Mr. Nick DeMare reports

SALAZAR RESOURCES ANNOUNCES FINAL CLOSING OF PRIVATE PLACEMENT

Salazar Resources Ltd. has closed the final tranche of the non-brokered private placement financing announced on Dec. 24, 2024, and Jan. 9, 2025. The company has raised, in aggregate, gross proceeds of $1.75-million by issuing a total of 25 million common shares at a price of seven cents per share. There was no finder's fee payable, and proceeds will be used for working capital, tenure payments, including tenure payments on recently acquired properties, and exploration.

All securities issued in the private placement are subject to a four-month hold period and to all necessary regulatory approvals, including the final acceptance of the TSX Venture Exchange.

Certain insiders of the company participated in the private placement by purchasing an aggregate of 3,084,000 shares. Participation of the insiders in the offering constituted a related party transaction, as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, but was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to the insiders nor the consideration paid by the insiders exceeded 25 per cent of the company's market capitalization. None of the company's directors expressed any contrary views or disagreements with respect to the foregoing. The company did not file a material change report 21 days prior to the closing of the offering, as the details of the participation of the insiders of the company had not been confirmed at that time.

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, Salazar Resources has a 20-per-cent stake and is in process of acquiring the remainder of such projects from Silvercorp.