LCL RESOURCES LIMITED — Capital/Financing Update 2021

Apr 26, 2021

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27 April 2021 ASX Announcement ASX: LCL

First drilling underway at Ceibal porphyry target

HIGHLIGHTS

• First drilling has commenced at the newly identified porphyry target (Ceibal) ~1km southwest of Tesorito

• 800m x 600m Au-Cu-Mo surface geochemical anomaly with adjacent air magnetic anomaly

• New surface trench channel sample result of 90m @ 1.4g/t Au[1] adds to two previously announced channel samples of 75m @ 1.2g/t Au and 25m @ 1.2g/t Au[2]

• Ceibal shares many similarities with Tesorito including regional structural setting and lithologies

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) , has commissioned the first round of

drilling at Ceibal, a new porphyry target with significant scale potential, 1km south west of the Company’s Tesorito South porphyry discovery with the first hole currently underway.

Ceibal forms part of the 100% owned Quinchia Gold Project in Colombia – a cluster of porphyry targets surrounding the Miraflores Gold Deposit which includes the Tesorito surface porphyry, porphyry targets at Chuscal, an inferred Resource at Dosquebradas and a number of early-stage targets all within a 3km radius (Figure 1).

Ceibal has a substantial, 800m x 600m gold, copper and molybdenum, surface soil and rock chip geochemistry anomaly (no artisanal workings are present) (Figure 2) on the shoulder of an air magnetic anomaly. Ceibal’s surface anomaly is broadly comparable in size and tenor to that of Tesorito and, like Tesorito, Ceibal is located within the Marmato Fault Corridor at a structural dilation or “jog”. A field program launched last year logged outcrops and float of andesites and diorites similar to those encountered at Tesorito.

Trenching results across the anomalous zone has added to the excitement of this new target with significant surface gold reported in three channels;

• 90m @ 1.4g/t Au

• 75m @ 1.2g/t Au (previously announced)

• 25m @ 1.2g/t Au (previously announced)

The diamond rig has been transferred 1.5km NW from Chuscal to Ceibal for the initial program of scout holes.

Los Cerros Managing Director, Jason Stirbinskis added

“We are particularly excited about this new target as it has the surface fingerprint of classic porphyry occurrences. So we have directed the Chuscal rig to Ceibal to start the process of understanding this compelling target. The timing is ideal as we have a backlog of Chuscal assays pending and this break

1 45 channel samples ~2m each of insitu outcrop. Grades within reported intervals range from 0.51g/t to 3.11g/t Au (uncut).

2 See ASX announcement 29 March 2021. The Company confirms that it is not aware of any new information that affects the information contained in the announcement.

27 April 2021 ASX Announcement

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ASX: LCL

to drill Ceibal will also allow us time to assimilate that pending data before planning subsequent Chuscal holes.

The emergence of Ceibal and Tesorito West, the new deep intercept encountered while drilling southwest and below the Tesorito South porphyry, is further argument that the Quinchia Gold Project is another significant hot spot on the mid-Cauca gold belt which already hosts many multi-million-ounce discoveries.”

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Figure 1 : Ceibal target location on soil geochemistry in the Quinchia Gold Project area. Note the location of both Tesorito and Ceibal on major fault ‘jogs’.

27 April 2021 ASX Announcement ASX: LCL

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Figure 2 : The first diamond hole at Ceibal is designed to drill under the centre of anomalous gold and copper soil and rockchip anomalies, across lithological and veining structures.

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Photo: Final preparations of the first drill pad at the Ceibal target. As part of the Company’s environmental protocols, drill pads are timber platforms over impermeable membrane to minimise environmental footprint and erosion.

27 April 2021 ASX Announcement

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ASX: LCL

For the purpose of ASX Listing Rule 15.5, the Board has authorised this announcement to be released.

For further enquiries contact:

Jason Stirbinskis

Managing Director Los Cerros Limited 12/11 Ventnor Avenue WEST PERTH WA 6005 jason@loscerros.com.au

FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning Los Cerros. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Los Cerros’ beliefs, opinions and estimates of Los Cerros as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

JORC STATEMENTS - COMPETENT PERSONS STATEMENTS

The technical information related to Los Cerros assets contained in this report that relates to Exploration Results (excluding those pertaining to Mineral Resources and Reserves) is based on information compiled by Mr Cesar Garcia, who is a Member of the Australasian Institute of Mining and Metallurgy and who is a Geologist employed by Los Cerros on a full-time basis. Mr Garcia has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Garcia consents to the inclusion in the release of the matters based on the information he has compiled in the form and context in which it appears.

