Mr. Chris MacIntyre reports

LARA EXPLORATION ANNOUNCES CLOSING OF THE ATLANTICA LICENSE ACQUISITION

Lara Exploration Ltd.'s purchase and sale agreement with Atlantica do Brasil Mineracao Ltda. announced on Oct. 14, 2025, has closed.

The company's wholly owned Brazilian subsidiary has now acquired an exploration licence adjacent to Lara's Planalto copper-gold project in the Carajas mineral province in northern Brazil. The 345-hectare licence lies along strike from and has the potential to add to Lara's Silica Cap resource.

On closing, the company issued 164,777 common shares to Atlantica at a deemed price of $2.2758 per share, with such shares to be subject to a voluntary hold period of one year following closing.

Lara has agreed to drill a minimum of 2,000 metres and to prepare a National Instrument 43-101-compliant technical report by the end of 2027. Under the terms agreed with Atlantica, Lara will make the following additional staged payments, based predominantly upon exploration success:

1. By December, 2027, Lara will pay a success fee equivalent to six U.S. cents per pound of copper contained in measured and indicated resources in the technical report.
2. By December, 2028, Lara will pay an additional success fee on the same terms on any additional measured and indicated resources included in an updated technical report.
3. On any additional measured and indicated resources estimated in any subsequent technical report after the end of 2028, the success fee will be calculated at a rate of eight U.S. cents per pound of copper.

The success fee can be paid in instalments annually, in either cash or Lara shares at Lara's discretion, with a maximum of $1.25-million (U.S.) due in any one year. There is a minimum payment of $500,000 (U.S.) regardless of the resource size discovered due at the end of 2027. It is a condition of the acquisition that Atlantica will not become an insider of Lara as a result of the receipt of shares of Lara under the agreement, and Lara will not issue more than five million shares to Atlantica without the prior approval of the TSX Venture Exchange.

Atlantica and an underlying vendor will each be entitled to a 1-per-cent net smelter return royalty on any production derived from the licence.

About Lara Exploration Ltd.

Lara is an exploration company, focused on advancing its 100-per-cent-owned Planalto copper-gold project in the Carajas mining district in northern Brazil. It is anticipated that Planalto will be developed as a conventional open-pit mine with a low strip ratio, processing eight million tonnes per annum through a conventional crushing and grinding circuit followed by froth flotation. A single saleable chalcopyrite concentrate with a minor gold credit is to be transported internationally to third party smelters. During the first six years, the PEA (preliminary economic assessment) production schedule produces on average 36,000 tonnes (79 million pounds) of copper and 7,200 ounces of gold per year, and, over an 18-year mine life, Planalto will produce 560,000 tonnes (1.2 billion pounds) of copper and 111,000 ounces gold. The project is located on private farmland, four kilometres from the state highway with high-tension power lines alongside and close to two major Carajas mining towns within excellent infrastructure. An NI 43-101 preliminary economic assessment and mineral resource estimate are detailed in reports filed on Nov. 17, 2025, and Oct. 17, 2024, respectively. The company also holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. Lara's common shares trade on the TSX-V under the symbol LRA.

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