Mr. Christian Kargl-Simard reports

ADVENTUS MINING PROVIDES CORPORATE UPDATE AND ANNOUNCES US$9 MILLION OF FINANCINGS WITH ALTIUS MINERALS AND TRAFIGURA

Adventus Mining Corp. has provided a corporate update with regard to the final financing requirements for the El Domo-Curipamba copper-gold project located in central Ecuador.

Since February, 2023, Adventus Mining has been engaged with a number of international mining and financing groups to explore strategic options for the development of El Domo, in addition to the previously announced financing secured from Wheaton Precious Metals Corp. and Trafigura Pte. Ltd. (see news release dated Jan. 17, 2022). The Adventus Mining management team and board of directors are continuing these discussions to evaluate and select the optimal advancement strategy for the company's shareholders and the project's stakeholders.

In the meantime, the formal consultation process for the project led by the government of Ecuador commenced in the second quarter of 2023, and full environmental licensing approval is still expected in the second half of 2023 (see news release dated June 1, 2023). Construction is expected to start immediately thereafter subject to final financing arrangements.

Financing with Altius Minerals

Adventus Mining has entered into a financing arrangement with Altius Minerals Corp., whereby Altius has agreed to advance, and the company has agreed to borrow, $4-million (U.S.) by way of an unsecured convertible debenture. Interest will accrue at 10 per cent per annum until the debenture is repaid in full. The maturity date will be the earlier of Dec. 31, 2023, and the date on which there is an event of default under the debenture. Altius will have the right to convert, at any time, the outstanding principal amount under the debenture into common shares in the capital of the company at the then-current market price, subject to a minimum of two days notice. If the debenture (including all accrued interest on the principal amount thereof) is not repaid in full on or prior to the maturity date, or converted into common shares, Altius will have the sole right to convert the outstanding indebtedness under the debenture into a 0.63-per-cent net smelter royalty in respect of El Domo. A $120,000 (U.S.) fee in favour of Altius will be paid by the company upon closing of the financing transaction. Financing in respect of the Altius financing is anticipated to be advanced on or around July 19, 2023, subject to financing being concurrent to the first draw under the credit facility with Trafigura (as discussed below), or such other date as the parties may agree, and is subject to approval of the TSX Venture Exchange. The use of proceeds is for El Domo project-related expenditures, including permitting and preconstruction activities, and related general and administrative expenses.

First draw under credit facility with Trafigura

Adventus Mining has delivered its first drawdown notice for $5-million (U.S.) under its existing $45-million (U.S.) credit facility with Trafigura, the terms of which were disclosed in the company's news release dated Aug. 4, 2022. Financing is anticipated to be completed on or around July 19, 2023. The remaining $40-million (U.S.) remain available to Adventus Mining for construction activities on the project, subject to certain conditions precedent. Pursuant to an amendment to the credit facility, should the company not draw additional funds under the credit facility by June 30, 2024, the first tranche will become payable. The use of proceeds of the first draw is for El Domo project permitting and preconstruction expenditures.

In connection with the credit facility, an arrangement fee equal to 2 per cent of the total amount available under the credit facility will be added to the principal amount owing with respect to the first draw. In addition, an availability fee of 2 per cent per annum is payable quarterly on the amounts which have not been drawn at any time until Feb. 1, 2025.

Amendment of warrants

The company has agreed to amend the terms of 13.5 million common share purchase warrants of Adventus Mining issued to Trafigura concurrently to the entry into the credit facility. Each lender's warrant entitles the holder thereof to purchase one common share of Adventus Mining. Pursuant to the amendment: (i) the exercise price of the lender's warrants will be 44.8 cents, representing the mean between 51.3 cents (the previous exercise price) and 38.4 cents (a 25-per-cent premium to the 10-day volume-weighted average trading price of the common shares of Adventus Mining on the TSX-V immediately prior to July 10, 2023), and (ii) the expiry of the lender's warrants will be Aug. 3, 2026. The amendment is subject to final approval of the TSX-V. All other terms of the lender's warrants will remain unchanged, such as the share price threshold accelerator provisions based on Adventus Mining's share price.

Amended and restated share compensation plan

Adventus Mining's proposal to adopt a rolling 10-per-cent share compensation plan amending and restating its previous share compensation plan was approved at the annual meeting of the shareholders of Adventus Mining held on June 8, 2023.

The purposes of the adoption of the 2023 amended and restated plan is to remove the maximum number of restricted share units (the RSUs) issuable under Adventus Mining's previous share compensation plan and to comply with the amendments made by the TSX-V to Policy 4.4 -- Security Based Compensation. The removal of the maximum number of RSUs issuable under Adventus's previous share compensation plan allows Adventus Mining to increase the use of RSU awards in its long-term compensation strategy.

About Adventus Mining Corp.

Adventus Mining is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215-square-kilometre Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a countrywide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Ltd. as the financing participant. Its strategic shareholders include Altius Minerals Corp., Greenstone Resources LP, Wheaton Precious Metals Corp. and the Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.

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