Mr. Keith Henderson reports

LATIN METALS SECURES DRILL PERMITS FOR CERRO BAYO SILVER-GOLD PROJECT, ARGENTINA

Latin Metals Inc. has reached a major milestone in the advancement of its Cerro Bayo project, located in Santa Cruz province, Argentina. The company has received formal approval of the environmental impact assessment (Informe de Impacto Ambiental Etapa de Exploracion Cerro Bayo), authorizing drill testing across nine high-priority targets within the Cerro Bayo area. The EIA outlines 21 proposed drill pads, all of which have been approved by provincial authorities.

Keith Henderson, president and chief executive officer of Latin Metals, commented: "Receiving drill permissions for Cerro Bayo is a transformational moment for the project. The Deseado massif has produced world-class mines over the last 35 years, and we believe Cerro Bayo has the right geological characteristics to potentially be a significant new discovery to this prolific mining belt. A key next step will be securing an option partner from the multiple interested parties currently considering an investment."

Cerro Bayo and the Deseado massif

Cerro Bayo is positioned within one of Argentina's most significant mining districts, the Deseado massif, where nearly 600 million ounces of silver and 20 million ounces of gold have been discovered since 1990. The region hosts over 30 operating mines and exploration projects, including major operations such as Newmont's Cerro Negro mine (seven million ounces gold equivalent) and Hochschild's San Jose mine (64 Moz silver equivalent resource).

Cerro Bayo exhibits the characteristics of a classic epithermal silver-gold system, similar to deposits that have delivered high-grade discoveries throughout the region. The project benefits from an extensive data set compiled by previous option partners, including Barrick Gold, which provides a strong foundation for targeted drilling. Detailed geological mapping, geochemical sampling and a 102-line-kilometre magnetic survey helped define drill targets within a six-kilometre-wide structural corridor. These efforts have delineated nine priority targets at Cerro Bayo. With strong drill targets defined and permitting now in place, the company is advancing toward unlocking the project's true potential and delivering value to its shareholders.

Readers are cautioned that the mineral deposits discussed above and below are adjacent properties, that Latin Metals has no interest in or right to acquire any interest in the deposits, and that mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on Latin Metals' Cerro Bayo property or the potential production from, or cost or economics of, any future mining of any of Latin Metals' mineral properties.

Santa Cruz province

The Deseado massif is a prolific mining region known for its world-class gold and silver deposits. The area has a strong history of mining activity and hosts several producing and past-producing mines, underscoring its significant exploration potential.

Argentina's mining sector continues to attract growing foreign investment, driven by its rich mineral endowment and an evolving regulatory framework. The Santa Cruz province, in particular, plays a key role in the country's gold and silver production. Latin Metals' Cerro Bayo and La Flora projects align with this broader industry trend, reflecting the company's commitment to systematic exploration and value generation through strategic partnerships.

A proven prospect generator model

Latin Metals operates under a prospect generator model, securing option agreements with major mining companies to advance its projects while mitigating financial risk. With 18 projects across Argentina and Peru, the company's business strategy is focused on attracting strong partners to finance exploration and accelerate discovery. Current partners include AngloGold Ashanti (Organullo gold project) and Moxico Resources (Esperanza and Huachi copper-gold projects), highlighting Latin Metals' ability to establish strategic relationships with major industry players.

The Cerro Bayo project represents an attractive opportunity for potential partners, with multiple untested targets in a prolific gold-silver district. Latin Metals continues to seek new partnerships to advance its portfolio, providing investors with early-stage exposure to high-value mineral assets while maintaining a disciplined approach to capital allocation.

Qualified person

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

Coming events

Following a successful PDAC, Latin Metals is set to participate in key industry conferences to engage with investors and industry leaders:

• 121 Mining Investment Conference (London, May 12 and May 13, 2025);
• Deutsche Goldmesse Spring 2025 (Frankfurt, May 16 and May 17, 2025);
• The Mining Event (Quebec City, June 3 to June 5, 2025).

These events provide a platform to discuss Latin Metals' exploration success, business model and opportunities for strategic investment.

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