First Andes Silver Ltd. — Capital/Financing Update 2024

Feb 2, 2024

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1. Name and Address of Company MANTARO PRECIOUS METALS CORP. 1100 - 1199 West Hastings Street Vancouver, BC V6E 3T5

Item 2. Date of Material Change February 1, 2024

Item 3. News Release The news release was issued on February 1, 2024 and filed on www.sedarplus.ca.

Item 4. Summary of Material Change Mantaro Precious Metals Corp. (the "Company") announced a non-brokered private placement of units.

Item 5. Full Description of Material Change The Company announced a non-brokered private placement of up to 12,000,000 units (each a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $600,000 (the "Offering"). Each Unit will consist of one common share of the Company (each a "Share") and one common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one additional Share for a period of one year from the date of issuance at an exercise price of $0.075 per Share.

The securities issued under the Offering will be subject to restrictions on resale for a period of four months from the date of issue. The Company may pay finders a fee in cash and/or share purchase warrants.

The proceeds of the Offering will principally be used to repay corporate indebtedness as well as administrative and maintenance costs on the Company's mineral properties.

Item 6. Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102 Not applicable.

Item 7. Omitted Information None.

Item 8. Executive Officer Jacob Garland Chief Executive Officer Tel: (604) 806-0626

Item 9. Date of Report February 1, 2024