Mr. Keith Henderson reports

LATIN METALS PROVIDES UPDATE ON BARRICK GOLD EXPLORATION ACTIVITIES, CERRO BAYO PROJECT, ARGENTINA

Latin Metals Inc. has provided an update on exploration at the Cerro Bayo project, located in the Deseado Massif, Santa Cruz province, Argentina. Cerro Bayo is subject to an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corp. Under the terms of the earn-in agreement, Barrick has the right to acquire up to an 85-per-cent interest in the project.

Exploration update and planned work

Exploration completed by Barrick in the first year of the earn-in agreement has identified a preserved low-sulphidation epithermal system and included:

• Geological and alteration mapping;
• Structural mapping;
• 1,000-line-kilometre ground magnetic survey;
• 759 rock chip samples;
• 100 rock channel samples.

Structural mapping is key with identification of west-northwest to northwest-trending structures that are believed to control mineralization in the area. These faults define an extensional basin, which is approximately six kilometres wide. Rock sampling identified mineralization up to approximately two grams per tonne (g/t) gold. The exploration program is targeting potential bonanza-grade gold and silver at 150 metres to 200 metres of depth from palaeosurface.

The project holds an environmental permit for prospecting activities, which allows for surface work (excluding trenches). Barrick is evaluating additional exploration work that may include:

• Gradient array induced polarization (IP) for approximately 90 line kilometres;
• Deep CSAMT geophysical survey (single six-kilometre line);
• 30 to 40 trenches of 200 metres to 400 metres in length for approximately 10,000 metres of trench in total. The program would generate approximately 2,500 samples crossing all of the vein zones identified to date.

An additional environmental permit for advanced exploration needs to be granted before these activities can be completed. An environmental impact assessment to perform the trenching and drilling activities was submitted in April, 2023. It is expected that the permitting process could take up to six months.

Deseado massif

The Deseado massif in southernmost Argentina is an exposed block of Mesozoic volcanic rocks that host low- to intermediate-sulphidation-style gold and silver epithermal deposits formed within an extensional tectonic setting. Multiple operating mines are located within Deseado massif and there are various exploration and development prospects in the area. Mineralization is of late Jurassic age, making the Deseado massif one of the older epithermal metallogenic provinces globally. Cerro Bayo is located in the western portion of the Deseado massif.

About Latin Metals Inc.

Latin Metals is a mineral exploration company focused on acquiring a diversified portfolio of assets in South America. Operating under a prospect generator model, the company aims to acquire exploration properties at a minimal cost, conduct cost-effective exploration to establish drill targets and secure joint venture partners for financing advanced exploration. Shareholders benefit from exposure to the upside potential of significant discoveries without the dilution associated with financing high-risk drill-based exploration.

Qualified person

Keith J. Henderson, PGeo, is the company's qualified person as defined by National Instrument 43-101, and has reviewed and approved for disclosure the scientific and technical information contained in this news release. Mr. Henderson is not independent of the company, as he is an employee of the company and holds securities of the company.

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