Mr. Jacob Garland reports

MANTARO PRECIOUS METALS CORP. CLOSES PRIVATE PLACEMENT FINANCING

Mantaro Precious Metals Corp. has closed its previously announced non-brokered private placement financing (see news release dated Feb. 27, 2024) by issuing 26 million common shares at a price of five cents per share for gross proceeds of $1.3-million.

The shares issued under the offering will be subject to restrictions on resale for a period of four months and a day pursuant to applicable securities law.

The company paid finders' fees in cash totalling $31,150, and issued a total of 623,000 non-transferrable warrants to eligible finders, with each finder's warrant exercisable at five cents per share and expiring two years from closing.

Insiders subscribed for a total of 885,722 shares. The issuance of 885,722 shares to insiders is considered a related party transaction subject to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation in the offering by the insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.

The company intends to use the net proceeds of the offering for the initial drill program on the Santas Gloria silver property, to repay corporate indebtedness, and for administrative and maintenance costs on the Santas Gloria silver property.

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.