Ms. Sarah Armstrong-Montoya reports

CORDOBA MINERALS ANNOUNCES MILESTONE CLOSING OF THE STRATEGIC ARRANGEMENT WITH JCHX TO JOINTLY-DEVELOP THE ALACRAN PROJECT IN COLOMBIA

Cordoba and JCHX Mining Management Co. Ltd. (JCHX) have closed the previously announced $100-million (U.S.) strategic arrangement for the joint-development of the company's flagship Alacran project in Colombia.

"On behalf of Cordoba, I would like to once again welcome JCHX to our continued and deepened partnership, as we jointly develop the imminent, largest copper project in Colombia," commented Sarah Armstrong-Montoya, president and CEO of Cordoba.

At closing, JCHX has acquired a 50-per-cent ownership interest in CMH Colombia SAS (CMH), a subsidiary company that owns 100 per cent of the Alacran project, for a total of $100-million (U.S.) in three instalments. The initial instalment of $40-million (U.S.) has been paid by JCHX upon closing of the transaction.

The second instalment of $40-million (U.S.) is payable in cash by JCHX at the earliest date upon completion of a Cordoba board approved feasibility study (FS) for the Alacran project, and the submission of the environmental impact assessment (EIA) to the relevant Colombian government authority, but in no event shall such second instalment be paid later than the second anniversary of the closing of the transaction.

The third and final instalment of $20-million (U.S.) is payable in cash by JCHX once the approval of the EIA is obtained, which must be within two years of the transaction's closing date. Should the EIA not be approved by the second anniversary of the closing date, JCHX will have the option to elect not to complete this third and final instalment, which will result in JCHX being diluted to 40 per cent and Cordoba increasing to a majority 60-per-cent shareholding in CMH.

The proceeds of the transaction will be used to ensure the company can continue the advancement of the Alacran project, including the FS technical work program, in-fill drilling campaign and repayment of the short-term loans that were previously provided by its majority shareholder Ivanhoe Electric Inc.

Today, the senior management of Cordoba and JCHX held an official signing ceremony for the closing of this milestone transaction, followed by imperative time for the leadership teams from both organizations to meet and inaugurate this next phase of the joint development of the Alacran project.

"Chairman Wang, myself and the entire JCHX team are very much looking forward to warmly receiving the Cordoba team for a much needed celebration of not just the closing of this transaction, but also the resilient partnership we have successfully and jointly built," commented Dr. Huaisheng Peng, president of JCHX Group.

Ms. Armstrong-Montoya, president and CEO of Cordoba, further comments: "My team and I are extremely excited to be able to celebrate this closing in person with the JCHX team, marking our mutual substantial efforts on harmonizing our work with the local communities and Colombian government, over an unprecedented global pandemic, to reach this next stage of advancement for the Alacran project. I truly believe that we have founded an immensely complementary partnership between the Colombian people, Cordoba and JCHX."

Further information regarding the transaction is available in the company's management information circular dated Jan. 3, 2023, which is filed on SEDAR.

About Cordoba Minerals Corp.

Cordoba Minerals is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is jointly developing the Alacran project with JCHX, located in the department of Cordoba, Colombia. Cordoba also holds a 51-per-cent interest in the Perseverance copper project in Arizona, United States, which it is exploring through a joint venture and earn-in agreement.

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