Mr. Jacob Garland reports

MANTARO PRECIOUS METALS CORP. TO CHANGE NAME TO FIRST ANDES SILVER LTD., AMENDS TERMS OF PRIVATE PLACEMENT FINANCING AND APPOINTS NEW DIRECTOR

Mantaro Precious Metals Corp. plans to change its name to First Andes Silver Ltd. The name change better reflects the company's focus on its high-grade Santas Gloria silver property in Peru.

Shareholders will not be required to exchange their existing share certificates for new certificates bearing the company's new name. The name change does not affect the company's share structure or the rights of the company's shareholders, and no further action is required by existing shareholders.

The name change is subject to acceptance of the TSX Venture Exchange.

Amended terms of private placement financing

The company also announces that it has amended the terms of its previously announced non-brokered private placement (see news release dated Feb. 1, 2024). The offering now consists of up to 26 million common shares at a price of five cents per share for gross proceeds of up to $1.3-million.

Previously, the offering had consisted of units of the company at a price of five cents per unit for gross proceeds of up to $600,000.

The securities issued under the offering will be subject to restrictions on resale for a period of four months from the date of issue. The company may pay finders a fee in cash and/or share purchase warrants.

The proceeds of the offering will principally be used for an initial drill program on the Santas Gloria silver property, to repay corporate indebtedness, and administrative and maintenance costs on the Santas Gloria silver property.

The offering is subject to the acceptance of the TSX Venture Exchange.

Appointment of new director

The company is also pleased to announce that it has appointed Greig Hutton as a director of the company. Mr. Hutton, a PEng for over 40 years, has been involved with mineral exploration for over 15 year and has served as director or president with several junior mining companies. Mr. Hutton has a B Sc degree (1976) from Waterloo University and an MSc (geology) from the University of Western Ontario (2016).

About Mantaro Precious Metals Corp.

Mantaro Precious Metals is a British Columbia company that holds a 100-per-cent interest in the high-grade Santas Gloria silver property, located in Peru.

We seek Safe Harbor.