Mr. Guy Goulet reports

CERRO DE PASCO RESOURCES STRENGTHENS SOCIAL LICENSE WITH THE COMMUNITY OF QUIULACOCHA

Cerro de Pasco Resources Inc. has formalized its surface use agreement with the Community of Quiulacocha. The agreement was signed on Dec. 11, 2025. This agreement reinforces Cerro de Pasco Resources' long-standing collaborative framework with the community and strengthens the company's social licence to operate, underscoring the constructive relationship that has supported the Quiulacocha tailings project over time.

The agreement was approved by the community assembly and formalized before a public notary, providing a clear framework for the co-ordinated use of designated surface areas associated with the Quiulacocha tailings project. It encompasses a range of continuing and planned technical activities, including drilling, geotechnical and hydrogeological work, environmental baseline and monitoring programs, engineering studies, and related field support activities. These activities form part of Cerro de Pasco Resources' established project development program and proceed alongside the company's broader technical and regulatory initiatives.

This agreement also confirms the alignment between Cerro de Pasco Resources and the Community of Quiulacocha regarding the objectives of the Quiulacocha tailings project and reflects continued local support for its responsible development. The agreement has a two-year, renewable term and includes provisions related to community engagement, communication, local participation and social responsibility, reflecting the shared interest of the company and the community in advancing the project in a transparent and collaborative manner.

Guy Goulet, chief executive officer of Cerro de Pasco Resources, commented: "We are fortunate to enjoy a highly collaborative relationship with the Community of Quiulacocha, who have a long historic attachment to the mineral business and a clear understanding of the environmental, social and economic merits of our project. This agreement responds to the needs of the community and provides long-term stability as we advance our technical and engineering programs. It is the result of open dialogue and a collaborative relationship that we value greatly."

The Quiulacocha tailings reprocessing project continues to be recognized at the national level for its importance to Peru and remains included in the Ministry of Economy and Finance's specialized priority projects list. The project was first included in March, 2023, reflecting its potential to deliver meaningful environmental remediation, economic development and social benefits. This continuing recognition underscores the project's role in addressing a historic environmental challenge while generating long-term value for the region and the country.

This collaborative framework is consistent with established best practices for social engagement and supports the broader environmental management and permitting processes applicable to tailings reprocessing projects in Peru.

About Cerro de Pasco Resources Inc.

Cerro de Pasco Resources is focused on the development of its 100-per-cent-owned El Metalurgista mining concession in central Peru. The concession hosts silver-rich tailings and stockpiles accumulated over more than a century of mining. The company's strategy is to reprocess and remediate historic mining waste, unlocking value while supporting sustainable development.

Cerro de Pasco Resources is committed to advancing Quiulacocha as a model for responsible tailings reprocessing, environmental remediation and sustainable value creation in Peru.

We seek Safe Harbor.