Ms. Sarah Armstrong-Montoya reports

CORDOBA MINERALS ARRANGES US$10 MILLION BRIDGE FINANCING WITH JCHX

Cordoba Minerals Corp. has arranged $10-million (U.S.) in bridge financing with certain affiliates of its joint venture partner, JCHX Mining Management Co. Ltd., in the form of two loans of $5-million (U.S.) each. JCHX will advance $5-million (U.S.) to Cordoba and $5-million (U.S.) directly to the joint venture entity which holds the Alacran copper-gold silver project in Colombia.

Both bridge loans bear simple interest at 10 per cent per annum for the first six months of the loan agreements, and the interest rate will increase to 12 per cent per annum for the remaining months of the loan agreements. Both bridge loans are payable on the maturity date, which is the earlier of: (i) 36 months after the date of the loan agreements; and (ii) the date the third instalment of $20-million (U.S.) becomes payable by JCHX under the $100-million (U.S.) strategic arrangement pursuant to the framework agreement entered into on Dec. 8, 2022 (refer to Cordoba's news release dated Dec. 8, 2022). If the maturity date occurs as the date of the third instalment, the outstanding amount under the bridge loans may be deducted from the third instalment.

The purpose of the bridge loans is to ensure the company can continue the advancement of its mineral projects, including the detailed engineering design work program at the Alacran copper-gold-silver project in Colombia, and for general corporate purposes.

The transactions specified herein constitute a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as JCHX is a related party of Cordoba given its greater-than-10-per-cent beneficial shareholding. Pursuant to sections 5.5(b) and 5.7(f) of MI 61-101, the company is exempt from obtaining a formal valuation and minority approval of the company's shareholders in respect of the transactions specified herein due to the company being listed on the TSX Venture Exchange and the loan from JCHX to the company having no equity or voting component. The company will file a material change report in respect of the transactions specified herein. However, the material change report will be filed less than 21 days prior to the closing of the transactions, which is consistent with market practice and which the company deems is reasonable in the circumstances.

The bridge loan that is being received by the company, which it will then on-lend to the joint venture entity, is subject to the approval of the TSX-V.

"With the support from our joint venture partner, JCHX, the Alacran project continues to moving forward with our targeted timeline," commented Sarah Armstrong-Montoya, president and chief executive officer of Cordoba. "With a shared vision with our partner, the Alacran project is steadily advancing to be the next copper mine in Colombia in the near future."

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 is exploring through a joint venture and earn-in agreement.

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