Mr. Keith Henderson reports

ANGLOGOLD ASHANTI TERMINATES OPTION FOR ORGANULLO GOLD PROJECT, SALTA PROVINCE, ARGENTINA

AngloGold Argentina Exploraciones S.A., a wholly owned subsidiary of AngloGold Ashanti PLC, has provided Latin Metals Inc. with 90 days written notice of its intention to terminate its option agreement to acquire an up to 80-per-cent interest in the Organullo, Ana Maria and Trigal properties.

The notice, dated Oct. 29, 2025, provides for a termination effective Jan. 27, 2026. The phase I drill program for Organullo (see previous news release dated Sept. 29, 2025) will not proceed. AngloGold Ashanti's decision to withdraw from the Organullo agreement arises as a result of a change by AngloGold Ashanti in its global Greenfields Exploration strategy.

Keith Henderson, president and chief executive officer of Latin Metals, commented: "Organullo remains a 100-per-cent-owned, fully drill-permitted, gold exploration project with multiple untested targets prospective for both high-sulphidation gold and porphyry copper-gold mineralization. Gold prices in 2025 have exceeded $4,000 (U.S.) per ounce, a substantial increase from $1,800 (U.S.) per ounce in 2022 when the option agreement was signed. This significant change in market conditions strengthens our confidence in attracting a new partner to advance this high-potential project."

Mr. Henderson added: "From a technical standpoint, the drill targets at Organullo were considered a high priority for AngloGold, and the decision to withdraw from the Organullo agreement is a result of a recent change to AngloGold's global Greenfields Exploration strategy. Their exploration model drew comparisons between Organullo's geological setting and that of Salares Norte in Chile -- a high-grade, Tier 1 gold deposit owned by Gold Fields Ltd."

During the option period, AngloGold was targeting a multimillion-ounce, Tier 1 discovery at Organullo and defined multiple high-priority drill targets, including three previously unexplored advanced argillic alteration zones extending along a six-kilometre strike length. District-scale geophysical anomalies, structural interpretations, surface geochemical results and hyperspectral data collectively support the project's strong potential for a significant gold discovery.

Over the course of the option, AngloGold invested approximately $3.3-million (U.S.) in exploration and permitting activities. The Organullo property was also expanded through the acquisition of additional mineral rights, which now form part of the consolidated property package.

Salares Norte, owned by Goldfields Ltd. has a published proven and probable reserve (2024); 3.4 million ounces grading 5.36 grams per tonne gold. Readers are cautioned that the Salares Norte gold deposit analogy is located in Chile and that Latin Metals has no interest on or right to acquire any interest in the deposit, and that mineral deposits on similar properties, and any production therefrom or economics thereto, are not in any way indicative of mineral deposits at Organullo or the potential production from, or cost or economics of, any future mining of any of Latin Metals' mineral properties.

Qualified person

Eduardo Leon, QP, 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 officer of the company and holds securities of the company.

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. This approach provides early stage exposure to high-value mineral assets.

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