Mr. Kenneth MacLeod reports

SONORO FILES CERRO CALICHE PRELIMINARY ECONOMIC ASSESSMENT ON SEDAR

Sonoro Gold Corp. has filed a technical report titled "Preliminary Economic Assessment of the Cerro Caliche Project, Sonora, Mexico," with an effective date of Sept. 15, 2021.

The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ont., with David Salari, PEng as the lead author. William Lewis, PGeo, of Micon International Ltd. of Toronto, Ont., was the qualified person responsible for the updated mineral resources estimate. The PEA can be found under the company's profile on SEDAR and on Sonoro's website.

The results of the PEA were previously announced in the company's news releases dated Sept. 15 and Sept. 16, 2021, and are summarized as follows:

• Pretax net present value (5-per-cent discount rate) of $68.7-million (U.S.) and an internal rate of return of 52.7 per cent with a price of $1,750 (U.S.) per ounce of gold and $22.00 (U.S.) per ounce of silver;
• After-tax NPV (5-per-cent discount rate) of $41.5-million (U.S.) with an IRR of 32.4 per cent with a price of $1,750 (U.S.) per ounce of gold and $22.00 (U.S.) per ounce of silver;
• Seven-year life of mine (LOM) producing 323,500 ounces (oz) of gold equivalent (AuEq);
• Gold recovery of 74 per cent and silver recovery of 27 per cent produced from a three-stage crushing circuit, crushing the ore to p80 of one-half inch;
• LOM annual average production of 45,700 oz AuEq;
• Years one to three annual production of 56,500 oz AuEq with average grade of 0.51 g/t AuEq;
• Initial capex costs of $32.2-million (U.S.), including $3.8-million (U.S.) in contingency;
• Sustaining capital costs of $4.8-million (U.S.);
• Opex costs of $1,227 (U.S.)/oz AuEq;
• All-in sustaining cost (AISC) of $1,351 (U.S.)/oz AuEq;
• Payback period of 2.2 years.

Updated mineral resource estimate highlights at 0.207 g/t Au cut-off:

• Measured and indicated mineral resources of 349,000 ounces of gold at a 0.41 g/t Au grade;
• Updated inferred mineral resources of 71,000 ounces of gold at 0.40 g/t Au grade.

Also noted in Micon's report, a range of the potential mineralization that may conceptually exist outside of the resource pit shells has been included in the report. Utilizing the same 0.207 g/t Au cut-off grade as the current resource estimate, the range of the potential mineralization is believed to be from 19.25 million to 34.37 million tonnes containing:

• 204,000 to 365,000 ounces of gold;
• 1,683,000 to 3,005,000 ounces of silver.

The reader is cautioned that the potential mineralization ranges are conceptual in nature, and that despite being based on a limited amount of exploration drilling and sampling outside the current resource pit shells, it is uncertain that further exploration will result in the mineralization targets being delineated as a mineral resource.

PEA summary

The PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty the estimates presented in the PEA will be realized.

Qualified person statement

David Salari, PEng, of D.E.N.M. Engineering, and William Lewis, PGeo, of Micon International, both of whom are independent of the company, have reviewed and approved the scientific and technical information herein regarding the company's Cerro Caliche project. William Lewis, PGeo, was responsible for the updated Cerro Caliche mineral resource estimate and, along with David Salari, PEng, has approved the information pertaining to the Cerro Caliche project in this news release. Each of David Salari, PEng, and William Lewis, PGeo, is a qualified person as defined in National Instrument 43-101.

Stephen Kenwood, PGeo, a director of Sonoro Gold, is a qualified person within the context of National Instrument 43-101 (NI 43-101), and has read and approved this news release.

About D.E.N.M. Engineering Ltd.

D.E.N.M. Engineering is a niche engineering company servicing the mining/mineral processing sector that specializes in engineering and design, equipment supply, project and construction management, commissioning, and operations support. D.E.N.M. Engineering has proven success while championing projects for over 15 years in Canada, United States, Mexico and Central America.

In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101-compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing, and cash flow analysis.

About Micon International Ltd.

Micon International has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the United Kingdom. Micon comprises a multidisciplinary group of highly qualified and experienced professionals who are guided by the company principles of integrity, competence and independence.

Micon's experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.

About Sonoro Gold Corp.

Sonoro Gold is a publicly listed exploration and development company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial properties in Sonora state, Mexico. The company has highly experienced operational and management teams with proven records for the discovery and development of natural resource deposits.

We seek Safe Harbor.