Mr. Christian Kargl-Simard reports

ADVENTUS MINING AND SALAZAR RESOURCES PROVIDE AN UPDATE ON EL DOMO - CURIPAMBA COPPER-GOLD PROJECT, INCLUDING EXECUTION ADVANCEMENT MILESTONES

Adventus Mining Corp. and Salazar Resources Ltd. (collectively, the participants) have provided a project development update for the El Domo-Curipamba copper-gold project located in central Ecuador. So far in 2023, detailed engineering and procurement activities have continued to advance in parallel with continuing and constructive engagement with government authorities for the environmental licence, and major agreement approvals that will allow for the commencement of construction as early as the fourth quarter of 2023. In addition, the Adventus Mining management team has identified and continue to evaluate several significant improvements to the project that are expected to improve project economics inclusive of cost inflation factors.

Engineering and procurement

Detailed engineering has continued to advance in 2023 and is currently 50 per cent completed over all. The tailings storage and waste rock facilities, and open-pit mine design are at 78-per-cent completion, with full completion expected in the third quarter of 2023, ahead of the projected construction decision. The engineering design for the process plant is currently at 35-per-cent completion with firm quotations received and evaluated for all long-lead equipment.

Negotiations are at an advanced stage with the selected equipment providers in anticipation of purchase order release immediately upon receipt of the project's environmental licensing approval. Strategic second-hand equipment options are also being evaluated as a means of further reducing initial capital cost.

The participants' mining contractor, Stracon-Ripconciv JV (joint venture) (see Nov. 17, 2022, news release), has a team in place to conduct engineering and constructability reviews in advance of construction start. Constructability reviews to date are targeting a construction duration of 19 months (versus 18 months in the feasibility study), and with flexibility to commence construction irrespective of rainy season considerations through strategic decisions around activities and resource loading.

Project development and economics

As detailed engineering has progressed, several technical and economic improvements to the project have been identified, which are expected to more than offset the impact of inflation and escalation concerns on the capital cost. These developments are being evaluated and incorporated into an updated financial model, and include updates on capital and operating cost estimates, execution schedule, and engineering designs:

• Higher long-term consensus metal pricing (versus 2021 feasibility study price deck);
• 5-per-cent-lower corporate tax rate of 20 per cent (per the investment protection agreement (IPA) -- see Dec. 28, 2022, news release);
• Improved process performance and metallurgical recoveries based on testwork completed in 2022 and 2023 -- recent metallurgical testwork has significantly improved precious metals recoveries primarily through reagents optimization;
• Updates to the design based on detailed engineering progress to date;
• Higher project capital costs driven in large part by inflation since 2021, offset in part by value engineering and strategic deferral of spending to future operations;
• Inclusion of the Wheaton precious metals (WPM) stream in the project financial model -- the project's streaming agreement terms with WPM (see Jan. 17, 2022, news release) provides a positive impact to project economics over life-of-mine.

Major agreements

Adventus Mining continues to secure important agreements required to support the development of the project. For example, the participants have signed an agreement with the government of Ecuador for the development of key electrical infrastructure that will connect El Domo to the hydroelectric-dominant power grid of Ecuador. This agreement is important for the construction of the necessary offsite infrastructure required to operate the mine, and further derisk the project execution schedule.

Results of hydrogeological drill hole (DOMO -- W015)

In April, 2023, a planned hydrogeological drilling campaign was completed to conceptually characterize the El Domo groundwater model as part of the detailed engineering design. One of the holes, DOMO-W015, located on the eastern edge of the proposed open pit and within the known resource, intercepted two sections of massive sulphide, one of 20.60 metres and another of 7.1 metres. In total, this drill hole intercepted 27.7 metres of massive sulphide. The upper part corresponds to a mineralized volcanoclastic sedimentary sequence, grainstone and high-grade massive sulphide intervals. The lower part is composed of massive to semi-massive sulphide mineralization rich in copper:

• From 113.22 m to 133.82 m (20.6 m), with grades of: 3.09 per cent copper, 4.57 grams per tonne gold, 4.67 per cent zinc, 87.22 g/t silver and 0.36 per cent lead, which represents 6.43 per cent CuEq (copper equivalent). It includes a higher-grade section from 117.35 m to 129.93 metres (12.58 m), with grades of 3.92 per cent copper, 6.57 g/t gold, 6.94 per cent zinc, 125.76 g/t silver and 0.53 per cent lead, which represents 8.87 per cent CuEq.
• From 139.2 m to 146.3 m (7.1 m), with grades of: 3.97 per cent copper, 1.41 g/t gold, 2.81 per cent zinc, 32.66 g/t silver and 0.1 per cent lead, which represents 5.05 per cent CuEq. A higher-grade section is included from 139.2 m to 142.94 m (4.4 m), with grades of: 4.4 per cent copper, 2.06 g/t gold, 5.28 per cent zinc, 56.94 g/t silver and 0.18 per cent lead, which represents 6.61 per cent CuEq.

Technical information and quality assurance/quality control

The El Domo and Curipamba project work program is being reviewed by senior geologist Christian Paramo, PGeo, a qualified person within the meaning of National Instrument 43-101. Participants' staff collect and process samples that are securely sealed and shipped to Bureau Veritas (BV) in Quito for sample preparation, which includes crushing and milling to prepare pulps that are then split for shipment to its facility in Vancouver, Canada, for analysis. All assay data have undergone internal validation of QA/QC; noting there is an established sampling control program with blind insertion of assay blanks, certified industry standards and sample duplicates for the Curipamba project. A QA/QC program is also in place at BV and includes insertion of blanks, standards and duplicate reanalysis of selected samples. BV's quality system complies with the requirements for the international standards ISO 9001: 2000 and ISO 17025: 1999. At BV, samples from regional drilling have silver and base metals analyzed by a modified ore-grade 24-element aqua regia technique with ICP-ES (inductively coupled plasma emission spectroscopy) finish. Gold is analyzed by fire assay fusion with AAS (atomic absorption spectroscopy) finish. Overlimit protocols are in place for gold, silver, copper, lead and zinc.

Qualified person

The technical information of this news release has been reviewed and verified as accurate by Dustin Small, PEng, vice-president of projects, and Mr. Paramo, PGeo, senior geologist for Adventus Mining, each a non-independent qualified person, as defined by NI 43-101.

About Adventus Mining Corp.

Adventus Mining is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215-square-kilometre Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a countrywide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Ltd., as the financing participant. Its strategic shareholders include Altius Minerals Corp., Greenstone Resources LP, Wheaton Precious Metals Corp., and Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada.

About Salazar Resources Ltd.

Salazar Resources is focused on creating value and positive change through discovery, exploration and development in Ecuador. The team has an unrivalled understanding of the geology in country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador, with a strategy to make another commercial discovery and farm out non-core assets. The company actively engages with Ecuadorian communities, and, together with the Salazar family, it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25-per-cent stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the company has a 20-per-cent stake fully carried through to a construction decision.

We seek Safe Harbor.