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UPDATE FOR THE WEEK OF July 25, 2022

Drilling continues at both the North Zone and Brasiles.

The Huites Reservoir has continued to benefit from the rains – and the Santo Tomas site team has commenced with preparing our small fleet of boats and servicing our outboards in anticipation of being able to support the project by water access. This adds to the increased drill water security for drilling discussed last week.

Further, the site geological team commenced a core re-logging program during our June drilling hiatus. We used this period to consolidate our developing views of the geology in anticipation of a more evolved model, and we have almost completed re-logging to a unified standard and nomenclature. We have expanded the core sawing and sampling facility on site, and the team is now ready to handle greater core volume.  

At the North Zone, we continued drilling the west flank at hole N021. Drill hole N022 continued its east slope. Both drill holes are proceeding well.

At Brasiles the drilling of hole B007 continues to test the northward continuation of the Brasiles West Zone, below the limestone cover. The hole steps 400m northward of previous Oroco drilling on the Brasiles West Zone. We expect to complete hole B007 in the week ahead.

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First Aid Training – Geotech Team, Ranchito

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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