Mr. Terence Walker reports

CERRO BLANCO DRILLING COMMENCEMENT AND CREDIT FACILITY CLOSING

On Oct. 11, 2025, drilling commenced at San Lorenzo Gold Corp.'s Cerro Blanco porphyry target situated on San Lorenzo's flagship Salvadora property in Chile. Drilling operations are continuing on the first of three planned holes which will target strong geophysical anomalies identified in San Lorenzo's recently reported expanded induced polarization geophysical surveying program (see San Lorenzo news release dated June 17, 2025). The company intends to provide drilling updates, including assay results, on a continuing basis.

San Lorenzo is also pleased to advise that the previously reported second credit facility providing up to and additional $1-million of funding to the company has received final TSX Venture Exchange approval and has closed (see San Lorenzo news release dated Aug. 6, 2025). Proceeds from the second credit facility will be used to finance the recently commenced drilling program at Salvadora.

The second credit facility was provided by the same company (the lender) that provided the initial credit facility which is a company related to a director of the company (see San Lorenzo news release dated Nov. 19, 2024).

Once fully drawn, advances under the second credit facility will automatically convert into a term loan maturing on July 31, 2027. The second credit facility bears interest at a rate of 8 per cent per annum and is convertible at the option of the lender into common shares of the company at a price of 35 cents per common share until maturity. If converted, the lender has agreed to a contractual hold period such that the share certificate representing the common shares will bear a legend restricting the trading of such shares for a period of one year from the date of their issuance.

No bonuses, finders' fees or commissions were paid in respect of the second credit facility.

MI 61-101 considerations: As a company related to an insider of the company participated in the transaction, it was deemed to be a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Neither the company, nor to the knowledge of the company after reasonable inquiry, a related party had knowledge of any material information concerning the company or its securities that has not been generally disclosed. The second credit facility is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as it was a distribution of securities for cash and neither the fair market value of the second credit facility, nor the consideration received from related parties, exceeded $2.5-million. The second credit facility was unanimously approved by the board of directors of the company, excluding the director who is related to the company providing the second credit facility, who abstained from voting. The lender currently holds 50,000 common shares of the company and holds no options. If the second credit facility is fully drawn to the maximum permitted amount, and both the first and second credit facilities are converted in accordance with their terms, a total of 7,857,143 common shares would be issued, which would represent 9.0 per cent of the then issued and outstanding common shares of the company.

About San Lorenzo Gold Corp.

San Lorenzo is focused on advancing its flagship Salvadora property located in Chile's mega-porphyry belt. Results obtained from prior drilling programs conducted on four different targets have convinced management that several significant gold- and copper-enriched epithermal and porphyry-style systems are contained within the Salvadora property.

We seek Safe Harbor.