Mr. Ian Gendall reports

DLP RESOURCES INTERSECTS 451.2M OF 1.04% CUEQ* WITHIN A 773.2M INTERVAL OF 0.82% CUEQ* ON THE AURORA PROJECT IN SOUTHERN PERU AND APPOINTS NEW CHIEF FINANCIAL OFFICER

DLP Resources Inc. has received complete drill results for drill hole A23-013 on the Aurora porphyry copper-molybdenum project in southern Peru.

Results for the first 12 drill holes (A22-001, A22-002, A22-003, A23-004, A23-005, A23-006, A23-007, A23-008, A23-009, A23-010, A23-011 and A23-012) were last released on Nov. 14, 2023 (see DLP Resources' news release of Nov. 14, 2023, for results for A23-001 to A23-012).

Highlights:

• Drill hole A23-013 was drilled approximately 515 metres northwest of drill hole A23-012 and intersected significant copper and molybdenum mineralization throughout the hole to a depth of 981.20 metres. A23-013 ended in molybdenum mineralization and the most significant mineralized intervals included:
  • 0.82 per cent copper equivalent over 773.20 metres (0.17 per cent copper, 0.1221 per cent molybdenum and 1.91 grams per tonne silver) from 208.00 metres to 981.20 metres;
  • 0.44 per cent copper equivalent over 152.00 metres (0.38 per cent copper, 0.0056 per cent molybdenum and 4.13 grams per tonne silver) from 208.00 metres to 360.00 metres;
  • 0.57 per cent copper equivalent over 170.00 metres (0.30 per cent copper, 0.0490 per cent molybdenum and 2.78 grams per tonne silver) from 360.00 metres to 530.00 metres;
  • 1.04 per cent copper equivalent over 451.20 metres (0.05 per cent copper, 0.1883 per cent molybdenum and 0.72 gram per tonne silver) from 530.00 metres to 981.20 metres.
• The complete set of results for A23-013 are summarized in an attached table.

Ian Gendall, president and chief executive officer, commented: "A23-013 was drilled on a stepout of 515 metres to the northwest of A23-012 to infill the area between the northwest and southeast side of the Aurora project. This hole was drilled at a higher elevation to intersect greater copper mineralization in the upper levels of the drill hole. As predicted, we encountered 152 metres of weakly enriched copper mineralization of 0.38 per cent copper from 208 metres to 360 metres. Beyond this depth, we continued to encounter good copper equivalent mineralization to the end of the hole at 981.20 metres. We are very encouraged with the results from drill hole A23-013 and will continue to trace the copper enrichment to the northeast with continued drilling in 2024."

Aurora copper-molybdenum project -- summary of drill results for A23-013

• Drill hole A23-013 commenced on Oct. 19, 2023, and ended on Nov. 28, 2023, at 981.20 metres. Co-ordinates are 8,565,904mN and 189,904mE at an elevation of 3,022 metres. A23-013 was a vertical hole drilled 515 metres northwest of A23-012:
  • Zero metre to 105.50 metres -- hornfels with moderate chalcopyrite and molybdenite mineralization; base of oxidation at 172 metres;
  • 105.50 metres to 361 metres -- QEFBP (quartz-eye-feldspar-biotite porphyry -- intermineral) with weak quartz veining, moderate quartz-sericite alteration, and moderate chalcopyrite and weak chalcocite-covellite mineralization and weak molybdenite;
  • 361 metres to 397.4 metres -- polymictic breccia with moderate chalcopyrite and weak molybdenite mineralization;
  • 397.4 metres to 423.75 metres -- hornfels with weak chalcopyrite and molybdenum quartz veinlets;
  • 423.75 metres to 483.95 metres -- intrusive polymictic breccia with subangular hornfels clasts and QEFP (quartz-eye-feldspar porphyry) matrix; moderate chalcopyrite and weak molybdenite mineralization;
  • 483.95 metres to 520.60 metres -- very fractured/faulted intermineral QEFP with quartz-sericite alteration and weak chalcopyrite and molybdenite quartz veins;
  • 520.60 metres to 528.90 metres -- intermineral QEFP with weak chalcopyrite-molybdenite mineralization;
  • 528.90 metres to to 588 metres -- early QEFP with FBP (feldspar-biotite porphyry) with moderate quartz-sericite-plus-muscovite alteration and moderate quartz-molybdenite veining and weak copper mineralization;
  • 588 metres to 660 metres -- intermineral QEFP with moderate sheeted quartz molybdenite veining and moderate secondary biotite alteration plus fluorite;
  • 660 metres to 944.80 metres -- early QEFBP with moderate potassium feldspar plus secondary biotite alteration, with quartz-sericite and muscovite overprint plus fluorite; strong sheeted quartz-molybdenite veins and weak disseminated chalcopyrite;
  • 944.80 metres to 981.20 metres (end of hole) -- intermineral QEFBP with potassium feldspar alteration and muscovite-fluorite overprint; moderate molybdenite and weak chalcopyrite mineralization.

