Mr. David Kelley reports

CHAKANA PROVIDES UPDATE ON WARRANT AMENDMENT

Further to the news release dated Feb. 9, 2024, announcing the intention to extend the term and adjust the 20-cent exercise price of 28,369,789 common share purchase warrants, Chakana Copper Corp. has received TSX Venture Exchange acceptance to extend the warrants to Oct. 31, 2024, and amend the exercise price of the warrants from 20 cents to 14 cents.

The company has carefully considered this amendment to optimize its potential to raise additional capital from the exercise of the warrants at an exercise price more than three times its most recent financing and about 75 per cent higher than its current share price without incurring any time delays or additional financing costs. If exercised, these funds will allow for an expanded drilling program at its Soledad copper-gold-silver discovery in Ancash, Peru. An initial 3,000-metre drill program testing the Mega-Gold porphyry target, La Joya high-sulphidation epithermal target and tourmaline-breccia-hosted mineralization is scheduled to begin at the end of March, 2024. The company believes that the amendment to the terms of the warrants is prudent and in the best interest of its shareholders to ensure continued financing of the company and its exploration assets.

About Chakana Copper Corp.

Chakana is a Canadian-based mineral 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 and other intrusion-related styles of mineralization. An initial inferred resource estimate for seven breccia pipes was announced in January, 2022 (see news release dated Feb. 23, 2022), with 6.73 million tonnes containing 191,000 ounces of gold, 11.7 million ounces of silver and 130 million pounds of copper. In addition, 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 uniquely positioned as the Soledad project provides exposure to base 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, has reviewed and approved the technical information in this news release.

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