Mr. Doug Fulcher reports

CENTENARIO GOLD ANNOUNCES AN UPDATE ON EDEN PROJECT

Centenario Gold Corp. has provided an update on its Eden gold silver project, located in Durango state, Mexico, following the completion of its qualifying transaction and the start of trading on the TSX Venture Exchange under the symbol CTG. The maiden drill program on the Eden property is expected to start in mid-November and should completed prior to Christmas.

Mapping, sampling and geophysics program completed on the El Eden property

In late 2022, Centenario Gold completed a first phase exploration program on the Eden property. During that time, Centenario collected 220 rock and 704 soil samples, and completed semi-detailed mapping and IP/resistivity geophysics over a 2.8-kilometre portion of the Buenavista mineralized corridor and across the core of the La Provedora prospect farther to the east. Rock assay results returned assays as high as 239.94 grams per tonne (g/t) gold (Au) and 1,389.91 g/t silver (Ag) (see the attached table), and confirmed the continuity and high-grade nature of the Buenavista mineralized corridor (more than 15 metres), for more than 400 metres along the central, better-exposed, segment of the vein system crossing the old mining area. Download the National Instrument 43-101 technical report on the company website.

The semi-detailed mapping and regional sampling program has confirmed the existence and continuity of the Buenavista mineralized corridor more than 1.2 kilometres to the north and 1.6 kilometres to the south of the old mining area. The IP/resistivity geophysical survey results show a continuous resistivity contrast and pant-leg type anomaly, following the trace of the Buenavista corridor for 2.8 kilometres. Similar geophysical anomalies were observed over the core of the La Provedora vein system farther to the east.

History, location and mineral concessions, El Eden project

The Eden project is located approximately 30 kilometres east-southeast of Cosala, a historical old mining town that is approximately 150 kilometres north of Mazatlan and 150 kilometres southeast of Culiacan, the capital of the state of Sinaloa, Mexico. Roads to the town of Cosala are well-maintained paved roads/highways. From Cosala, a dirt road running southeast accesses the southern part of the Eden property approximately 34 kilometres away.

The Eden project consists of three adjoining mineral concessions totalling 5,689 hectares in size, hosting a series of high-grade north-to-northeast-trending, epithermal Au-Ag vein systems. The northern border of the property is adjacent to Americas Gold & Silver's Nuestra Senora producing mine, while the southern border of the Eden property is adjacent to Prime Mining's Los Reyes property. Prime Mining has outlined a new resource on the Los Reyes property of 1.47 million ounces gold equivalent (AuEq) indicated and 730,000 ounces AuEq inferred. (Prime Mining, National Instrument 43-101 report, dated June 12, 2023) (AuEq grade (g/t) equal to gold grade (g/t) plus silver grade (g/t) times ($22 divided by $1,700).

The Buenavista mineralized system

The initial surface and underground channel rock sampling program that was completed at Buenavista has returned very-high-grade gold and silver results from the old mining area where the mineralized system is better exposed.

To date, three N10E-to-N20E-trending mineralized vein systems and one east-northeast-west-southwest-trending low-angle vein system have been recognized on the property: La Guadalupana, La Paloma-Buenavista, La Provedora and La Republicana. The Au and Ag mineralization found at Eden, like at Los Reyes, is hosted in andesitic and conglomerate rocks, and occurs as a series of quartz rich vein-breccia-stockwork structures from 10 metres to 20 metres in width. The vein systems are composed of high-grade, narrow, quartz and iron (Fe) oxide veins intercalated within a lower-grade envelope consisting of intensely oxidized breccias and quartz stockworks.

At Eden, like at Los Reyes, an earlier, premineralization, volcanic event consisting of intruding rhyolite-dacite dikes, sills and rhyolite domes, created the plumbing system that later served as the conduit framework for the up-migrating mineralized fluids. Dacite and rhyolite dikes are frequently observed along the footwall of the vein structures. The mineralized structures extend for kilometres along strike and generally follow regional fault systems. Most of the vein-stockwork systems dip moderately to the east and northeast.

About Centenario Gold Corp.

The management of Centenario consists of seasoned veterans in the mining sector. They are highly experienced and focused on exploring and generating high-quality mineral prospects in Mexico. Alain Charest, chief executive officer and director of the company, has had a long and successful career over the past 30 years exploring for gold and silver projects in Mexico. He was the exploration geologist and vice-president of exploration for Francisco Gold Corp. and Chesapeake Gold Corp. (for 12 years), where he spearheaded the discovery and development of the world-class El Sauzal gold deposit in Chihuahua state (mined by Goldcorp). Mr. Charest also participated in the discovery and development of the Marlin deposit in northwest Guatemala. Doug Fulcher, president and director of the company, has over 45 years of mineral exploration experience. He has worked with numerous senior and junior mining companies, domestically and internationally, both public and private. He was the president and CEO of Maritime Resources Corp. from March, 2014, to January, 2019, developing the Hammerdown project in Newfoundland, Canada. He was the president, CEO and co-founder of Abacus Mining and Exploration from 2003 until 2010, where he was instrumental in the development of the Afton Ajax project in Kamloops, B.C.

Qualified person

Derrick Strikland, PGeo (1000315), is the qualified person as defined by NI 43-101, and has reviewed and approved the technical disclosure contained in this news release.

Reader caution

The qualified person has not verified the information on the adjacent properties nor mineralization found on adjacent and/or geologically similar properties, which is not necessarily indicative of mineralization found on the property.

Further information on the Centenario Gold or its properties can be found on the company's website along with the NI 43-101-compliant technical report filed on SEDAR+.

We seek Safe Harbor.