The information presented here that relates to Mineral Resources of the Dosquebradas Project, Quinchia District, Republic of Colombia is based on and fairly represents information and supporting documentation compiled by Mr. Scott E. Wilson of Resource Development Associates Inc, of Highlands Ranch Colorado, USA. Mr Wilson takes overall responsibility for the Resource Estimate. Mr. Wilson is Member of the American Institute of Professionals Geologists, a “Recognised Professional Organisation” as defined by the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Wilson is not an employee or related party of the Company. Mr. Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)’. Mr. Wilson consents to the inclusion in the news release of the information in the form and context in which it appears

The Company is not aware of any new information or data that materially affects the information included in this release.

27 April 2021 ASX Announcement ASX: LCL

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TABLE 2 - MIRAFLORES PROJECT RESOURCES AND RESERVES

The Miraflores Project Mineral Resource estimate has been estimated by Metal Mining Consultants in accordance with the JORC Code (2012 Edition) and first publicly reported on 14 March 2017. No material changes have occurred after the reporting of these resource estimates since their first reporting.

Miraflores Mineral Resource Estimate, as at 14 March 2017 (100% basis)

Resource Classification	Tonnes (000t)	Au (g/t)	Ag (g/t)	Contained Metal (Koz Au)	Contained Metal (Koz Ag)
Measured	2,958	2.98	2.49	283	237
Indicated	6,311	2.74	2.90	557	588
Measured & Indicated	9,269	2.82	2.77	840	826
Inferred	487	2.36	3.64	37	57

Notes:

i) Reported at a 1.2 g/t gold cut-off. ii) Mineral Resource estimated by Metal Mining Consultants Inc. iii) First publicly released on 14 March 2017. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Mineral Resource estimation.

iv) These Mineral Resources are inclusive of the Mineral Reserves listed below.

v) Rounding may result in minor discrepancies.

Miraflores Mineral Reserve Estimate, as at 27 November 2017 (100% basis)

The Miraflores Project Ore Reserve estimate has been estimated by Ausenco in accordance with the JORC Code (2012 Edition) and first publicly reported on 18 October 2017 and updated on 27 November 2017. No material changes have occurred after the reporting of these reserve estimates since their reporting in November 2017.

Reserve Classification	Tonnes (Mt)	Au (g/t)	Ag (g/t)	Contained Metal (Koz Au)	Contained Metal (Koz Ag)
Proved	1.70	2.75	2.20	150	120
Probable	2.62	3.64	3.13	307	264
Total	4.32	3.29	2.77	457	385

Notes:

i) Rounding of numbers may result in minor computational errors, which are not deemed to be significant. ii) These Ore Reserves are included in the Mineral Resources listed in the Table above. iii) First publicly released on 27 November 2017. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Ore Reserve estimation.

Source: Ausenco, 2017

Dosquebradas Inferred Mineral Resource Estimate, as at 25 February 2020 (100% basis)

Cut-Off (g/t Au)	Tonnes (‘000t)	Au (g/t)	Au (koz)	Ag (g/t)	Ag (koz)	Cu (%)	Cu (pounds)
0.3	57,794	0.50	920.8	0.6	1,036	0.04	56,767
0.4	34,593	0.60	664.1	0.6	683.8	0.05	38,428
0.5	20,206	0.71	459.1	0.7	431.7	0.06	24,867

Notes:

i) No more than 6m internal waste is included in the weighted intervals ii) Inferred Mineral Resources shown using various cut offs. iii) Based on gold selling price of US$1,470/oz. iv) Mineral Resource estimated by Resource Development Associates Inc.

