Mr. Diego Navarro-Grau reports

BATERO GOLD PROVIDES UPDATE ON UNSECURED RELATED PARTY LOAN

Batero Gold Corp. has entered an unsecured loan agreement between Antioquia Gold Ltd. and Minera Quinchia S.A.S., a wholly owned subsidiary of Batero, on Oct. 1, 2022, as well as an amendment to the loan agreement entered into on Jan. 29, 2024. Minera is a wholly owned Colombian subsidiary of Batero that holds the rights to the Batero-Quinchia gold project in the Municipality of Quinchia, department of Risaralda, Colombia.

Pursuant to the original loan agreement, Antioquia agreed to loan up to 2.4 billion Colombian pesos (approximately $720,000 at that time), available in monthly disbursements at the request of Minera. The term of the original loan agreement was for 15 months, starting from the date of the first disbursement under the original loan agreement. The first advance from the original loan agreement was made on Oct. 20, 2022. The principal amount of the loan bears interest at a rate of IBR (Indicador Bancario de Referencia) plus 7.5 per cent per annum (16.75 per cent per annum).

On Jan. 29, 2024, Antioquia and Minera entered into an amending agreement to increase the total loan value of the loan from 2.4 billion Colombia pesos to 4.8 billion Colombia pesos ($1,627,200) and to extend the term until Dec. 20, 2025. As at today's date, the total amount of principal advanced under the loan is $1,406,656, and the total amount of interest owed to Antioquia is $354,714. Disbursements from the loan have been used for general working capital, corporate overhead and to support operational requirements in Colombia. The company intends to repay the loan in cash at maturity, financed through intercompany financing. No bonuses, fees or other consideration were paid in connection with the loan.

The loan is unsecured and is not a convertible loan, and the loan and/or accrued interest will not be converted into the company's securities without, among other things, the prior written approval from the exchange.

Related party disclosure

Minera and Antioquia are related parties by virtue of each of their parent companies having a common controlling shareholder. Accordingly, entrance into the original loan agreement and amended loan agreement are considered related party transactions under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101) and the policies of the TSX Venture Exchange.

The company is exempt from the formal valuation requirement under MI 61-101 as its common shares are listed for trading on the TSX-V. With respect to the original loan agreement, the company relied upon exemptions from the minority shareholder approval requirements of MI 61-101 pursuant to Section 5.7(1)(a), on the basis that at the time the original loan agreement was entered into, the value of the original loan did not exceed 25 per cent of the company's market capitalization. With respect to the amended loan agreement, the company relied upon the exemption from the minority shareholder approval requirements of MI 61-101 pursuant to Section 5.7(1)(f), on the basis that the loan is not a convertible loan and that it was provided on reasonable commercial terms that are not less advantageous to the company than if it were obtained from an arm's-length party.

About Batero Gold Corp.

Batero is a precious and base metals exploration company. The company's objective is to develop the La Cumbre gold project in Risaralda, Colombia. La Cumbre is located within the company's 100-per-cent-owned Batero-Quinchia gold project, which sits within Colombia's emerging and prolific Mid Cauca gold and copper belt.

We seek Safe Harbor.