Mr. Raul Sanabria reports

BAROYECA PROVIDES A DEVELOPMENT UPDATE ON THE SANTA BARBARA PROJECT, BOLIVAR (COLOMBIA)

Baroyeca Gold & Silver Inc. has provided an update on the Santa Barbara gold project in Bolivar, Colombia.

The National Mining Agency (Agencia Nacional de la Mineria, ANM) by means of Resolution No. 465, dated Sept. 2, 2022, approved the transfer of 214.3345 hectares to Minera La Fortuna SAS, a 100-per-cent Colombian subsidiary of Baroyeca Gold & Silver which will be registered with the plate No. 0-439C1 (Santa Barbara South).

Baroyeca is focused on continuing to improve access infrastructure to the Mariana mine, providing road access directly into the mine portal, and construction of ancillary service infrastructure and buildings.

The adit has been secured and reinforced with timber beams and the collapsed zone under the artisanal shaft is being sealed, secured and circumvented drifting a parallel curved tunnel in fresh rock to reach the other side where the mineralized vein is exposed.

Raul Sanabria, PGeo, president of Baroyeca, commented: "We continue on track advancing our Santa Barbara project. One big milestone was to secure title and this resolution approving the title transfer of the 0-439C1 (Santa Barbara South) secures our investment in on the ground infrastructure development. The Mariana mine is very close to the pilot processing plant and camp and historically produced gold from one single high-grade vein, which was confirmed by channel sampling undertaken by a previous operator. Our team is working on a mine plan following the highest technical standards while at the same time we are getting ready to mobilize a drill rig to test these veins at depth and along strike."

2022 Santa Barbara exploration program update

Baroyeca is preparing for a 1,500-metre drill program at the Santa Barbara project to test the downdip and along strike extensions of the known vein systems anticipated to start before the end of November, 2022. The company's mining engineering team continues working to improve ground access to the Mariana mine and conducting underground tunnel upgrades to accelerate access to the fresh (unaltered) part of the vein below the saprock boundary. Baroyeca will continue with the bulk sampling/channel sampling in this area of the project immediately west of the pilot processing plant.

QA/QC (quality assurance/quality control)

Rock samples are shipped by transport truck in sealed woven plastic bags to SGS's sample preparation facility in Medellin, Colombia, for sample preparation and analysis. SGS operate according to the guidelines set out in ISO/IEC Guide 25. Gold is determined by fire assay fusion of a 50-gram subsample with atomic absorption spectroscopy (AAS). Samples that return values over 10 parts per million (ppm) gold from fire assay and AAS are determined by using fire assay and a gravimetric finish. Silver is analyzed by inductively coupled plasma (ICP) atomic emission spectroscopy, following multiacid digestion. Silver is determined by ore-grade assay for samples that return over 500 ppm.

About Baroyeca Gold & Silver Inc.

Baroyeca Gold & Silver is a mineral exploration company focused on high-grade silver and gold projects located in Colombia. Baroyeca's flagship asset is the high-grade Atocha silver-gold project located in Tolima department, Colombia. The company also holds an option to acquire a 100-per-cent interest in the Santa Barbara property, Bolivar department, Colombia, which is renowned for its high-grade gold mineralization and vein density. Current exploration activities on the Santa Barbara property involve the bulk sampling of vein structures, which material then feeds into a trial production facility. The company is planning to expand these activities.

Qualified person

Mr. Sanabria, MSc, PGeo, president of Baroyeca Gold & Silver and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.