First publicly released on 25 February 2020. No material change has occurred after that date that may affect the JORC Code (2012 Edition)

27 April 2021

ASX Announcement ASX: LCL

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Appendix 1. Rockchip channel sample assay results for Trench 3 at Ceibal target - Quinchia.

		sample from	sample from	length	Au	Ag	Cu	Mo
Sample ID	Rock Source	mEast	mNorth	m	**ppm **	**ppm **	**ppm **	**ppm **
R-4181	Diorite	422466.7	583824.8	2	1.34	0.665	790	4.56
R-4182	Breccia	422468	583826.3	2	2.35	2.01	941	16.35
R-4183	Breccia	422469.2	583827.6	2	1.61	0.514	818	3.02
R-4184	Breccia	422470.2	583829.1	2	1.21	1.96	950	18.2
R-4225	Breccia	422471.1	583830.7	2	1.42	0.579	765	5.76
R-4226	Breccia	422472.2	583832.3	2	0.92	0.443	846	3.35
R-4321	Breccia	422473.4	583833.9	2	0.94	0.41	855	3.47
R-4322	Breccia	422474.4	583835.5	2	0.96	0.499	885	3.63
R-4323	Diorite	422475.3	583837.3	2	1.14	0.553	913	2.76
R-4324	Porphyritic Andesite	422475.9	583839.1	2	1.49	0.661	1470	2.93
R-4325	Porphyritic Andesite	422476.8	583840.8	2	1.08	0.429	959	5.28
R-4326	Breccia	422477.8	583842.4	2	0.79	0.347	676	4.18
R-4327	Porphyritic Andesite	422478.9	583844	2	1.32	0.592	1350	3.43
R-4328	Porphyritic Andesite	422480.1	583845.5	2	1.73	0.822	1740	5.39
R-4329	Porphyritic Andesite	422481.3	583847	2	3.03	0.828	1230	2.44
R-4330	Diorite	422482.6	583848.4	2	2.71	0.72	1240	4.47
R-4331	Breccia	422483.9	583849.9	2	2.22	0.79	1500	2.22
R-4332	Porphyritic Andesite	422485.1	583851.3	2	1.75	0.879	1420	3.03
R-4334	Porphyritic Andesite	422486.4	583852.8	2	2.79	0.56	727	11.5
R-4336	Porphyritic Andesite	422487.6	583854.3	2	1.01	0.438	885	3.66
R-4337	Porphyritic Andesite	422488.7	583855.8	2	1.68	0.631	1140	1.76
R-4338	Porphyritic Andesite	422489.7	583857.3	2	1.5	0.681	891	2.53
R-4339	Porphyritic Andesite	422490.7	583858.8	2	3.11	0.756	759	4.83
R-4340	Porphyritic Andesite	422491.8	583860.3	2	2.62	0.825	757	2.46
R-4341	Porphyritic Andesite	422493	583861.8	2	2.58	0.898	830	2.59
R-4342	Porphyritic Andesite	422494.2	583863.4	2	1.22	0.485	671	1.95
R-4343	Porphyritic Andesite	422495.4	583864.8	2	1.36	0.867	752	2.07
R-4344	Porphyritic Andesite	422496.6	583866.2	2	1.09	1.025	656	17.25
R-4345	Diorite	422497.9	583867.6	2	1.15	0.394	525	3.53

							ASX	27 April 2021 Announcement ASX: LCL
R-4346	Diorite	422499.1	583869	2	1.06	0.615	607	3.81
R-4347	Breccia	422500.4	583870.5	2	0.95	0.624	601	3.37
R-4348	Breccia	422501.6	583872	2	0.99	0.773	732	2.78
R-4349	Breccia	422502.9	583873.5	2	1.25	0.838	640	3.72
R-4350	Breccia	422504.1	583875	2	0.84	0.665	631	2.17
R-4351	Diorite	422505.3	583876.5	2	0.77	0.46	539	2.45
R-4352	Diorite	422506.7	583877.8	2	0.71	0.42	630	2.29
R-4353	Porphyritic Andesite	422508	583879	2	0.51	0.61	587	4.69
R-4354	Porphyritic Andesite	422509.3	583880.5	2	1.34	1.525	626	9.31
R-4355	Porphyritic Andesite	422510.5	583881.9	2	0.57	3.33	915	24
R-4356	Porphyritic Andesite	422511.7	583883.3	2	0.99	1.655	783	7.3
R-4358	Porphyritic Andesite	422512.8	583884.7	2	1.03	1.43	1190	3.37
R-4359	Porphyritic Andesite	422514	583886.2	2	1.33	1.15	1030	6.8
R-4361	Porphyritic Andesite	422515.3	583887.6	2	1.38	1.85	1080	2.88
R-4362	Porphyritic Andesite	422516.4	583888.9	2	0.92	1.005	830	2.91
R-4363	Porphyritic Andesite	422517.6	583890.2	2	0.58	0.814	655	3.44
R-4364	Porphyritic Andesite	422518.8	583891.6	2	0.89	0.741	502	4.1
R-4366	Porphyritic Andesite	422519.9	583893.1	2	0.61	0.858	556	3.66
R-4367	Porphyritic Andesite	422520.8	583894.5	2	0.58	0.788	456	4.86
R-4368	Porphyritic Andesite	422521.8	583896	2	0.75	7.73	833	44.5
R-4369	Porphyritic Andesite	422522.9	583897.5	2	0.48	0.997	452	2.83

