Mr. Keith Henderson reports

LATIN METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $0.7 MILLION

Latin Metals Inc. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $700,000 through the issuance of 10 million units at a subscription price of seven cents per unit.

Each unit consists of one common share in the capital of Latin Metals and one-half of one common share purchase warrant, with each whole warrant entitling the holder thereof to purchase one share at a price of 15 cents per share for a period of 24 months from the closing of the financing.

In connection with the closing of the Financing, the company paid finder's fees on a portion of the financing to Leede Jones Gable Inc. consisting of a $17,640 cash commission and 251,999 finder's warrants. All securities issued by the company pursuant to the financing are subject to a hold period of four months and one day in Canada.

Certain officers, directors and a control person of the company participated in the financing pursuant to the terms described above, purchasing in aggregate 4.3 million units. These constitute related party transactions pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the closing of the financing, neither the fair market value of the units issued in connection with the financing, nor the fair market value of the consideration received by the company for same, insofar as it involved the related parties, exceeded 25 per cent of the company's market capitalization.

The proceeds from the financing will support continued exploration and generative activities across Latin Metals' project portfolio in Argentina and Peru, alongside general working capital needs. The engagement of insiders in the financing highlights their continuing support and confidence in Latin Metals' strategic direction and exploration potential. The closing of the financing is subject to receipt of TSX Venture Exchange final approval. Latin Metals thanks its investors and stakeholders for their continued support and looks forward to providing further updates on its exploration progress and strategic partnerships.

Recap of key projects and strategic initiatives for 2024

Exploration projects

Generative work is at the core of Latin Metals' process and, in a sense, is the most important step. Identifying, acquiring and advancing exploration projects must be done right to attract quality exploration projects.

• District-scale copper exploration initiative: Latin Metals continues to assemble district-scale exploration holdings prospective for sediment-hosted copper. The recently acquired 68,000-hectare Terraza copper project forms a significant part of Latin Metals' broader exploration efforts, encompassing over 500,000 hectares dedicated to sediment-hosted copper exploration across the region. The Terraza copper project acquisition underscores the company's strategic commitment to discovering and developing large-scale copper resources, leveraging its extensive expertise and first-mover presence in this emerging and highly prospective belt.
• Project pipeline: The company is continually reviewing new opportunities for acquisition with a view to maintaining a healthy pipeline of projects. Companies or individuals holding projects in Peru or Argentina are invited to contact Latin Metals management.

Partner-ready projects

The company has various projects available for option, some of which are summarized below. Each project has a dedicated presentation on the Latin Metals website, which provides summary information, or detailed data can be reviewed under a confidentiality agreement. The company aims in 2024 to secure quality option partners for each of the Esperanza, Cerro Bayo and Lacsha projects.

• Esperanza copper-gold porphyry, Argentina: The Esperanza copper-gold porphyry project is an advanced exploration project where more than $4.5-million has been deployed by Latin Metals to explore the copper-gold potential of the project. More than 8,500 metres of diamond drilling have been completed in total, with the best intersection being 387 m grading 0.57 per cent copper and 0.27 gram per tonne gold from the surface, with mineralization open for expansion at depth and in all directions. The project is in San Juan province at an elevation of less than 3,500 m; it is drill ready, road accessible and can be worked year-round.
• Cerro Bayo silver-gold epithermal, Argentina: Exploration completed by Barrick in 2022 and 2023 led to the definition of eight drill target areas at Cerro Bayo. The project is located in Santa Cruz province where exploration since 1990 has led to the discovery of almost 600 million ounces of silver and approximately 20 million ounces of gold.
• Lacsha copper porphyry, Peru: Since acquiring the Lacsha project through a staking initiative in Peru, the company has efficiently moved the project through multiple phases of surface exploration, identified key drill targets, signed a three-year agreement with local stakeholders and secured a drill permit for testing of all targets.
• Copper project portfolio, Peru : In addition to the Lacsha project, Latin Metals has a diverse portfolio of exploration projects in Peru. These projects range from early-stage exploration to drill ready and are available for option.

Organullo project, Argentina

The Organullo project, where an existing option agreement with AngloGold Argentina Exploraciones SA, a wholly owned subsidiary of AngloGold Ashanti PLC, provides AngloGold with an option to earn up to an 80-per-cent interest in the project.

As previously reported, AngloGold has completed an airborne geophysical survey collecting magnetic and radiometric data over most of the project area and this extensive geophysical survey is a significant step for the Organullo project. The data and interpretation will be integrated with existing data collected by AngloGold to help finalize drill targets. AngloGold Ashanti has submitted a drill permit for 11,900 m and plans to commence drilling once this permit and other licences are received.

Qualified person

The technical content of this release has been approved for disclosure by Keith J. Henderson, PGeo, a qualified person as defined by National Instrument 43-101 and the company's chief executive officer. Mr. Henderson is not independent of the company, as he is an employee of the company and holds securities of the company.

About Latin Metals Inc.

Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The company operates with a prospect generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to financing drilling and advanced exploration. Shareholders gain exposure to the upside of a significant discovery without the dilution associated with financing the highest-risk drill-based exploration.

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