Mr. Keith Henderson reports

LATIN METALS AMENDS AGREEMENT FOR 100% OWNERSHIP OF DRILL-READY CERRO BAYO SILVER-GOLD PROJECT, SANTA CRUZ PROVINCE, ARGENTINA

Latin Metals Inc. has entered into an amending agreement to complete the acquisition of 100 per cent of the Cerro Bayo and La Flora properties, located in Santa Cruz province, Argentina. This follows the receipt of drill permits earlier this year, positioning Cerro Bayo as a fully permitted, drill-ready silver-gold exploration asset in one of South America's premier mining jurisdictions.

Renegotiated terms to secure 100-per-cent ownership

Under an option agreement with Tres Cerros Exploraciones SRL, Latin Metals previously vested a 71-per-cent interest in Cerro Bayo (see previous news release, Nov. 6, 2024). Under the terms of the amended agreement, the company has agreed to purchase the remaining 29 per cent (aggregate 100 per cent) on the following revised terms:

• Total consideration of $400,000 (U.S.), payable in three tranches:
  • $100,000 (U.S.) on or before June 30, 2025;
  • $150,000 (U.S.) on or before June 30, 2026;
  • $150,000 (U.S.) on or before June 30, 2027;
• TCE retains a 0.75-per-cent net smelter return royalty;
• Latin Metals holds a buyback right on 0.5 per cent of the NSR for $1-million (U.S.).

The amended agreement revises the previous option consideration of $753,000 (U.S.) due in May, 2025, for 80 per cent and an optional top-up amount of $800,000 (U.S.) due to be paid in September, 2025, for the remaining 20 per cent. The amended agreement is a purchase agreement, and payment of the $400,000 (U.S.) consideration is an irrevocable commitment. The requirement to deliver a National Instrument 43-101 report to Tres Cerros has been eliminated.

"This amended agreement is a win-win for TCE and Latin Metals. TCE has secured committed payments over 24 months whereas Latin Metals has reduced near-term capital demands, providing the company with greater flexibility to structure a future partner earn-in agreement," stated Keith Henderson, president and chief executive officer. "Cerro Bayo is fully drill permitted, and, with these amended acquisition terms, Cerro Bayo is now a standout opportunity for value-focused strategic partners."

A technical presentation is available on the company's website, including detailed exploration results and drill targets.

Cerro Bayo fully permitted for drilling

In March, 2025, Latin Metals received formal approval of the environmental impact assessment, authorizing exploration drilling at Cerro Bayo. The approved permit includes authorization for 21 drill pads across the project area. A total of nine high-priority targets are defined by historical and recent exploration, and the project is year-round accessible, with excellent infrastructure and an experienced work force in Santa Cruz province.

Exploration work completed to date, including geochemical sampling, detailed mapping and over 100 line kilometres of magnetic surveys, has defined a six-kilometre-wide structural corridor with multiple low-sulphidation epithermal-style vein targets. Rock chip samples have returned up to 2.1 grams per tonne gold and 460 g/t silver.

Strategic position in the Deseado massif

Cerro Bayo is located in the heart of the Deseado massif, a prolific region with over 600 million ounces of silver and 20 million ounces of gold discovered since 1990. The district hosts multiple producing mines and advanced-stage projects, including:

• Newmont's Cerro Negro mine (approximately seven million ounces gold equivalent);
• Hochschild's San Jose mine (approximately 64 Moz silver equivalent).

Cerro Bayo's geological setting, structural controls and alteration footprint are consistent with known high-grade gold-silver systems in the region.

Readers are cautioned that the mineral deposits discussed above 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.

About Latin Metals Inc.

Latin Metals is a copper, gold and silver exploration company operating in Peru and Argentina under a prospect generator model, minimizing risk and dilution while maximizing discovery potential. With 18 projects, the company secures option agreements with major mining companies to finance exploration. Current optionholders include AngloGold Ashanti (Organullo gold project) and Moxico Resources (Esperanza and Huachi copper-gold projects). This approach provides early-stage exposure to high-value mineral assets. Latin Metals is actively seeking new strategic partners to advance its portfolio.

Recent and coming conferences

Latin Metals recently presented and met with investors at three investor events:

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

Coming investor conferences include:

• The Rule Symposium on Natural Resource Investing 2025 -- Florida (July 7 to July 11, 2025).

These events provide key opportunities to showcase Latin Metals' progress and introduce its high-quality portfolio to new strategic and institutional audiences.

Qualified person

Eduardo Leon 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. Leon is not independent of the company as he is an employee of the company and holds securities of the company.

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