File: '\\swfile\EmailIn\20240816 162127 Attachment 20240816 NR Notice of default.DOCX'

1

2

Suite 410 - 1111 Melville St, Vancouver, British Columbia, V6E 3V6, Canada

www.candelariamining.com

Candelaria Received Notice of Default

Vancouver, B.C., August 16, 2024 - Candelaria Mining Corp. (TSX-V: CAND, OTC PINK: CDELF) ("Candelaria" or the "Company"), announces that it received a notice on August 14, 2024, from Goldgroup Mining, Inc. ("Goldgroup") regarding events of default under the medium-term loan facility dated June 24, 2020 ("Debenture"). This loan facility was originally acquired from Accendo Banco, S.A., Institucion de Banca Multiple, which was subsequently transferred to Goldgroup.

The notice states that the Company has breached certain clauses, primarily related to repayment and the declaration of information, which allows Goldgroup to request an early termination of the Debenture.

The Company has a period of ten business days from the notice of default to comply with the obligations set forth in the Debenture.

On Behalf of Candelaria

Hector Felix Gonzalez Ramirez

Interim CEO and director

For further information, please contact:

Omar Garcia

CFO

+1 (604) 369-2928 | info@candelariamining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.