Mr. Christian Kargl-Simard reports

ADVENTUS MINING COMPLETES DRAW OF US$9 MILLION UNDER FINANCINGS

Adventus Mining Corp. has been advanced $9-million (U.S.), pursuant to previously announced debt-related financing arrangements with Altius Minerals Corp. (TSX: ALS) and Trafigura Pte. Ltd. (see news release dated July 14, 2023). With the closing of these advances, the company estimates that it has sufficient capital to complete its corporate objectives to the end of 2023.

Christian Kargl-Simard, president and chief executive officer of Adventus Mining, commented: "While the overall equity capital markets have been weak for most junior mining companies, we are pleased to have completed these financings with Altius and Trafigura -- two long-term supporters of Adventus and the El Domo-Curipamba project. The capital injection now secures financial strength for an exciting and crucial period with material milestones expected to transform El Domo-Curipamba from exploration stage to one of a limited number of new greenfield copper-gold mines globally. With approximately $84-million (U.S.) spent on the project to date, and $240.5-million (U.S.) of project financing arranged for future construction, the development of one of the highest grade undeveloped copper-gold projects in the world is an opportunity."

Altius has advanced $4-million (U.S.) to the company pursuant to an unsecured convertible loan agreement. Interest will accrue at a rate of 10 per cent per annum until the earlier of Dec. 31, 2023, and the date on which there is an event of default under the convertible loan agreement, and at a rate of 15 per cent per annum after the maturity date. Altius will have the right, upon at least two business days of notice, to convert, at any time, all or any part of the outstanding principal amount and interest (after such amount or interest has been converted to Canadian dollars based on the daily exchange rate published by the Bank of Canada on the date prior to the notice of conversion) into common shares of the company at a price of 31 cents per common share in respect of principal amount being converted and, subject to approval of the TSX Venture Exchange at the then-current market price per common share in respect of interest amount being converted. The proceeds are to be used for El Domo-Curipamba project related expenditures, including permitting and preconstruction activities, and related general and administrative expenses. In connection with the convertible loan agreement, the company paid to Altius a non-refundable commitment fee of $120,000 (U.S.).

If Altius has not exercised the share conversion option, and all outstanding principal and all accrued and unpaid interest thereon has not been repaid in full on or prior to the maturity date, Altius will have the right to convert all outstanding indebtedness into a 0.63-per-cent net smelter return royalty interest in the project, subject to TSX Venture Exchange approval, if required.

Trafigura has advanced $5-million (U.S.) to the company, pursuant to the first tranche (the first draw) under its existing $45-million (U.S.) credit facility, the terms of which were disclosed in the company's news release dated Aug. 4, 2022, and July 14, 2023. The remaining $40-million (U.S.) will remain available to Adventus Mining under additional tranches for construction activities on the project, subject to certain conditions precedent. The use of proceeds of the first draw is for permitting and preconstruction expenditures related to the project.

Any common shares issued upon the conversion of the principal amount advanced pursuant to the Altius financing prior to Nov. 21, 2023, will be subject to a hold period of four months and one day after the closing date of the Altius financing.

Information required under the early warning regime

This press release is also being issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the Altius financing.

Immediately prior to the closing of the Altius financing, Altius beneficially owned or exercised control or direction over 17,429,227 common shares, representing approximately 9.70 per cent of the 179,630,112 issued and outstanding common shares on a non-diluted basis.

Following the closing of the Altius financing on July 20, 2023, Altius beneficially owned or exercised control or direction over 17,429,227 common shares, as well as $4-million (U.S.) aggregate principal under the convertible loan agreement (which is equal to approximately $5,268,000 as of the day prior to the date of closing of the Altius financing), which is convertible into up to 16,993,548 common shares. Assuming the $4-million (U.S.) aggregate principal amount of the loan is converted into $5,268,0001 and that Altius exercises the share conversion option and converts the entire principal amount under the convertible loan agreement, Altius would own or exercise control or direction over an aggregate of 34,422,775 common shares, representing approximately 17.51 per cent of the outstanding common shares on a partially diluted basis.

Altius entered into the convertible loan agreement for investment purposes and may, depending on market and other conditions, increase its beneficial ownership, control or direction over common shares or other securities of Adventus Mining through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

In accordance with NI 62-103, Altius will file an early warning report on SEDAR under Adventus Mining's profile. To obtain more information or to obtain a copy of the early warning report filed in respect of this news release, please contact Flora Wood, vice-president, investor relations and sustainability of Altius, by e-mail at FWood@altiusminerals.com or by telephone at 1-877-576-2209. Altius's head office address is 38 Duffy Pl., 2nd floor, St. John's, Nfld., A1B 4M5.

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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