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random	•	Soil and rock chip sampling programs were conducted by the exploration team
techniques	chips, or specific specialised industry standard		of Los Cerros, who comply with industry standard practices. Los Cerros has a
	measurement tools appropriate to the minerals under		geologist responsible for verification of QA/QC on all samples generated by the
	investigation, such as down hole gamma sondes, or		company and samples are not released for inclusion in the company’s
	handheld XRF instruments, etc). These examples should		database until they pass the QA/QC controls,
	not be taken as limiting the broad meaning of sampling.	•	Soil samples at C-horizon taken 50m spacings on sample lines 100m apart.
	• Include reference to measures taken to ensure sample		Samples range within anomalous zone from 0.4g/t to 3.1g/t Au (uncut) with
	representivity and the appropriate calibration of any		mean value of 0.26g/t Au. All soil and rockchip samples are bagged and
	measurement tools or systems used.		tagged with unique sample identity numbers.
	• Aspects of the determination of mineralisation that are	•	Rockchip samples, where possible, are taken from outcrops or saprock
	Material to the Public Report.		however during reconnaissance mapping samples from float material may also
	• In cases where ‘industry standard’ work has been done this		be taken if it is considered by the geologist that the material is locally derived
	would be relatively simple (eg ‘reverse circulation drilling		with minimum transport.
	was used to obtain 1 m samples from which 3 kg was	•	Continuous rockchip channel samples were obtained along the length of
	pulverised to produce a 30 g charge for fire assay’). In other		channels dug to C horizon and weathered rock,
	cases more explanation may be required, such as where	•	All samples were, transported and submitted to ALS Colombia Ltda located in
	there is coarse gold that has inherent sampling problems.		Medellin for sample preparation. Sample preparation included drying at <60°C,
	Unusual commodities or mineralisation types (eg submarine		crushing and sieving the sample to -180 micron (80 mesh) from which a
	nodules) may warrant disclosure of detailed information.		representative pulp sample was obtained using a riffle splitter. The pulps were
			sealed, packaged and couriered to ALS Laboratory in Lima, Peru.
		•	Gold assays will be obtained using a lead collection fire assay technique
			(AuAA26) and analyses for an additional 48 elements obtained using multi-acid
			(four acid) digest with ICP finish (ME-MS61) at ALS’ laboratory in Lima, Peru.
		•	Fire assay for gold is considered a “total” assay technique.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer,	•	n/a
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg
	core diameter, triple or standard tube, depth of diamond
	tails, face-sampling bit or other type, whether core is
	_oriented and ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample	•	n/a
recovery	recoveries and results assessed.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and
	grade and whether sample bias may have occurred due to
	preferential loss/gainof fine/coarse material.

