Mr. Quentin Markin reports

CORDOBA MINERALS ANNOUNCES 2026 EXPLORATION PROGRAM AT THE PERSEVERANCE COPPER PROJECT IN ARIZONA

Cordoba Minerals Corp. and its joint venture partner, Bell Copper Corp., have approved a 2026 exploration program of 1,700 metres of drilling at the Perseverance copper project in Arizona, United States. Cordoba is also confirming today that its earn-in at the Perseverance copper project has ended without Cordoba earning an additional interest, meaning the project is a 51/49 joint venture with Bell Copper.

Cordoba's interim chief executive officer, Quentin Markin, commented: "With the successful closing of the Alacran sale now behind us, we are turning our attention to identifying new opportunities for Cordoba while also moving forward with Perseverance. This year's program will deepen three existing drill holes that show the potential for supergene copper enrichment. The three holes were stopped in hematite, goethite-rich, leached cap rocks beneath a young, 20-million-year-old basalt flow covering Proterozoic and Laramide basement rocks. In Arizona, this is indicative for the potential for copper-rich chalcocite replacing pyrite and chalcopyrite below the leached cap rock. Our goal is to identify the potential for a high-grade copper deposit at Perseverance that can be mined by similar underground mining methods to the Santa Cruz deposit that is currently being developed by Cordoba's majority shareholder, Ivanhoe Electric Inc., at Casa Grande south of Phoenix."

The Perseverance copper project is located in Arizona's Copper Triangle, a Tier 1 jurisdiction with major copper deposits and mines. The project is located 50 miles north-northwest of Freeport McMoRan's Bagdad copper mine, approximately 19 miles southeast of Kingman, Ariz., and 150 miles northwest of Phoenix, with a land package comprising more than 19,000 acres.

The 2026 exploration program at Perseverance will test the potential for supergene enrichment at depth.

The 2026 exploration program will seek to deepen three existing drill holes (originally drilled by Rio Tinto) to new depths:

• K-23: current ending depth 590 metres, deepening approximately 500-metre-to-1,100-metre total depth;
• K-19: current ending depth 420 m, deepening approximately 700-metre-to-1,100-metre total depth;
• K-13: current ending depth 424 m, deepening approximately 500-metre-to-900-metre total depth.

Hole K-23 originally drilled through young valley fill gravels and into a thick basalt layer and terminated in a hematite-stained leached cap.

Hole K-19 also drilled through alluvial cover and hit Laramide age granite porphyry at 250 m, heavily stained by hematite and goethite indicative of a leached cap. The hole was terminated at 420 m in hydrothermal breccia with pyrite and sphalerite in granodiorite porphyry. An induced polarization survey performed by Quantec Geophysics in 2017 for Rio Tinto (which held an option on the property from Bell Copper) shows strong chargeability indicative of sulphide mineralization immediately below where the hole was terminated.

Hole K-13 is a 525-metre stepout from K-19. This hole also stopped in hematite, goethite stained leached cap with strong chargeability below where the hole was terminated.

The total 2026 exploration program budget is approximately $1.7-million (U.S.), including up to 1,700 m of drilling, of which Bell Copper is responsible for financing 49 per cent. Drilling is not expected to commence until required permits have been obtained, which is not anticipated prior to late third quarter 2026.

Separate from the 2026 exploration program, Bell Copper at its discretion and cost chose to deepen a previously drilled hole for water on a private parcel of land on the eastern limit of the Perseverance land and mineral package. Located immediately to the west of State Highway 93, this hole is drilling through water saturated sand and gravel deposits to test the source of a broad, magnetotelluric resistivity low potentially indicative of conductive sulphide, which was originally identified in 2020.

The Perseverance project is now a 51/49 joint venture with Bell Copper.

Further to the company's news release dated March 18, 2024, the earn-in period under the joint venture and earn-in agreement made between the company, Bell Copper, their respective affiliates and the joint venture entity, MMDEX LLC, has expired without Cordoba earning an additional interest in the project. Accordingly, the percentage interest that Cordoba holds of the Perseverance copper project remains at 51 per cent, with 49 per cent continuing to be held by Bell Copper, in both cases through subsidiary entities.

As a result of the end of the earn-in period, Cordoba USA, a subsidiary, has been appointed as the manager of the day-to-day operations at the Perseverance copper project.

Bell Copper has also entered into a non-brokered financing of $2,052,000 principal amount of convertible debentures. As these convertible debentures are intended to be secured by, among other things, Bell Copper's interest in the joint venture entity, MMDEX, Cordoba's consent was required to proceed. Cordoba has provided the necessary consent but on the basis that, should a default by Bell Copper in the convertible debentures occur, Cordoba would be permitted to remedy the default at its option instead of the convertible debenture holders seeking to enforce its security. If Cordoba exercises this option, Cordoba would then acquire the remaining 49-per-cent interest in MMDEX and the balance of the Perseverance project from Bell Copper.

Technical information and qualified person

The technical information in this news release has been reviewed, approved and verified by Charles N. Forster, PGeo, a qualified person for the purpose of National Instrument 43-101. Mr. Forster is a senior adviser to Cordoba and is not considered independent under National Instrument 43-101 as he also serves as a senior adviser to Cordoba's controlling shareholder, Ivanhoe Electric Inc.

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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