Mr. Richard Lock reports

OROCO CLOSES NON-BROKERED PRIVATE PLACEMENT

Oroco Resource Corp. has closed a fully subscribed non-brokered private placement raising gross proceeds of $1.75-million through the sale of 2,692,308 units at a price of 65 cents per unit. Each unit consists of one share and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one share for a period of 24 months from closing at a price of 90 cents per share.

The shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring Dec. 15, 2023. The company has received conditional approval from the TSX Venture Exchange for the private placement but has yet to receive final approval.

ATM Mining Corp., a company controlled by Craig Dalziel, executive chairman of the company, and Richard Lock, chief executive officer and a director of the company, participated in the private placement. ATM purchased 130,308 units and Mr. Lock purchased 40,026 units. ATM's and Mr. Lock's participation in the private placement are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, as the fair market value of their respective participation is less than 25 per cent of the market capitalization of the company.

No finder's fees were paid in connection with the private placement.

The proceeds of the financing will be used for exploration and development activities, working capital, and corporate overhead.

About Oroco Resource Corp.

The company holds a net 85.5-per-cent interest in the collective 1,172.9-hectare core concessions of the Santo Tomas project in northwestern Mexico. The company also holds an 80-per-cent interest in 7,861.3 hectares of mineral concessions surrounding and adjacent to the core concessions (for a total project area of 9,034.2 hectares, or 22,324.4 acres). The Santo Tomas project is situated within the Santo Tomas district, which extends from Santo Tomas up to the Jinchuan Group's Bahuerachi project, approximately 14 kilometres to the northeast. Santo Tomas hosts significant copper porphyry mineralization defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 metres. Commencing in 2021, Oroco conducted a drill program (phase 1) at Santo Tomas, with a resulting total of 48,481 metres drilled in 76 diamond drill holes. In May of 2023, the company completed a mineral resource estimate for the core concessions, which identified an indicated and inferred resource totalling 1.087 billion tonnes of 0.36 per cent copper equivalent.

The Santo Tomas project is located within 160 km of the Pacific deepwater port at Topolobampo and is serviced by highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road, part of which was originally built to service Goldcorp's El Sauzal mine in Chihuahua state.

We seek Safe Harbor.