1

Criteria	JORC Code explanation	Commentary	Commentary
Logging	• Whether core and chip samples have been geologically and	•	n/a
	geotechnically logged to a level of detail to support
	appropriate Mineral Resource estimation, mining studies
	and metallurgical studies.
	• Whether logging is qualitative or quantitative in nature. Core
	(or costean, channel, etc) photography.
	• The total length and percentage of the relevant intersections
	_logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	•	Soil samples at C-horizon taken 50m spacings on sample lines 100m apart.
techniques	core taken.		Samples range within anomalous zone from 0.1g/t to 1.8g/t Au (uncut) with
and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.		mean value of 0.26g/t Au. All soil and rockchip samples are bagged and tagged with unique sample identity numbers.
	• For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• • •	Rockchip samples, where possible, are taken from outcrops or saprock however during reconnaissance mapping samples from float material may also be taken if it is considered by the geologist that the material is locally derived with minimum transport. Continuous rockchip channel samples were obtained along the length of channels dug to C horizon and weathered rock, Continuous rockchip sampling is an accepted exploration methodology to obtain a representative sample. However it does not have the same precision as cut (saw) channel samples and should be regarded as being indicative of the
			magnitude and extent of mineralization.
Quality of	• The nature, quality and appropriateness of the assaying and	•	Gold assays were obtained using a lead collection fire assay technique
assay data	laboratory procedures used and whether the technique is		(FAA313 & FAG303) and analyses for an additional 50 elements were obtained
and	considered partial or total.		using multi-acid (four acid) digest with ICP finish (ICM40B) at SGS’ laboratory in
laboratory	• For geophysical tools, spectrometers, handheld XRF		Lima, Peru.
tests	instruments, etc, the parameters used in determining the	•	Fire assay for gold is considered a “total” assay technique.
	analysis including instrument make and model, reading	•	An acid (4 acid) digest is considered a total digestion technique. However, for
	times, calibrations factors applied and their derivation, etc.		some resistant minerals, not considered of economic value at this time, the
	• Nature of quality control procedures adopted (eg standards,		digestion may be partial e.g. Zr, Ti etc.
	blanks, duplicates, external laboratory checks) and whether	•	No field non-assay analysis instruments were used in the analyses reported.
	acceptable levels of accuracy (ie lack of bias) and precision	•	Certified reference material and sample blanks were inserted into the sample
	have been established.		sequence. A review by Los Cerros indicated no significant analytical bias or
			preparation errors.
		•	Internal laboratory QA/QC checks are reported by the laboratory and a review
			of the QA/QC reports suggest the laboratory performed within acceptable
			limits.
Verification of	• The verification of significant intersections by either	•	The digital data has been verified and validated by the Company’s database
sampling and	independent or alternative company personnel.		specialists before loading into the assay database.
assaying	• The use of twinned holes.	•	Reported channel sample results were compiled by the Company’s geologists
	• Documentation of primary data, data entry procedures, data		and verified bythe Company’s database administrator and exploration

2

Criteria	JORC Code explanation	Commentary	Commentary
	verification, data storage (physical and electronic) protocols.		manager.
	• Discuss any adjustment to assay data.	•	No adjustments to assay data were made.
Location of	• Accuracy and quality of surveys used to locate drill holes	•	Samples are located using a handheld GPS and flexometer and compass.
data points	(collar and down-hole surveys), trenches, mine workings	•	The grid system is WGS84 UTM Z18N.
	and other locations used in Mineral Resource estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Soil samples at C-horizon taken 50m spacings on sample lines 100m apart
and	• Whether the data spacing and distribution is sufficient to	•	The rockchip channel samples (88) have a length of 2.0m. The sample spacing
distribution	establish the degree of geological and grade continuity		is adequate to account for the variability of the mineralization likely to be
	appropriate for the Mineral Resource and Ore Reserve		encountered.
	estimation procedure(s) and classifications applied.	•	No sample compositing has been applied.
	• Whether sample compositing has been applied.	•	No holes have been drilled to date and consequently, there is insufficient
			information to establish the degree of geological and grade continuity
			appropriate for a Mineral Resource Estimate.
Orientation of	• Whether the orientation of sampling achieves unbiased	•	The nature and extent of the soil geochemical sampling achieves an unbiased
data in	sampling of possible structures and the extent to which this		representation of the distribution of the elements assayed.
relation to geological structure	is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to	•	The nature and extent of the rockchip channel samples is limited to the channel. The sample results were accompanied by mapping to indicate the orientation of the key mineralized structures.
	have introduced a sampling bias, this should be assessed and reported if material.	•	Exploration is at an early stage and, as such, knowledge on exact locations of mineralisation and its relation to structural boundaries is not accurately known.
			However, the sampling pattern is considered appropriate for the program to
			reasonably assess the prospectivity of known features interpreted from other
			data sources.
Sample	• The measures taken to ensure sample security.	•	Samples are secured and labelled at site.
security		•	Samples are inspected for integrity at the Company’s Quinchia core shed and
			placed in larger bags of 5 samples which are sealed and stored in the secured
			and guarded facility until shipped 165km via locked vehicle to Medellin.
Audits or	• The results of any audits or reviews of sampling techniques	•	There have been no reported external audits or reviews at this stage.
reviews	and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership	•The Exploration Titles were validly issued as Concession Agreements pursuant
tenement and	including agreements or material issues with third parties	to the Mining Code.
	such as joint ventures, partnerships, overriding royalties,	•The Concession Agreementgrants its holders the exclusive right to explore for

