Ms. Sarah Armstrong-Montoya reports

CORDOBA MINERALS ANNOUNCES THE RECEIPT OF US$40 MILLION JOINT VENTURE FUNDING FROM JCHX

Cordoba Minerals Corp. has received the second instalment of $40-million (U.S.) from a subsidiary of JCHX Mining Management Co. Ltd. pursuant to the strategic framework agreement between JCHX and Cordoba for the joint development of the company's flagship Alacran project in Colombia (refer to Cordoba's news release dated Dec. 18, 2023).

In accordance with the strategic agreement, JCHX has advanced the second instalment of $40-million (U.S.) that was payable upon the completion of a Cordoba-board-approved feasibility study and the filing of the environmental impact assessment application. Part of the proceeds were used to repay the $4-million (U.S.) bridge financing that was previously provided by the company's majority shareholder, Ivanhoe Electric Inc., in the form of a short-term convertible debenture (refer to Cordoba's news release dated Oct. 4, 2023). Part of the of proceeds will be used to repay the short-term loan of $4-million (U.S.) from JCHX (refer to Cordoba's news release dated Nov. 8, 2023). The remaining proceeds from the second instalment will be used to continue the development of the Alacran project and for general corporate purposes.

About Cordoba Minerals Corp.

Cordoba 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 Mining Management, 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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