Mr. Kenneth MacLeod reports

SONORO GOLD COMPLETES CONCESSION PAYMENT AND PROVIDES CORPORATE UPDATE

Sonoro Gold Corp. has provided a corporate update on the company's flagship Cerro Caliche gold project in Sonora, Mexico. In January, 2018, the company executed an option to purchase and promise to assignment agreement with a resident of Sonora, Mexico (the vendor), to acquire a 100-per-cent interest in the Cerro Caliche group of concessions. The option agreement represents 67 per cent of the total surface area of the Cerro Caliche gold project, for total consideration of $2.98-million (U.S.).

On Nov. 8, 2024, the company paid the final instalment of $250,000 (U.S.) under the option agreement, securing a 100-per-cent interest in the concessions through the execution of an assignment of title to mining concession agreement. Under the terms of the assignment agreement, the company also executed a royalty agreement, entitling the vendor to a 2-per-cent net smelter returns royalty (the NSR) from the proceeds of the sale of minerals from the concessions. The company may purchase the NSR for $1-million (U.S.) for each 1 per cent of the royalty after year four of production.

The Cerro Caliche gold project is comprised of 15 contiguous mining concessions covering a total area of 1,350.10 hectares (ha). The concessions were optioned in 2018 under five separate option agreements for total consideration of $5-million (U.S.). Mineral concession titles, under four of the five option agreements, have now been acquired by the company's Mexican subsidiary, Minera Mar de Plata (MMP), representing over 70 per cent of the property. The remaining concessions will be acquired by MMP in April, 2025, upon payment of the final instalment due under the remaining option agreement.

Sonoro is in the permitting phase for a proposed open-pit, heap leach mining operation at the Cerro Caliche gold project. With only 30 per cent of the project's identified mineralized zones drilled and assayed to date, Sonoro plans to develop an initial 12,000-tonne-per-day operation to generate cash flow for further exploration of the remaining 70 per cent of the mineralized area for mine expansion.

"Despite the recent challenges of distressed capital markets for the precious metals sector as well as permitting delays in Mexico, we continue to maintain concession payments and advance the Cerro Caliche mine plan through the environmental review process," said Kenneth MacLeod, Sonoro's president and chief executive officer. "We are encouraged by new President Claudia Sheinbaum's pragmatic and co-operative approach to the mining industry, compelling Sonoro to vigorously pursue approval of the mine permit application (MIA) which was originally filed with the Mexican environment agency SEMARNAT in May, 2022."

About the Cerro Caliche gold project

Exploration to date at the Cerro Caliche gold project confirms a broadly mineralized low-sulphidation epithermal vein structure and over 25 northwest-trending gold mineralized zones along trend and near surface. In March, 2023, Sonoro filed an updated mineral resource estimate (MRE) based on a total 55,360 metres of drilled data, including 498 drill holes, 17 trenches and assays for 53,865 metres of the drilled data.

In October, 2023, Sonoro filed a new preliminary economic assessment (PEA) demonstrating the potential viability for a nine-year open pit, heap leach mining operation. Using a gold price of $1,800 (U.S.) per ounce, the project has a pretax net present value discounted at 5 per cent (NPV5) (net present value, 5-per-cent discount rate) of $71.4-million (U.S.) ($47.7-million (U.S.) post-tax) and an internal rate of return (IRR) of 59-per-cent pretax (45-per-cent post-tax). Using a gold price of $2,000 (U.S.) per ounce, the project has a pretax NPV5 of $116.8-million (U.S.) ($77-million (U.S.) post-tax) and an IRR of 85 per cent pretax (63 per cent post-tax).

The PEA was prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. and Micon International Ltd. with confirmation of the applicable resource estimates prepared by SRK Consulting (U.S.) Inc.

About Sonoro Gold Corp.

Sonoro Gold is a publicly listed exploration and development company holding the development-stage Cerro Caliche project and the exploration-stage San Marcial project 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.

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