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UPDATE FOR THE WEEK OF AUGUST 8, 2022

Drill hole N023 is now complete and drill holes N024, N025 and N026 were all progressed during the week, which continues our focus on the North Zone resource program. Drill hole B007 is now complete, and the Hydracore 5000 drill belonging to the Company is now being serviced ahead of redeployment.

We continue preparations for further expansion of the drill fleet, which is being timed to coincide with the fall easing of the monsoons into a period of steadier, less torrential rains. In the past week we have continued to keep the road maintenance fleet busy, as a storm midweek severely rutted our main access route just 24 hours after grading following a prior storm.  Being able to access camp and the drills via the reservoir using the boats negated any downtime – and despite the impacts of the rains on roads we are enjoying the “cooler” temperatures they afford.

Having the field teams based in the Camps has also eased support of the infrastructure following the storms.

Relogging of drill core is now complete: holes N001 through drill hole N017 from North Zone, and Holes B003 through B005 from Brasiles have been relogged. The site team are now turning their attention to accelerating geological modeling.

447 samples were shipped from Ranchito to the assay lab during the week.

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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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