Mr. Quentin Markin reports

CORDOBA MINERALS ANNOUNCES CLOSING OF ALACRAN ASSET SALE

Cordoba Minerals Corp. has closed the sale of its remaining 50-per-cent interest in the Alacran project in Colombia, along with all other exploration assets in Colombia and certain accounts receivable to Veritas Resources AG, an entity owned by a consortium of experienced mining investors led by JCHX Mining Management Co. Ltd.

Upon closing of the transaction, Cordoba received cash proceeds of $128-million (U.S.). The transaction was completed by way of the divestment of Cordoba's wholly owned Colombian subsidiaries Minerales Cordoba SAS and Exploradora Cordoba SAS to Veritas. Veritas now holds a 100-per-cent interest in the Alacran project and has assumed full operational responsibility for the project. In connection with closing of the transaction, the initial framework agreement with JCHX dated Dec. 8, 2022, as amended, and all prior agreements related thereto between Cordoba and its affiliates and JCHX and its affiliates have been terminated.

"This transaction delivers an excellent outcome for Cordoba shareholders and marks an important milestone for the company," said Quentin Markin, a Cordoba director and executive vice-president of business development for Ivanhoe Electric, Cordoba's controlling shareholder. Mr. Markin will assume the role of interim chief executive officer. "The Alacran project is now in the hands of JCHX -- a global leader in mine development with deep expertise in underground mining. We are confident they are well positioned, together with their consortium partners, to continue to advance the project while we turn our attention to Cordoba's next growth chapter. The company extends its deep gratitude to its partners, stakeholders and local communities for their continued support throughout the transaction process. We especially want to thank Sarah Armstrong-Montoya, who will be remaining with the Alacran project, for her years of dedicated service to Cordoba and the project."

Cordoba remains a publicly listed company on the TSX Venture Exchange with the company's Perseverance property in its portfolio. Cordoba continues to evaluate business development opportunities, and Ivanhoe Electric Inc., one of Cordoba's current significant shareholders, continues to hold the majority of the company's shares.

Management and board changes

In connection with closing of the transaction, Ms. Armstrong-Montoya has resigned as president and chief executive officer of Cordoba and will be remaining with the Alacran project. Cordoba would like to thank Ms. Armstrong-Montoya for her many years of service and leadership in advancing the Alacran project and delivering value to shareholders through completion of the transaction.

Quentin Markin, a Cordoba director and executive vice-president of business development for Ivanhoe Electric, Cordoba's controlling shareholder, will assume the role of interim chief executive offer, and will work with Cordoba's existing leadership team to manage Cordoba's business and affairs as it seeks new business opportunities and undertakes a search for the company's next chief executive officer.

In addition, Luis Valencia resigned as a member of the board of directors of Cordoba. Cordoba thanks Mr. Valencia for his years of service and dedication to the company.

Use of proceeds and shareholder distribution

Cordoba will distribute the net proceeds from the closing cash payment to its shareholders after settling all outstanding liabilities and obligations, but will retain $10-million (U.S.) for continuing corporate purposes. The distribution is expected be completed pursuant to a statutory plan of arrangement pursuant to Division 5 of Part 9 of the Business Corporations Act (British Columbia). The plan of arrangement remains subject to receipt of the final order of the B.C. Supreme Court at the hearing of the application for the final order, which will be held on March 12, 2026, at Courthouse, 800 Smithe St., Vancouver, B.C., and the approval of the TSX Venture Exchange.

Any person desiring to appear at the final order hearing is required to indicate the intention to appear by filing with the B.C. Supreme Court and serving the company, as applicable, at the address set out below, a response to petition, including an address for service, together with all materials for the application, by or before 4 p.m. Vancouver time on March 10, 2026, prior to the date of the hearing of the application for the final order. The response to petition and supporting materials must be delivered, within the time specified, to the company at the following address:

• Cassels Brock & Blackwell LLP;
• Suite 2200, RBC Place;
• Vancouver, B.C., V6C 3E8;
• Attention: Rajit Mittal.

Shareholders who wish to participate in or be represented at the final order hearing should consult their legal advisers as to the necessary requirements. Shareholders can find more information on the distribution and the final order hearing in Cordoba's management information circular dated Aug. 11, 2025, which is available on SEDAR+.

About Cordoba Minerals Corp.

Cordoba is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba holds a 51-per-cent interest in the Perseverance copper project in Arizona, United States.

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