Mr. Ian Klassen reports

GMV MINERALS INC. EXTENDS EXCLUSIVE OPTION TO ACQUIRE MEXICAN HAT MINING CLAIMS - COMMISSIONS UPDATED PRELIMINARY ECONOMIC ASSESSMENT

GMV Minerals Inc. has elected to extend its exclusive initial five-year option to purchase certain unpatented mineral claims located in Arizona (the Mexican Hat property) for an additional three years by making an additional option extension payment of $5,000 (U.S.) to the Hernandez trust.

GMV's wholly owned subsidiary acquired 100 per cent of the mining property lease of Norman A. Pearson in the Mexican Hat property pursuant to the terms of a mining property lease assignment agreement dated as of May 14, 2014, among GMV, Norman A. Pearson and Manuel R. Hernandez. Subsequent to the passing of Mr. Hernandez in 2019, the claims and lease were transferred and assigned to the Hernandez Family Trust. The Hernandez trust and GMV entered into an option to purchase agreement in respect of the claims dated Dec. 14, 2020, pursuant to which the Hernandez trust granted GMV's subsidiary the exclusive initial five-year option over the claims that are the subject of the lease by making certain quarterly option payments to the Hernandez trust.

If GMV elects to exercise and purchase the claims during the term of the extended option, then GMV will continue to be obligated to grant the Hernandez trust a net smelter return royalty (NSR royalty) of 3 per cent in accordance with the terms and conditions of the lease. The NSR royalty is subject to a buyback right pursuant to which 1.5 per cent of the NSR royalty can be purchased by GMV in consideration for $1.5-million (U.S.).

Updated preliminary economic assessment

In addition, the company wishes to announce that it has commissioned an updated preliminary economic assessment on the Mexican Hat property for the purposes of updating the cash flow analysis to reflect the change in gold price and inflation. The report is expected to be completed in Q3 2025.

The lead consultant is Denver-based Samuel Engineering Inc. (metallurgical test work and recovery, process plant and process operating costs, project economics, and infrastructure), and also includes: DRW Geological Consultants Ltd. (property description and location, accessibility, climate, local resource, infrastructure and physiography, history, geological setting and mineralization, deposit types, exploration, drilling, sample preparation, analysis and security, data verification), Mine Development Associates, a division of RESPEC (mine design, production schedule, capital and operating costs), Tierra Group International Ltd. (pad design and loading) and Stantec Consulting Services Inc. (environmental).

About GMV Minerals Inc.

GMV Minerals is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100-per-cent-owned subsidiary, has a 100-per-cent interest in a mining property lease commonly referred to as the Mexican Hat property, located in Cochise county, Arizona, United States. The project was initially explored by Placer Dome (U.S.) in the late 1980s to early 1990s. GMV is focused on developing this asset and realizing the full mineral potential of the property through near-term gold production. GMV has completed a preliminary economic assessment (December, 2020) in respect of the Mexican Hat property, which is available under the company's profile on SEDAR+.

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