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Site Activities Update, To August 28, 2023

Preliminary Economic Assessment  (“PEA”) Progress

Our contractors Ausenco and Mining Plus are presently focused on work relating to the PEA, including the Mine Plan and Processing Plant design and costings. Mining Plus have developed a preliminary plan that is presently being reviewed in the context of capital and scheduling perspectives. Ausenco continue to work through site planning, plant capital and operations cost estimation and tails/waste layout work. Oroco is receiving final or near-final work products being provided by Ausenco. The SRK focus on resource and geotechnical work has been effectively completed.

Oroco and consulting company Qualified Persons are beginning to focus on the writing of the sections for the PEA Technical Report. Sections that were included in the Mineral Resource Estimate (MRE) Report will be updated for the inclusion of results from certain additional drill holes that will now be included in an updated PEA resource estimate.  

The PEA is remains on track to be announced before the end of Q3, with filing of the PEA report on SEDAR expected before mid-Q4.

Site Activities Update

Project field work is now limited to surface geology mapping and a campaign of digging with hand tools to continue to locate historical drill hole collars. The weather is currently extremely hot, so work begins early on field days and terminates early. We are using a drone to undertake photography of difficult-to-access areas to plan future work, but primary site-team work is focused on PEA-support and community engagement. Drone photography has proven very effective in identifying future targets for follow-up. An example of such reconnaissance can be seen here: https://twitter.com/OrocoCorp/status/1639035258824970241?s=20

The project site has suffered some minor damage at the Brasiles camp during recent local storms and downpours associated with tropical storm activity that impacted the Baja and Sonora through August. A perched water tank and a wireless internet/radio relay tower were toppled during a localized micro-burst adjacent to the Brasiles camp. Interim repairs to secure the camp site have been affected, and more lasting repairs will be done once the storm season abates.

Above: Road wall debris and downed communications mast

Below: The Brasiles camp water tank after been blown down in the Camp (presently unoccupied except for care & maintenance) and drill water distribution tanks being stabilized by addition of guy-wire supports

Baseball

Baseball is the #1 game for passion and following in Sinaloa, exceeding even football (‘soccer’) in popularity in the region. Several of our staff and supporters play on a team sponsored by Oroco and its local partner, Minera Tempisque.

The season was successful on many fronts, with all of the teams in the league now in possession of full-kit uniforms thanks in part to improved support for the League from Oroco / Xochipala and our Choix-based operational partner Minera Tempisque. The League management is thrilled with the increasing participation and competitiveness of Baseball in Choix.

The team had a tremendous season, capped by winning its division.

Our (very vocal and encouraging) supporter ‘team’ with the hardware….

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ANALYST COVERAGE INITIATED – Cantor Fitzgerald Initiates Coverage of Oroco Resource Corp.

On July 10 2023, Cantor Fitzgerald initiated Independent Analyst Coverage of Oroco via an Equity Research report titled “Attractive Copper Project in Mexico – Well Aligned with Critical Metals Strategy” by Analyst Matt O'Keefe based in Toronto [(416) 849-5004 / matthew.o’keefe@cantor.com].

The Equity Research report is available from https://cantorcanadaresearch.com/wp-content/uploads/2023/07/OCO_20230710_initiation_publish.pdf and includes INVESTMENT THESIS, VALUATION, INVESTMENT HIGHLIGHTS with additional analysis focused on the Santo Tomas project. Price targets included in the report range from CAD$1.50 to $2.00 and $4.00, milestone dependent.

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NEW RELEASES

https://www.orocoresourcecorp.com/news/oroco-closes-non-brokered-private-placement-20230815

https://www.orocoresourcecorp.com/news/oroco-announces-filing-of-technical-report-for-the-santo-tomas-project

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Caesars Report: Oroco Resource Corp – What to expect from the upcoming PEA on the Santo Tomas Copper Project - August 23, 2023

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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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