Mr. Chris MacIntyre reports

LARA PROVIDES UPDATE ON DRILLING PROGRAM AT THE PLANALTO COPPER PROJECT IN BRAZIL

Since Lara Exploration Ltd.'s press release of May 23, 2023, drill permits for the 11 drill pads have been received for the Gap zone (200 metres wide) between the Homestead and Cupuzeiro copper targets on the Planalto project in northern Brazil.

To date six of the holes (for a total meterage of 2,432.80 metres) have been completed on two east-west-orientated drill fences, 100 m apart, across this east-west-trending gap zone. Chalcopyrite mineralization has been observed in the drill cores over several tens of metres in several of the drill holes and confirms the continuation of the copper mineralization between the previously defined Homestead and Cupuzeiro target zones. Results for sampling of these holes are expected within six to eight weeks and the results will be used to plan further drilling.

At the Cupuzeiro target a further four holes (for a total of 1,845.04 m) have now been completed to help define the eastern and western limits of the high-grade copper mineralized zone defined by the previous drilling on this target. Chalcopyrite mineralization is now identified across a north-south-trending zone from 400 m to 500 m wide and chalcopyrite mineralization is observed in drill cores down to depths of 300 m vertical below the surface. Complete sample results are expected within four to six weeks. Drilling will resume on this target once the sample results have been compiled and interpreted to plan further drilling in the open extensions in this target.

At the Homestead target the program of holes to test the eastern and southwestern extensions of the Homestead target is now under way with three drill rigs operating on site. One hole (final depth of 228.05 m) has been completed and two others are in progress testing the eastern contacts of the mineralization.

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. Since March, 2023, Capstone has transitioned to become the project operator and is currently managing the drilling and permitting work for the joint venture.

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.