Ms. Sarah Armstrong-Montoya reports

CORDOBA MINERALS ANNOUNCES FILING OF NI 43-101 FEASIBILITY STUDY TECHNICAL REPORT FOR THE ALACRAN PROJECT IN COLOMBIA

Cordoba Minerals Corp. has filed on SEDAR+ an independent technical report entitled "NI 43-101 Technical Report, Feasibility Study, Alacran Project, in Colombia," prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) supporting the results of a feasibility study for the development of the company's flagship Alacran project in Colombia. The key results of the feasibility study were previously reported in the company's news release dated Dec. 18, 2023, and there are no material differences in the report from those results. The effective date of the report is Dec. 18, 2023.

Key highlights of the feasibility study:

• Initial capital cost (capital expenditures) is estimated to be approximately $420.4-million (U.S.) for the construction of a conventional truck-shovel open-pit mine.
• The project is anticipated to hold an after-tax net present value of $360-million (U.S.) with an internal rate of return of 23.8 per cent and a payback period of three years.
• The project's mine life is projected to be 14.2 years in addition to the estimated two years of construction and preproduction mining, of which freshly mined ore will be stockpiled alongside historical tailings.
• The life-of-mine cash costs for copper, net of byproduct, are $1.35 (U.S.) per pound with byproduct credits at $1.31 (U.S.) per lb, and a total LOM cash cost at $2.66 (U.S.) per lb (cash costs excludes sustaining capital).
• The average mining rate for the project is projected to be 39.5 million tonnes of mined material per year, of which ore material will be fed to dual processing plants consisting of a main processing facility for fresh and transition material and a separate wash gravity plant for saprolite ore and historical tailings.
• The company filed the environmental impact assessment application with the relevant Colombian government authority on Dec. 11, 2023, and was issued the official filing number on Dec. 12, 2023.
• In accordance with the strategic framework agreement signed with joint development partner JCHX Mining Management Co. Ltd., the second instalment of $40-million (U.S.) has been paid by JCHX to the company, subsequent to the approval of the feasibility study by the Cordoba board of directors and the filing of the EIA application.

The report can be found on SEDAR+ under the company's issuer profile and on the company's website.

Technical information and qualified person

The scientific or technical information in this news release has been reviewed and approved by Mark Gibson, PGeo, a qualified person for the purpose of National Instrument 43-101. Mr. Gibson is the chief operating officer of Cordoba and chief geophysics officer of Ivanhoe Electric Inc., Cordoba's majority shareholder, and is not considered independent under NI 43-101.

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 Co. Ltd., 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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