Mr. Ramiro Massa reports

MINSUD EXERCISES OPTION TO ACQUIRE 100% OF THE MINAS DE PINTO PROPERTY

Minsud Resources Corp.'s Argentine indirect subsidiary, Minera Sud Argentina SA (MSA), has exercised its option to purchase the remaining 35-per-cent beneficial interest in the Minas de Pinto Trust, and has become the indirect owner of 100 per cent of the Minas de Pinto property. The Minas de Pinto property represents one of the main properties in the company's flagship Chita Valley project. MSA has paid the required sum of $935,000 (U.S.) to the Minas de Pinto owners, representing the price to fully exercise the option, which was settled in Argentinean pesos.

On May 7, 2010, the company, through MSA, entered into an exploration agreement, including a purchase option (the initial Minas de Pinto agreement) with the owners of the mining properties identified under the name of Proyecto Minas de Pinto, located in the Chita Valley in the province of San Juan, Argentina. Included in Proyecto Minas de Pinto are the Arqueros, Don Marcos, Estrellita, Paulita, Paulita II, Pierina II, Pierina III, San Pablo and San Urbano mining concessions.

On April 22, 2014, the Minas de Pinto owners settled the Minas de Pinto Trust and transferred 100 per cent of the mineral properties governed by the Minas de Pinto agreement to the Minas de Pinto Trust. The company acquired a 50-per-cent interest in the Minas de Pinto Trust for total consideration of $417,500 (U.S.). The remaining 50-per-cent beneficial interest in the Minas de Pinto Trust held by the Minas de Pinto owners was subject to a new, exclusive and irrevocable option agreement granted in favour of MSA for consideration of $1,335,000 (U.S.), payable at any time on or before May 7, 2019.

On May 8, 2017, the company and the Minas de Pinto owners signed an addendum to extend the period in which the company could acquire the remaining 50-per-cent beneficial interest by exercising the option prior to Nov. 7, 2020.

On May 4, 2020, upon exercise of the option discussed above, MSA entered into a transfer agreement, pursuant to which MSA acquired an additional 15-per-cent interest in the Minas de Pinto Trust in exchange for aggregate cash payments of $400,000 (U.S.), payable in eight semi-annual payments of $50,000 (U.S.) starting on May 7, 2020, until Nov. 7, 2023. Furthermore, the parties entered into a second addendum to the option, which would allow MSA to purchase the remaining 35-per-cent interest in the Minas de Pinto Trust by paying $935,000 (U.S.) on or before April 7, 2024. No net smelter return or other similar right was granted to the Minas de Pinto owners.

A summary of the payments relating to the acquisition of the Minas de Pinto property is set out in an attached table.

Ramiro Massa, Minsud's president and chief executive officer, states: "Having exercised the final option on the remaining 35 per cent of Minas de Pinto property is a significant milestone for our company, that now owns 100 per cent of all its mineral properties at the Chita Valley project. This acquisition represents a considerable footprint for our company and moves us one step closer to advancing the greater mission of developing the Chita Valley project."

About the Chita Valley project, San Juan province

The Chita Valley project is a large exploration-stage porphyry system with classic alteration features, widespread porphyry-style copper-molybdenum-gold (Cu-Mo-Au) and polymetallic silver-lead-zinc (Ag-Pb-Zn) mineralization hosted by hydrothermal phreatic breccias, and associated gold- and silver-bearing polymetallic veins of intermediate sulphide composition that conformed an outcropping porphyry system at Chita and a lithocap of a porphyry system at Chinchillones. San Juan province of Argentina has a robust mining sector and recognizes the important economic benefits of responsible development of its substantial mineral resource endowment.

Current exploration activities on the Chita Valley project are being financed by a subsidiary of South32 Ltd., in accordance with the earn-in agreement between the parties entered into on Nov. 1, 2019, and amendments.

On April 13, 2023, South32 exercised its earn-in right to acquire a 50.1-per-cent direct interest in MSA at the earlier of: (i) the completion of the year 4 annual exploration program; and (ii) Feb. 14, 2024. At the time of completion, Minsud Argentina Inc. (MAI), a wholly owned subsidiary of the company, and South32 will enter into a shareholders' agreement to govern the management and operation of MSA.

About Minsud Resources Corp.

Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo-Au-Ag-Pb-Zn project, in the province of San Juan, Argentina. The company also holds the early-stage La Rosita project comprising 6,000 hectares in Santa Cruz province, Argentina.

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