Quality control and quality assurance

DLP Resources Peru SAC, a subsidiary of DLP Resources, supervises drilling and carries out sampling of HTW, NTW and BTW core. Logging and sampling are completed at a secured company facility situated on the project site. Sample intervals are nominally 1.5 metres to three metres in length. Drill core is cut in half using a rotary diamond blade saw and samples are sealed on site before transportation to the ALS Peru sample preparation facility in Arequipa by company vehicles and staff. Prepared samples are sent to Lima by ALS Peru for analysis. ALS Peru is an independent laboratory. Samples are analyzed for 48 elements using a four-acid digestion and ICP-MS analysis (ME-MS61). In addition, sequential copper analyses are done where secondary copper mineralization is observed and reports soluble copper using sulphuric acid leach, soluble copper in cyanide leach, residual copper and total copper. ALS meets all requirements of international standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.

DLP Resources independently monitors quality control and quality assurance through a program that includes the insertion of blind certified reference materials (standards), blanks and pulp duplicate samples. The company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported from 0.00 metre to 981.20 metres in A23-013, except for intervals from 0.00 metre to 33.00 metres and 484.00 metres to 498.00 metres, where core recovery was below 50 per cent due to leaching and faulting.

New breccia zone and copper oxide showings -- east of current drilling

Results for samples taken across the 500-metre-by-500-metre grid, 500 metres farther to the southeast and northeast of the current planned drilling, are still awaited. This area also overlies a similar magnetic anomaly that underlies the main porphyry area. Grab samples collected in December across this northeast area showed veined, brecciated and copper mineralization on surface.

Appointment of new chief financial officer

DLP Resources has appointed a new chief financial officer -- Scott Davis, CPA/CGA, as of Jan. 1, 2024. Mr. Davis assumes the chief financial officer role from Robin Sudo, who is stepping down to focus more on administrative and land management roles for DLP. The company thanks Ms. Sudo for her time as chief financial officer during the past 4.5 years.

Mr. Davis is a partner of Cross Davis & Co. LLP, chartered professional accountants, a firm focused on providing accounting and management services for publicly listed companies. Mr. Davis has over 20 years of experience working with junior exploration public companies and has held several chief financial officer positions with companies listed on the TSX Venture Exchange. Mr. Davis's experience consists of senior management positions, including assistant financial controller with Appleby, auditor with Davidson & Co. LLP, chartered professional accountants, auditing junior exploration companies, and accounting manager with Pacific Opportunity Capital Ltd.

The company looks forward to having Mr. Davis as chief financial officer moving into 2024 and beyond as DLP continues to develop its flagship copper-molybdenum project, Aurora, over the coming months.

Security-based compensation grants

The company also announces that a total of 191,860 stock options, 654,650 restricted share units (RSUs) and 1,162,795 deferred share units (DSUs) have been granted to certain directors and officers of the company pursuant to the company's long-term incentive plan.

The options are exercisable for a term of five years at an exercise price of 43 cents. Each RSU and DSU entitles the holder to acquire one common share of the company on vesting. All RSUs will vest one year from the date of grant, and all DSUs will vest on the date the awardees cease to be eligible persons under the company's long-term incentive plan.

About the Aurora project

The Aurora project is an advanced-stage porphyry copper-molybdenum exploration project in the province of Calca, southeast Peru. The Aurora project was previously permitted for drilling in 2015 but was never executed. Thirteen historical drill holes, drilled in 2001 and 2005, totalling 3,900 metres were drilled over an area of approximately 1,000 metres by 800 metres and cut significant intervals of copper and molybdenum mineralization. From logging of the only three remaining holes (DDA-01, DDA-3A and DDA-3) and data now available, it appears that only three of the 13 holes tested the enriched copper zone and only one hole was drilled deep enough to test the primary copper and molybdenum zone (see DLP Resources' news release dated May 18, 2021).

Salient historic drill hole data of the Aurora project are:

• 190 metres of 0.57 per cent copper and 0.008 per cent molybdenum in DDA-1, with a high-grade intercept of 20 metres of 1.01 per cent copper related to a supergene enrichment zone of secondary chalcocite;
• 142 metres of 0.5 per cent copper and 0.004 per cent molybdenum in DDA-3;
• 71.7 metres of 0.7 per cent copper and 0.007 per cent molybdenum in DDA-3A (see historical Focus Ventures Ltd. news release dated July 11, 2012);
• One of the historical holes (ABC-6) drilled on the edge of the system intersected 78 metres of 0.45 per cent copper and 0.107 per cent molybdenum.

A review of the historical drilling indicates that the majority of the 13 holes were drilled in the leached and partially leached zones of the porphyry system. Ten of the 13 holes never fully tested the oxide and secondary enrichment zone and/or the primary copper zone at depth encountered in DDA-01. Copper-molybdenum mineralization is hosted by quartz-feldspar porphyries intruded into slates/hornfels and pelitic sandstones belonging to the Ordovician (439 million years old to 463 million years old) Sandia formation.

Qualified person

David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.

About DLP Resources Inc.

DLP Resources is a mineral exploration company operating in southeastern British Columbia and Peru, exploring for base metals and cobalt. DLP is listed on the TSX-V (trading symbol: DLP) and on the OTCQB (trading symbol: DLPRF).

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