Mr. Christian Kargl-Simard of Adventus reports

ECUADOR MINISTRY OF ENERGY AND MINES DEFINES DEVELOPMENT PHASE TRANSITION RULES FOR MEDIUM SCALE MINING PROJECTS

The Ministry of Energy and Mines of Ecuador has issued a reform to the existing instructive including regulations and conditions for the transition of medium-scale mining projects from the exploration to production phases. This announcement provides clarity to the national regulatory framework, and supports the advancement and development of medium-scale mining projects like Adventus Mining Corp. and Salazar Resources Ltd.'s El Domo-Curipamba copper-gold project located in central Ecuador.

Transition to production phase rules

The instructive outlines the regulations and conditions under which the government of Ecuador will provide authorization for medium-scale mining projects to transition from the exploration to the production phase. Given that medium-scale mining projects are not required to sign production contracts with the government of Ecuador, this instructive provides the needed clarity to advance.

Key elements of the instructive and transition authorization resolution include:

• Recognition by the Ecuadorean state of preoperational investments made within the mining concession area;
• Explicit acknowledgment of sectoral regulations applicable to the mining concessionaire;
• Specification of authorized activities during the production phase;
• Provision for extending the production phase period if new mineral resources are discovered or if the original term is deemed insufficient for full production from mineral reserves;
• Authorization for the construction of necessary mining infrastructure and associated civil works;
• Responsibility of the concessionaire to diligently fulfill its environmental obligations as outlined in its environmental licence;
• Responsibilities of the state during the production phase, including co-ordination and support for normal mining operations, provision of timely precautionary measures, and collaboration in relationships with public sector entities and third parties;
• Rights granted to the mining concessionaire, such as freedom to trade minerals, suspension of terms due to exceptional events, and prompt response from competent authorities in case of threats or illegal activities.

This instructive provides the framework for the participants to advance El Domo from the exploration phase to production. The process is expected to be completed during the first half of 2024, which clears the way for the start of construction, which is consistent with previous guidance.

About Adventus Mining Corp.

Adventus is an Ecuador-focused copper-gold exploration and development company. Adventus is advancing the 215-square-kilometre majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. With the recent merger with Luminex Resources Corp., Adventus also owns the Condor gold project and a large exploration project portfolio that spans over 135,000 hectares -- one of the largest holdings in Ecuador. The company's strategic shareholders include Ross Beaty's Lumina Group, Altius Minerals Corp., Wheaton Precious Metals Corp. and significant Ecuadorean investors. Adventus is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.

About Salazar Resources Ltd.

Salazar 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 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 Ecuadorean 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 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.

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