Mr. David Tafel reports

PORTOFINO UPDATES ARGENTINE LITHIUM PROJECTS; PDAC CONVENTION EXHIBITOR

Portofino Resources Inc. has provided an update to its shareholders and investors on current corporate activities as related to its two drill-ready Argentina lithium brine projects.

Yergo project, Catamarca province

Management has been focused on securing financing to commence a drill program on its 100-per-cent-owned Yergo project, in Catamarca. Advanced discussions are moving forward positively, with interest from a variety of institutional groups pursuant to both direct investment into the company as well as non-dilution possibilities related to project partnership financing. Details will be shared when available.

Additionally, lithium development in the northern region of Argentina is continuing with major projects progressing and significant investments continuing to be announced. The company is pleased to see continuing progress with the Tres Quebradas project (3Q), owned by Zijin Mining Group Co. Ltd., located within nine kilometres of the Yergo project. Phase 1 of the 3Q project was expected to commence production by the end of 2023, with a production capacity of 20,000 tonnes of battery-grade lithium carbonate per annum. Construction at Zijin's Fiambala processing lithium carbonate plant is also showing significant advancement.

Arizaro project, Salta province

Further to the company's news release dated Jan. 8, 2024, announcing the execution of a legally binding partnership agreement with Lithium Chile Inc. regarding an 8,400-hectare mineral concession, the two companies are co-ordinating efforts to complete a comprehensive definitive agreement.

The initial partnership agreement remains in good standing as it has no expiry date; however, both parties are working toward finalizing the definitive agreement in the near term that will set out details regarding exploration activities, budgets and timelines. Portofino has received expressions of interest in financing from several institutions subject to completion of the definitive agreement and details will follow once finalized. Subject to completion, Portofino intends to exercise its right to earn a 50-per-cent net equity interest in the Arizaro project.

PDAC attendance

Portofino is pleased to announce it will be attending and exhibiting (booth No. 2447) at the Prospector's and Developers International Convention (PDAC) from March 3 to 6, 2024 in Toronto, Canada. The company wishes to invite any investors and shareholders to visit the company's team at its booth.

About Portofino Resources Inc.

Portofino is a Vancouver-based company focused on exploring and developing mineral resource projects in the Americas. Portofino has executed an agreement with Lithium Chile to explore and develop the Arizaro lithium project located in Salta, Argentina, and additionally maintains a 100-per-cent interest in the (drill-ready) Yergo Lithium Project in Catamarca. Both projects are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects.

The company also has the right to earn 100-per-cent interest in three pegmatite lithium projects and several gold projects located within Northwestern Ontario, Canada.

We seek Safe Harbor.