed field mapping and re-analysis of historical drillholes have refined the Phase I drill targets at the Southern Porphyry area. The field team’s geological mapping has revealed alteration zones at surface that include argillic alteration, silicification, and quartz stockwork, which are indicative of the upper levels of a copper porphyry system. These surface features, along with a notable magneto-telluric resistivity anomaly, strengthen the hypothesis that a significant, telescoped porphyry system extends to depth. The announcement details an extensive campaign of re-logging historical drillholes, with drillhole 22LHRC024 displaying hydrothermal alteration and disseminated chalcopyrite-pyrite mineralization, as well as additional samples confirming elevated copper levels using portable XRF. Coupled with geophysical reprocessing—including magnetic, induced polarization, and magneto-telluric surveys—the new data are being integrated into a conceptual model that guides the upcoming drilling program. FMR Resources Limited, the joint venture partner, has indicated that target finalization will rely on these enhanced datasets, with drilling contractors already being tendered and drilling slated to commence in the fourth quarter of 2025. The exploration update also highlights the solid project background, noting that the Llahuin Project encompasses a potential copper-gold-molybdenite system along a nearly 6-kilometer strike corridor. The project’s favorable infrastructure and proximity to Illapel, Chile, position it as a strategically attractive venture for advancing early-stage exploration. Technical recoveries from historic test work have demonstrated average recoveries of 84% for copper, with gold and molybdenum recoveries falling within industry expectations, though these values underscore the typical uncertainties associated with early exploration phases. Investor sentiment could be viewed from two perspectives. On one hand, the identification of distinctive alteration patterns, combined with supportive geophysical data and re-logged drill results, creates an optimistic outlook for a potential transformative discovery. This progress may offer significant upside if Phase I drilling confirms the underlying porphyry system and effectively delineates drill targets. On the other hand, the exploration remains in a speculative stage; the promising surface indicators must be validated by drilling results, and there remain considerable technical and commodity price risks inherent in early-stage ventures. The forthcoming geophysical reprocessing and drill campaign will be critical in shaping the eventual assessment of project viability.