Mr. Chris MacIntyre reports

LARA EXPLORATION LTD: DRILLING RESUMES AT THE PLANALTO COPPER PROJECT IN BRAZIL

Lara Exploration Ltd. has received new exploration permits from the Canaa dos Carajas municipal environmental agency to drill a further 11 infill and exploratory holes (approximately 3,700 metres) to test the northern and southern strike trends of the new Cupuzeiro discovery and to better constrain the limits of the higher-grade mineralization zone (see Lara news releases of May 16 and Sept. 13, 2022, for details). Most of this drilling will be large diameter HQ core to provide sufficient material for continuing metallurgical testwork.

Exploration permits for new drill pads in the vicinity of the earlier Homestead discovery have now also been issued by the local municipal environmental agency. Thirteen priority holes (total of 3,200 metres) are programmed as infill to the earlier drill programs in 2017 to 2019, and to test for extensions of the mineralization to the southwest and southeast of the Homestead discovery. The plan is to also test the gap between the Cupuzeiro and Homestead discoveries and the environmental permitting for 13 proposed holes is in progress at the municipal environmental agency.

One drill rig has already been mobilized and three more are scheduled to arrive on site within the next two weeks.

The company advises that assay results for the recently completed program of 3,134.31 m (in six holes) that tested the immediate northern extensions of the Cupuzeiro discovery will be released within two to three weeks, once some laboratory quality control issues have been resolved.

About the Planalto project

The Planalto copper project covers metavolcano-sedimentary sequences and intrusives of early Proterozoic age with IOCG-type (iron oxide copper-gold) mineralization, located near Vale's Sossego mine and Cristalino deposit and Oz Minerals' Pedra Branca mine, in the Carajas mineral province of northern Brazil. Lara now owns 100 per cent of the main Planalto project and the Homestead discovery, subject to a 2-per-cent net smelter return royalty payable on any production (Lara retains the right to purchase 50 per cent of this royalty for a cash payment of $2-million (U.S.)). Lara has further options to acquire outright two adjacent licences, covering northward strike extensions to the Homestead mineralization, from Mineracao Tariana and Mineracao Zaspir (see news releases of Jan. 11 and March 15, 2021, for details). Lara has a staged earn-in agreement with a subsidiary of Capstone Copper Corp. (see company news release of Feb. 4, 2019, for details), whereby Capstone can earn up to 70 per cent in the project by financing exploration, feasibility studies and electing to finance, build and manage a commercial mining operation, with Lara repaying its pro rata share of the production financing out of cash flow.

Michael Bennell, Lara's vice-president of exploration and a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and has approved the technical disclosure and verified the technical information in this news release.

About Lara Exploration Ltd.

Lara is an exploration company following the prospect and royalty generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures financed by partners, retaining a minority interest and or a royalty. The company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru, and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol LRA.