Mr. David Kelley reports

CHAKANA ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

Chakana Copper Corp., further to its news release dated Feb. 11, 2025, will consolidate its common shares on the basis of one new postconsolidation common share for every 10 preconsolidation common shares effective as of Feb. 28, 2025. There will be no name change or trading symbol change in conjunction with the consolidation.

Effective at the opening of market on Feb. 28, 2025, the common shares of Chakana will commence trading on a postconsolidation basis under the existing ticker symbol PERU, and new Cusip No. 15748D 20 5 and ISIN CA 15748D 20 5 9. There were 267,008,571 common shares of Chakana outstanding prior to the consolidation and, following the consolidation, Chakana will have approximately 26,700,857 common shares outstanding.

No fractional shares will be issued in connection with the consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded down to the nearest whole common shares and no cash consideration will be paid in respect of the fractional shares. Registered holders of common shares of Chakana will receive a letter of transmittal from TSX Trust Company with instructions on how to exchange existing share certificates or direct registration statements (DRSs) for new postconsolidation share certificates or DRSs. Non-registered shareholders who hold their common shares through a securities broker or other intermediary and do not have shares registered directly in their name will not be required to take any measures with respect to the consolidation.

The exercise price and number of common shares issuable upon the exercise of Chakana's outstanding stock options and warrants have been proportionately adjusted to reflect the consolidation in accordance with the terms of such securities.