3

Criteria	JORC Code explanation	Commentary
land tenure	native title interests, historical sites, wilderness or national	and exploit all mineral substances on the parcel of land covered by such
status	park and environmental settings.	concession agreement.
	• The security of the tenure held at the time of reporting along	•The concessions are registered to AngloGold Ashanti Colombia SA. Los
	with any known impediments to obtaining a licence to	Cerros has a 100% beneficial interest in these tenements which are in the
	operate in the area.	process of transfer to Los Cerros.
		•There are no outstanding encumbrances or charges registered against the
		Exploration Title at the National Registry.
Exploration	• Acknowledgment and appraisal of exploration by other	•n/a.
done by other	parties.
parties
Geology	• Deposit type, geological setting and style of mineralisation.	•The Ceibal gold zone appears to be associated diorite stocks probably of
		Miocene age, that have intruded into the large andesite rocks of the Combia
		formation, and Cretaceous-age basalts of the Barroso Formation. This is similar
		to the lithology of the nearby Tesorito porphyry discovery.
Drill hole	• A summary of all information material to the understanding	•No drilling has been undertaken on the Ceibal Prospect to date.
Information	of the exploration results including a tabulation of the
	following information for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea
	level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis
	that the information is not Material and this exclusion does
	not detract from the understanding of the report, the
	Competent Person should clearly explain why this is the
	_case. _
Data	• In reporting Exploration Results, weighting averaging	•The summary metrics for the soil and rockchip channel sample results have
aggregation	techniques, maximum and/or minimum grade truncations (eg	been averaged and reported as uncut values.
methods	cutting of high grades) and cut-off grades are usually	•No metal equivalent values have been stated.
	Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of high
	grade results and longer lengths of low grade results, the
	procedure used for such aggregation should be stated and
	some typical examples of such aggregations should be
	shown in detail.
	• The assumptions used for any reporting of metal equivalent
	_values should be clearly stated. _
Relationship	• These relationships are particularly important in the reporting	•The results reported in this announcement are considered to be of an early
between	of Exploration Results.	stage in the exploration of the project.
mineralisation	• Ifthe geometry of the mineralisation with respect to the drill	•Mineralisationgeometryisnot accuratelyknownas the exactnumber,

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Criteria	JORC Code explanation	Commentary
widths and	hole angle is known, its nature should be reported.	orientation and extent of mineralised structures are not yet determined.
intercept	• If it is not known and only the down hole lengths are
lengths	reported, there should be a clear statement to this effect (eg
	_‘down hole length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations	•Geological map showing exploration results over the Ceibal Prospect is shown
	of intercepts should be included for any significant discovery	in Figures 1 & 2 within the main body of this announcement.
	being reported These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate
	_sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is	•Channel sample assay results for selected elements are presented in Appendix
reporting	not practicable, representative reporting of both low and high	1.
	grades and/or widths should be practiced to avoid
	_misleading reporting of Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be	•No other exploration data that is considered meaningful and material has been
substantive	reported including (but not limited to): geological	omitted from this report.
exploration	observations; geophysical survey results; geochemical
data	survey results; bulk samples – size and method of treatment;
	metallurgical test results; bulk density, groundwater,
	geotechnical and rock characteristics; potential deleterious
	_or contaminating substances. _
Further work	• The nature and scale of planned further work (eg tests for	•Ceibal is an undrilled target. Drilling of the first diamond hole commenced at
	lateral extensions or depth extensions or large-scale step-	Ceibal in late April 2021.
	out drilling).
	• Diagrams clearly highlighting the areas of possible
	extensions, including the main geological interpretations and
	future drilling areas, provided this information is not
	commercially sensitive.

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