Mr. Guy Goulet reports

CERRO DE PASCO PROVIDES UPDATE ON MCTO

Cerro de Pasco Resources Inc. has provided an update with respect to its previously announced management cease trade order (MCTO) issued by the corporation's principal regulator, the Autorite des marches financiers (AMF), on May 2, 2022. The MCTO was issued following the corporation's announcement on April 29, 2022, that it was unable to file its audited consolidated financial statements, its management's discussion and analysis, and related officer certifications for the year ended Dec. 31, 2021, before the prescribed deadline of May 2, 2022.

Further to the default announcement and the subsequent updates provided by the corporation on May 17, 2022, May 27, 2022, and June 10, 2022, the corporation reports that it continues to work diligently with its auditors to finalize the required documents and that, primarily due to delays in the incorporation of the annual results of its recently acquired subsidiary, Trevali Peru, into Cerro de Pasco's financial statements and audit review thereof, the corporation now expects to file the required documents on or before July 4, 2022. As a result of the delay in filing the required documents, the corporation was unable to file its interim financial statements, its management's discussion and analysis, and related officer certifications for the three-month period ended March 31, 2022, by the filing deadline of May 30, 2022. The corporation anticipates filing the interim filings forthwith upon filing the required documents.

As previously announced, pursuant to the MCTO, the chief executive officer, the chief financial officer and all the directors of the corporation may not trade in securities of the corporation until such time as the corporation files the required documents and the AMF revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.

The corporation is providing this biweekly default status report in accordance with Policy Statement 12-203 respecting management cease trade orders. Until such time as the corporation files the required documents and the MCTO has been revoked, the corporation intends to follow the provisions of the alternative information guidelines set out in PS 12-203, including the issuance of biweekly default status reports in the form of news releases.

Pursuant to the provisions of the alternative information guidelines specified in PS 12-203, the corporation confirms that, as of the date of this news release and except as noted above: (a) there have been no material changes to the information contained in the default announcement that would reasonably be expected to be material to an investor; (b) there have been no failures by the corporation to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under PS 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (d) there is no other material information concerning the affairs of the corporation that has not been generally disclosed.

About Cerro de Pasco Resources Inc.

Cerro de Pasco Resources is a mining and resource management company, founded in 2012 with the original purpose of developing the El Metalurgista mining concession comprising mineral tailings and stockpiles extracted from the Cerro de Pasco open-pit mine in central Peru. Its strategic strength lies in its extensive team experience and knowledge of the opportunities and challenges in and around Cerro de Pasco. The company is founded on clear objectives, to engender long-term economic sustainability and benefit for the local population, from an economic, social and health point of view. The company's approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy.

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