Mr. David Kelley reports

CHAKANA PROVIDES ADDITIONAL INFORMATION ON PRIVATE PLACEMENT

Further to Chakana Copper Corp.'s news release dated Oct. 18, 2023, announcing a non-brokered private placement of up to 55 million units of the company at a price of four cents per unit for gross proceeds of up to $2.2-million, the company would like to add that $2-million of the proceeds of the private placement will be applied to exploration drilling, and development of the company's high-grade copper-gold-silver discovery at the Soledad project, located in the Ancash region of Peru. The remaining funds will be used for general working capital and administrative purposes, including salaries payable to non-arm's-length parties. There are no proposed payments to persons conducting investor relations activities.

The private placement is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued under the private placement will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the private placement.

About Chakana Copper Corp

Chakana Copper is a Canadian-based minerals exploration company that is currently advancing the Soledad project located in the Ancash region of Peru, a highly favourable mining jurisdiction with supportive communities. The Soledad project is notable for the high-grade copper-gold-silver mineralization that is hosted in tourmaline breccia pipes. An initial mineral resource estimate for seven breccia pipes was announced in Q1 2022 (see news release dated Feb. 23, 2022), with an inferred resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97 per cent copper assumed to be extractable by underground mining methods, plus an additional inferred resource of 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65 per cent copper assumed to be extractable by open-pit mining methods. The total initial inferred resource contains 191,000 ounces of gold, 11.7 million ounces of silver and 130 million pounds of copper. In addition, the company's extensive multidisciplinary exploration has defined 154 exploration targets, 28 of which have been tested to date (18 per cent), confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana's investors are well positioned as the Soledad project provides exposure to copper and precious metals.

Qualified Person

David Kelley, an officer, and a director of Chakana, and a qualified person as defined by National Instrument 43-101, reviewed and approved the technical information in this news release.

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