Mr. Ramiro Massa reports

MINSUD EXERCISES ITS ELECTION RIGHT IN CONNECTION WITH THE ACQUISITION OF 50.1% INTEREST IN ITS ARGENTINIAN SUBSIDIARY BY SOUTH32

Further to the company's press release dated April 13, 2023, Minsud Argentina Inc. (MAI), a wholly owned subsidiary of Minsud Resources Corp., has exercised its cash-in option (as described below) relating to South32 Aluminium (Holdings) Pty. Ltd.'s earn-in right to acquire a 50.1-per-cent ownership interest in Minera Sud Argentina SA (MSA), Minsud's indirect Argentinian subsidiary that holds and operates the flagship Chita Valley project. The earn-in right, granted by the earn-in agreement between South32 and Minsud dated Nov. 1, 2019, as amended, was exercised by South32 on April 13, 2023, and the acquisition of South32's 50.1-per-cent ownership interest in MSA is expected to be completed on or around Feb. 14, 2024.

Under the cash-in option, South32 shall, in accordance with the earn-in agreement, subscribe at completion for shares representing a 50.1-per-cent ownership interest in MSA in consideration for South32's already financed initial capital contributions to MSA of $14-million (South32's initial capital contribution). No further payment will be made to MSA for South32's subscription of MSA shares. Further, MAI will not be obliged to contribute any amount to an approved program and budget for the Chita Valley project until the aggregate of South32's initial capital contribution, and the amounts contributed and financed by South32 in respect of MSA-approved programs and budgets following South32's initial capital contribution, equals $42-million.

At completion, MAI and South32 will enter into a shareholders agreement to govern the management and operation of MSA -- operational activities will include further exploration and, if economically feasible and approved by the MSA board, the development and exploitation of the Chita Valley project. Until completion, MAI shall continue to manage and operate MSA and, therefore, 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 Cu-Mo-Au (copper-molybdenum-gold) and polymetallic Ag-Pb-Zn (silver-lead-zinc) 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.

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.

We seek Safe Harbor.