Mr. Christian Kargl-Simard reports

PROTECTIVE ACTION CHALLENGING ENVIRONMENTAL LICENSE ISSUED FOR EL DOMO - CURIPAMBA PROJECT REJECTED BY ECUADORIAN COURT

Adventus Mining Corp. provides the following update on the constitutional protective action filed against Ministry of Environment, Water and Ecological Transition of Ecuador, and the office of the attorney general of Ecuador, on June 5, 2024, and accepted by the Court on June 12, 2024.

The company also provides an update on the status of plan of arrangement under the Canada Business Corporations Act pursuant to the arrangement agreement dated April 26, 2024, between Adventus and Silvercorp Metals Inc.

The protective action challenged an environmental licence issued to the company's Ecuadorian subsidiary, Curimining S.A., on Jan. 19, 2024, in relation to the El Domo -- Curipamba project. Curimining was named as an interested third party in the protective action.

The protective action did not raise allegations about the substance of the environmental permits issued in connection with the project. Instead, the protective action raised procedural allegations about the sufficiency of the consultative process followed by MAATE in issuing the permits. The protective action was not accompanied by a precautionary measure that would seek to enjoin Adventus from continuing construction on the project while the protective action was outstanding.

After the protective action was accepted by the Ecuadorian court, a group of community members supporting the project was added as an interested third party after the group submitted a petition with close to 800 signatures.

The court proceeding was carried out in the Judicial Unit of the Canton of Las Naves, in Bolivar province of Ecuador, on July 23, 2024, and July 24, 2024. Following the conclusion of the hearing on July 24, 2024, the Court issued a binding oral ruling, rejecting the protective action. The Court concluded that the consultative process followed by MAATE in issuing the permits complied with applicable legal requirements. The Court will in due course issue a written ruling reflecting the oral ruling issued on July 24, 2024.

After the Court pronounced its ruling, the parties that filed the protective action advised the Court of their intention to appeal the Court's decision. The appeal will be heard by the Provincial Court of Justice of Bolivar in due course. No date for the appeal has been set.

As no precautionary measures were sought or granted, and as the protective action was rejected by the Court, Adventus remains free to continue construction on the project.

As disclosed in the company's July 5, 2024, press release, Silvercorp has advised Adventus that the protective action was a material adverse effect (MAE) as defined in the arrangement agreement, representing an unmet condition to closing.

Adventus has rejected Silvercorp's contention that the protective action constituted an MAE. Adventus has advised Silvercorp that it must close the arrangement by the outside date under the arrangement agreement of July 31, 2024, failing which Adventus will take all necessary steps to protect the interests of Adventus and its securityholders in connection with the arrangement.

On July 22, 2024, and on July 24, 2024, Adventus advised Silvercorp that it expected Silvercorp to close the arrangement on July 31, 2024. On July 24, 2024, Adventus advised Silvercorp that Adventus intended to commence necessary preclosing steps. In its response to this advice on July 24, 2024, which was received before the Ecuadorian court pronounced its ruling, Silvercorp advised that its position continued to be that there was presently an MAE, and that Silvercorp was not willing to close until there was no longer an MAE.

While Adventus disagrees that the protective action constituted an MAE, Adventus believes that Silvercorp's contention is untenable following the Court's ruling rejecting the protective action.

Adventus will take all steps within its power to close the arrangement on July 31, 2024.

If Silvercorp fails to close the arrangement on July 31, 2024, Adventus will seek appropriate remedies in the Ontario Superior Court of Justice on account of Silvercorp's breach of the arrangement agreement, including a claim for specific performance of the arrangement agreement.

About Adventus Mining Corp.

Adventus is an Ecuador-focused copper-gold exploration and development company. Adventus is advancing the majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. With the recent merger with Luminex Resources Corp., Adventus owns the Condor gold project and a large exploration project portfolio that spans over 135,000 hectares -- one of the largest holdings in Ecuador. The company's strategic shareholders include Silvercorp, Ross Beaty's Lumina Group, Altius Minerals Corp., Wheaton Precious Metals Corp. and significant Ecuadorian investors.

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