22:33:07 EDT Tue 12 May 2026
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Sonoro Gold Corp
Symbol SGO
Shares Issued 315,352,721
Close 2026-05-12 C$ 0.27
Market Cap C$ 85,145,235
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Sonoro Gold enters LOIs to acquire concession interests

2026-05-12 18:10 ET - News Release

Mr. Kenneth MacLeod reports

SONORO GOLD ANNOUNCES LETTERS OF INTENT TO ACQUIRE ADJACENT MINERAL CONCESSIONS TO FURTHER EXPAND THE CERRO CALICHE GOLD PROJECT

Sonoro Gold Corp.'s wholly owned Mexican subsidiary, Minera Mar de Plata, has executed three binding letters of intent with two residents of Sonora, Mexico (the vendors), to acquire a 100-per-cent interest in 24 mineral concessions and up to a 51-per-cent interest in five additional mineral concessions, located adjacent to the company's Cerro Caliche gold project in Sonora, Mexico. The vendors are at arm's length to the company and to its associates and affiliates.

Sonoro believes the acquisition is a strategic opportunity to potentially demonstrate the Cerro Caliche project as being part of a larger gold epithermal system, with wide-scale potential to host multiple mineralized zones.

"This acquisition has the potential to build Cerro Caliche into a larger-scale gold mining project with multiple major mineralized zones stretching from the Agnico Eagle Santa Gertrudis deposit to the north down all the way to the Highlander Silver Mercedes mine to the southeast," said Kenneth MacLeod, Sonoro's president and chief executive officer. "Numerous exploration programs have been conducted across the new concessions resulting in multiple mineralized targets we plan to explore alongside the development of the proposed open-pit, heap leach mining operation."

Under the two LOIs, MMP intends to acquire a 100-per-cent interest in an additional 24 mineral concessions over 5,025.21 hectares for total consideration of $6.0-million (U.S.) to be paid in instalments over the next 20 months. In addition, MMP is assuming responsibility for the payment of outstanding mineral concession fees totalling approximately $990,000 (U.S.). The purchase consideration does not include the issuance of any securities, nor any grant of a royalty interest.

Sonoro's exploration team is reviewing extensive historical data from multiple exploration programs conducted over the past 30 years on and surrounding the new 24 mineral concessions. Soil and rock geochemical samples, surface and underground workings, drilling campaigns, and geophysical surveys have been completed across the concessions' various veins and mineralized structures. The company expects the new concessions may host similar geological, structural and mineralized characteristics to those identified at Cerro Caliche.

Under a third LOI, MMP has been granted an option to acquire an up-to-51-per-cent interest in five mineral concessions over 453.91 hectares for a total commitment of up to $9-million (U.S.) in exploration expenditures over four years, earning a 12.75-per-cent interest for each $2.25-million (U.S.) of exploration expenditures incurred. Again, this transaction does not include the issuance of any securities nor any grant of a royalty interest.

Historical drilling data suggest these five additional concessions may host continued extensions of the Cerro Caliche project's known northwest-trending mineralized corridors, as well as mineralized intersections of both high and low grade that may continue at depth within parallel vein systems. The company plans to complete extensive exploration campaigns on the newly acquired concessions as part of an integrated exploration approach, incorporating structural reinterpretation, modern geophysics, 3-D geological modelling and systematic drilling programs aimed at expanding mineral resources, identifying new mineralized centres, and evaluating the potential of multiple underexplored gold corridors.

The Cerro Caliche gold project is in the final permitting stage for a proposed open-pit, heap leach mining operation. An updated 2026 PEA demonstrates the potential viability for a 10-year open-pit, heap leach mining operation at 16,000 tonnes per day. Based on approximately 30 per cent of the known mineralized zones identified on the original 1,350-hectare property and utilizing a gold price of $3,500 (U.S.) per ounce, the report highlights an after-tax net present value discounted at 8 per cent of $224-million (U.S.) and an internal rate of return of 50 per cent.

The Cerro Caliche project was recently expanded by 11 additional mineral concessions to almost 4,000 hectares, and the acquisition of 24 new concessions will expand the property to 9,001 hectares, plus another 454 hectares through the potential 51-per-cent ownership in another five mineral concessions.

Readers are cautioned that completion of the subject concession acquisition transactions remain subject to the completion of due diligence and the settlement of the definitive agreements based on the LOIs.

Qualified person statement

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

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.

We seek Safe Harbor.

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