Mr. Michael Bennell reports

LARA PROVIDES AN UPDATE ON ITS PLANALTO COPPER PROJECT IN BRAZIL

Lara Exploration Ltd. has provided an update on work at its Planalto copper project in Brazil. Q4-2023 saw the completion of the 2023 drill program of 9,100 metres (m), linking the Homestead and Cupuzeiro discoveries into a single body of mineralization, with final exploration reports then filed with the National Mining Agency (ANM) on the two northern licences, defining mineral resources to Brazilian standards for the Cupuzeiro mineralization and the Gap zone linking it to the original Homestead discovery. The company has now started work on resource estimates and plans to undertake further technical and environmental studies on the combined Homestead and Cupuzeiro target in the coming months.

During Q4 2023, the company also received results of the preliminary metallurgical test work for the Cupuzeiro mineralization, undertaken on a master composite with a head grade of 0.46 per cent Cu, a low-grade composite with 0.34 per cent copper (Cu) and a high-grade composite with 0.85 per cent Cu (all with minor amounts of gold). QUEMSCAN analysis showed the dominant sulphide mineral to be chalcopyrite, though unlike Homestead, this portion of the body also carries some pyrite. The primary gangue minerals are quartz, feldspar, biotite, and chlorite, with a notable percentage increase in the micas relative to quartz and feldspar in the higher-grade sample. Copper recoveries of 88 to 92 per cent were reported depending on grind size, with a similar performance for all three composites.

Acquisition of the Zaspir licence is now completed and subject only to a 2-per-cent NSR (net smelter return) royalty on any production, half of which can be repurchased for $250,000 (U.S.). There is a final $50,000 (U.S.) option payment due to Anglo American Niquel Brasil Ltda. for the Tariana licence at the end of Q1 2024 and then a 1.25-per-cent NSR royalty without buyback rights. If the project is not in production by Q2 2026, there is a penalty payment to Anglo of a further $50,000 (U.S.) and then minimum monthly royalty payments of $4,167 (U.S.) for the sooner of five years or when production starts.

About the Planalto project

The Planalto copper project covers volcano-sedimentary sequences and intrusives of early Proterozoic age, located between Vale's Sossego copper mine and Cristalino copper deposit and BHP's Pedra Branca copper mine and Antas mill, in the Carajas mineral province of northern Brazil. Lara owns 100 per cent of the Homestead discovery, subject to a 2-per-cent NSR 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 containing the new Cupuzeiro discovery, from Mineracao Tariana and Mineracao Zaspir. To date, 26,016 m of diamond drilling have been completed on the Planalto copper project, with the latest holes reported Q4 2023 linking Homestead and Cupuzeiro into a single body of mineralization.

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

The sample collection and dispatch to Belem (Para State Capital) of the bulk sample was carried out by and under the supervision of the company's vice-president of exploration. The sample was then air freighted by an international carrier from Belem to Blue Coast Research in Canada. Sample intervals for the individual drill core samples making up the bulk sample varied between 1.0 m and 2.5 m and were contiguous with the sampling intervals used during the earlier half core drill hole sampling used to determine the composite copper grades for each of the drill holes.

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 funded by partners, retaining a minority interest and or a royalty.