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UPDATE FOR THE WEEK OF AUGUST 29, 2022

Drill hole S001 was collared at South Zone late last week, as reported in last week’s Blog post, and by week’s end had drilled some 197m of Oroco’s maiden drill hole at South Zone.

At North Zone hole N024, which ended the prior week, completed surveying and the rig re-located to N029, which has been collared and is some 130m progressed. Hole N028 was completed late in the week, and that rig was being moved over to the site for N031 at weeks end. Hole N027 was also completed during the week, and that rig commenced drilling at hole N030.

The Hydracore 5000 drill belonging to the Company successfully retrieved the drill string from hole B007 at Brasiles, and is being relocated for operation south of the river.

We continue to prepare for further near-term expansion of the drill fleet – as discussed last week the plan is for a total of six drills to be active south of the river from mid-September to mid-December.

Though we are planning to maximize production at North and South Zones in the post-monsoon fall period, we are presently still in the grip of severe tropical storm conditions, which has finally had some impact on drilling operating time.

After some very heavy flooding in northern Sonora, we’re bracing for a more southerly impact from the next inbound storms.

Storm damage rehabilitation and cleanup takes place daily along the site access roads.

https://www.bloomberg.com/news/articles/2022-08-29/goldman-says-buy-commodities-now-worry-about-recession-later-l7eb2hi4#xj4y7vzkg

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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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