Mr. David Kelley reports

CHAKANA COPPER FINALIZES 100% OWNERSHIP OF LA JOYA PROJECT; READIES HIGH-PRIORITY TARGETS FOR FOLLOW-UP DRILLING

Chakana Copper Corp. has received TSX Venture Exchange approval for, and successfully completed, the acquisition of a 100-per-cent interest in the La Joya project from Minera Barrick Peru S.A. (Barrick). In doing so, Barrick becomes a shareholder of Chakana, joining Gold Fields and EMR Capital.

The La Joya project, located in the Ancash region of Peru, is a 1,600-hectare property situated in the heart of the Aija-Ticapampa mining district. With the transaction now closed, Chakana consolidates full ownership of the project featuring three distinct and highly prospective exploration targets: Mega-Gold, La Joya HSE and Companero.

"Consolidating 100 per cent of La Joya gives our shareholders greater exposure to discovery success at these three exceptional targets," stated David Kelley, president and chief executive officer. "With Mega-Gold and La Joya HSE already drill ready and permitted, and the final steps for Companero under way, we are excited to advance our exploration programs in one of the world's best mining jurisdictions."

Transaction details

As consideration for the acquisition, Chakana has issued 4,130,312 common shares to Barrick, representing 8 per cent of the company's issued and outstanding shares postissuance (see news release dated April 27, 2026). Additionally, a 2-per-cent net smelter return (NSR) royalty will be registered in favour of Barrick over the concessions. The shares issued to Barrick are subject to a 12-month contractual resale restriction, running concurrently with a four-month-and-one-day hold period under applicable securities laws in Canada.

Strategic significance of 100-per-cent ownership

Achieving 100-per-cent ownership of La Joya is an important milestone that allows Chakana shareholders greater leverage if exploration is successful across the advanced targets it has developed. The company is now positioned to aggressively follow up on the favourable results obtained during the 2024 scout drilling programs at both the Mega-Gold and La Joya HSE targets.

Key project highlights and next steps

Mega-Gold intrusive centre (fully permitted): Proof-of-concept drilling across this 2.5-square-kilometre area in 2024 confirmed a high-level porphyry environment. Results included 11.05 grams per tonne (gpt) gold over 1.5 metres (m) in hole MGDH24-003, and 1.8 gpt gold and 0.35 per cent copper over 2.0 m in hole MGDH24-002, indicating a mineralized fluid source at depth (see news release dated Aug. 29, 2024). All eight scout holes drilled at Mega-Gold encountered pyrite-chalcopyrite-molybdenite mineralization hosted in veins and anomalous gold. The company is fully permitted to begin a definitive drill test of the high-priority PT-1 porphyry target.

La Joya high-sulphidation epithermal (HSE) target (fully permitted): Initial shallow drilling in 2024 confirmed high-grade silver mineralization, highlighted by 1,005.0 gpt silver and 0.45 gpt gold over 0.75 m within high-sulphidation advanced argillic alteration consisting of vuggy silica, alunite, dickite, zunyite, diaspore and pyrophyllite (see news release dated Aug. 29, 2024). Follow-up drilling is planned to test for a stratigraphically hosted bulk-tonnage deposit beneath the surface alteration zone.

Companero gold prospect: This target features mineralized hydrothermal breccias at surface with channel samples assaying up to 14.25 gpt gold. While the environmental permit has already been awarded, the company has initiated the final initiation of activities process required to commence drilling.

About Chakana Copper Corp.

Chakana Copper is a Canadian-based minerals exploration Company that is currently advancing the La Joya project, located in the Ancash region of Peru, a highly favourable mining jurisdiction with supportive communities. Chakana also holds a 1-per-cent net smelter return royalty over the Soledad property now owned by Minera Lincuna in the active Aija-Ticapampa mining district (see news release dated Oct. 8, 2024). For more information on the La Joya project, please visit the company's website or Chakana's profile on SEDAR+.

Qualified person

Mr. 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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