Mr. Chris MacIntyre reports

LARA PROVIDES A PROJECT PORTFOLIO UPDATE

Lara Exploration Ltd. has provided an update of work on various of its projects.

Planalto copper project (Brazil): The company made the final purchase option payment to Anglo American Niquel Ltda., for the Tariana licence, completing the consolidation of the now 100-per-cent-owned mineral rights over the project and has engaged Belo Horizonte based GE-21 Consultoria Mineral Ltda., to prepare a mineral resource estimate and a preliminary economic assessment (PEA) to both Brazilian and Canadian standards. The company expects to publish the National Instrument 43-101 standard mineral resource report in the second quarter and complete technical studies for the PEA in Q3.

Celesta copper project (Brazil): The company has signed off on the restructuring of Celesta Mineracao SA, with Tessarema now having the option to buy out North's 55-per-cent interest in the project. Tessarema has already lent Celesta an initial $5-million (U.S.) to make a down payment to North and undertake a minimum 5,000-metre diamond drilling program to define additional reserves and resources. Lara owns 5-per-cent net profits interest via preferred shares of Celesta without the obligation to contribute to the restart costs and a 2-per-cent net smelter return royalty (NSR) on production.

Picha copper royalty (Peru): Firetail Resources is undertaking a 5,000 m maiden drill program on various geochemical and geophysical anomalies defined on the Picha property, and has already intercepted anomalous copper values in the first two reported holes (see Firetail's news release of March 13, 2024) into the Cumbre Coya target. Lara holds a 2-per-cent NSR on any precious metals and a 1-per-cent NSR on base metals produced on the original core licences totalling 3,800 hectares in which the Cumbre Coya and the other targets being tested are located.

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.