Mr. Chris MacIntyre reports

LARA REPORTS FURTHER HIGHER-GRADE COPPER INTERCEPTS AT THE PLANALTO PROJECT

Lara Exploration Ltd. has released the results of six follow-up drill holes to the immediate northeastern side of the Cupuzeiro target, two of which, holes 22-011 and 22-014, gave intersections of 47.22 metres at 0.652 per cent copper equivalent and 41.51 metres at 0.737 per cent copper equivalent, respectively, below the zone of high-grade intersections reported previously for the Cupuzeiro target (see news releases of May 16, 2022, and Sept. 13, 2022).

These new results, summarized in the attached table, indicate that the previously reported higher-grade copper mineralized zones are now interpreted to extend to more than 300 metres vertically below the surface and most of the zones are still open to depth.

Update on current drill program

Seven holes have been completed to date for approximately 3,000 metres of the planned 10,000-metre drill program scheduled to be completed by the end of August to test the extensions of the Cupuzeiro and Homestead targets. Samples from the first two holes (23-001 and 23-002) are already being processed by ALS in Parauapebas.

Sampling methodology, chain of custody, and quality assurance and quality control

All the drill core is cut and sampled under the supervision of the company's vice-president, exploration, and the chain of custody of the drill core from the project area to the company's sample preparation facility in Canaa dos Carajas was continuously monitored. Sample intervals for the drill core were mostly maintained at about two metres, with some variation in the weathered saprolite zones and at times guided by the degree of copper mineralization. Blank, duplicate core, or certified gold and copper reference materials were inserted at approximately every 10th sample.

The drill core samples were delivered by company personnel to the ALS preparation laboratory located in Parauapebas, 65 kilometres to the north from the project, where they were crushed and pulverized. The sample pulps were then dispatched to the ALS laboratory in Lima for analysis. The pulps were subjected to multiacid digestion with copper and 47 other elements were determined by ICP-MS. Gold was determined by fire assay fusion and an ICP-AES finish on a 30-gram charge.

About the Planalto project

The Planalto copper project covers volcano-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 BHP's Pedra Branca mine and Antas mill in the Carajas mineral province of northern Brazil. Lara now owns 100 per cent of 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 and the new Cupuzeiro discovery, from Mineracao Tariana and Mineracao Zaspir (see news releases of Jan. 11, 2021, and March 15, 2021, for details). Lara has a staged earn-in agreement with a subsidiary of Capstone Copper Corp. (see the company's news releases of Feb. 4, 2019, and Feb. 21, 2023, for details), whereby Capstone can earn up to a 70-per-cent interest in the project by financing exploration and 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, 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.