Mr. Guy Goulet reports

PERUVIAN GOVERNMENT FAST TRACKS CDPR'S QUIULACOCHA TAILINGS PROJECT

Cerro de Pasco Resources Inc.'s Quiulacocha tailings reprocessing project has been included in the 2023 Ministry of Economy and Finance (MEF) Specialized Projects List (Banco Especializado de Proyectos del Equipo Especializado de Seguimiento de la Inversion -- EESI), which establishes the universe of projects on which it will prioritize its actions in order to ensure an efficient follow-up, with the objective of fast-tracking development and construction of the country's highest-impact projects.

The major incentives considered by MEF include: (1) the fact that it is a major project in the Pasco province, leading to sustainable development and investment in services; (2) its ability to convert a state liability into an enterprise invested by the private sector; (3) very large potential economic scale; (4) diverse value chain; (5) onshoring objectives; (6) significant job creation; and (7) environmental and health benefits.

The significant potential benefits of Cerro de Pasco Resources' Quiulacocha tailings reprocessing project are now acknowledged by key government entities, including MEF, the Energy and Mines Ministry, as well as local communities and authorities.

Cerro de Pasco Resources expects to receive the final go-ahead to execute 40 confirmatory sonic drills within its El Metalurgista concession in a few weeks, having completed exhaustive procedures.

Guy Goulet, chief executive officer, stated: "The Peruvian government clearly stands behind our project and I am confident that drill results will lead rapidly to development of the entire Quiulacocha tailings facility. Drill results will drive subsequent agreements to enable us to get going without further delay."

About Cerro de Pasco Resources Inc.

Cerro de Pasco Resources is a mining and resource management company with unparalleled knowledge of the mineral endowment in the city of Cerro de Pasco and its surroundings. Initially, the company will unlock the useful life of the mine and extend the concession areas in its Santander mining operation, applying the highest safety, environmental, social and governance standards. The key focus of growth for the company is on the development of the El Metalurgista mining concession, one of the world's largest surface-mineralized resources, applying the latest techniques and innovative solutions to process tailings, extract metals, and convert the remaining waste into green hydrogen and derivatives.

We seek Safe Harbor.