Mr. Darren Hazelwood reports

MANTARO PRECIOUS METALS CORP. ANNOUNCES TERMINATION OF OPTION AGREEMENT ON GOLDEN HILL PROPERTY AND RESIGNATION OF DIRECTOR

Mantaro Precious Metals Corp. has received a notice of termination from Luis Fernando Kinn Cortez (the optionor) terminating the option agreement dated Aug. 23, 2021, among the company, Mineral Golden Hill SRL (MGH) and the optionor. Under the terms of the option agreement, the company had the right to earn up to an 80-per-cent interest in the Golden Hill property. Concurrent with the delivery of the notice of termination, Mr. Kinn Cortez also resigned as a director of the company.

Darren Hazelwood, chief executive officer of the company, states: "The current junior capital markets made it difficult to raise the capital necessary to meet the cash payments due under our Golden Hill property option agreement. Our focus will now be to complete a financing to carry out a drill campaign on the high-grade Santas Gloria silver property located in Peru. With drill permits issued and drill pads already constructed, we will be able to carry out a drill campaign shortly after the necessary capital is raised.

"Even with the loss of Golden Hill, we continue to hold exploration concessions in the Bolivia Shield. In June, 2023, we acquired a 100-per-cent interest in two highly prospective licences, being the East trend and Media Sur properties, in the San Ramon greenstone belt. These properties have minimal holding costs and we are looking forward to carrying out an initial exploration program and entering into potential partnerships on these properties."

Under the option agreement, the company will retain a 2-per-cent net smelter royalty on the Golden Hill property, which may be repurchased by MGH with a one-time payment of $1-million (U.S.).

Future exploration programs by the company will focus on the high-grade Santas Gloria silver property, which is located in the Miocene epithermal gold-silver belt of Peru. The company's previous exploration program resulted in very high silver grades (greater than 10,000 grams per tonne (g/t) silver (Ag) in underground channel samples) and unusually high gold grades (up to 56 g/t gold (Au) in surface channel samples). Subject to raising additional financing, the company plans to carry out a 2,500 metre diamond drill program on the 10 pads constructed at Santas Gloria. Drilling will initially target the strike and depth extensions of high-grade gold-silver-base metal-mineralized segments of the Tembledara, San Jorge, Paquita and Maribel veins, which have been defined by channel sampling of surface veins and underground workings.

About Mantaro Precious Metals Corp.

Mantaro Precious Metals is a British Columbia company that holds a diversified portfolio of gold- and silver-focused mineral properties in Bolivia and Peru. The company's flagship property is the high-grade silver Santas Gloria silver property. In addition, the company also holds two highly prospective exploration licences in the Bolivian Shield -- the East trend and Media Sur properties that were acquired in June, 2023.

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