Mr. Richard Lock reports

OROCO CLOSES NON-BROKERED PRIVATE PLACEMENT

Oroco Resource Corp. has closed a non-brokered private placement, raising gross proceeds of $2,691,940 through the sale of 6,729,850 units at a price of 40 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 18 months from closing at a price of 65 cents per share.

The shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring March 29, 2024. 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, Richard Lock, chief executive officer and a director of the company, Ian Graham, president and a director of the company, 677185 B.C. Ltd., a company controlled by Steve Vanry, chief financial officer and a director of the company, and David Rose, corporate secretary of the company, participated in the private placement, purchasing a total of 770,000 units for proceeds of $308,000. The participation of each in the private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 as the fair market value of each participation is less than 25 per cent of the market capitalization of the company.

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

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

About Oroco Resource Corp.

The company holds a net 85.5-per-cent interest in those central concessions that comprise 1,173 hectares of the core concessions of the Santo Tomas project, located in northwestern Mexico. The company also holds an 80-per-cent interest in an additional 7,861 hectares of mineral concessions surrounding and adjacent to the core concessions (for a total project area of 9,034 hectares, or 22,324 acres). The project is situated within the Santo Tomas district, which extends up to the Jinchuan group's Bahuerachi project, approximately 14 kilometres to the northeast. The project hosts significant copper porphyry mineralization defined by prior exploration spanning the period from 1968 to 1994. During that time, the project area was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 metres. Commencing in 2021, Oroco Resource conducted a drill program (phase 1) at Santo Tomas, with a resulting total of 48,481 metres drilled in 76 diamond drill holes. In October of 2023, the company announced a preliminary economic assessment and updated mineral resource for the North and South zones of the Santo Tomas project, identifying indicated and inferred resources of 561 million tonnes of 0.37 per cent copper equivalent and 549 Mt of 0.34 per cent CuEq, respectively.

The project is located within 160 kilometres 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, in part, by a 32-kilometre access road originally built to service Goldcorp's El Sauzal mine in Chihuahua state.

We seek Safe Harbor.