LCL RESOURCES LIMITED — Investor Presentation 2021

Dec 6, 2021

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7 December 2021

ASX Announcement

ASX: LCL

Video Presentation – RIU Resurgence Conference

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) , provides the following pack discussing recent developments across its portfolio of projects within the highly prospective mid-Cauca porphyry belt of Colombia, including

• Progress at the very promising Tesorito near surface gold porphyry discovery;

• Recent geophysics further defining very exciting Tesorito extension targets and illuminating the Tesorito/Miraflores structural setting; and,

• Recent drill results at the Ceibal porphyry discovery and geophysics assisting in defining areas for further growth of this promising discovery.

With significant funding in place, five diamond drill rigs continuously drilling and a substantial geophysics/target generation program underway, the momentum and success of the extensive exploration program is expected to continue into 2022.

A video presentation by Managing Director, Jason Stirbinskis, talking to the updated presentation is available on the Los Cerros website www.loscerros.com on the Presentations web page. The attached slide pack can also be accessed on the same page.

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.

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READY TO CAPITALISE ON OUR DOMINANT POSITION IN THE RICHLY ENDOWED MID-CAUCA

NATURE OF THIS DOCUMENT

This presentation has been prepared by Los Cerros Limited (ACN 119 759 349) (Los Cerros or the Company). The information is based on publicly available information, internally developed data and other sources and is current as at the date of this presentation. By receiving this presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of this presentation to obtain all necessary approvals to receive this presentation and receipt of this presentation will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained.

This presentation is for information purposes only and does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company which a shareholder or potential investor may require in order to determine whether to deal in shares. This presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in any jurisdiction nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities.

NOT INVESTMENT ADVICE

This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and its contents are not intended to be used for the basis of making an investment decision. This presentation does not take into account the individual investment objectives, financial situation and particular needs of each investor or shareholder. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither Los Cerros nor any of its related bodies corporate is licensed to provide financial product advice in respect of Los Cerros securities or any other financial products.

This presentation should not be relied upon as the sole representation of any matter that a potential investor should consider in evaluating Los Cerros. Its affiliates or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability for any statement made in, or omitted from, this presentation. Prospective investors should make their own independent evaluation of an investment in the Company.

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 forwardlooking 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.

DISCLAIMER

To the maximum extent permitted by law, the Company does not make any representation or give any warranty or undertaking, express or implied, as to the accuracy, fairness, sufficiency, reliability, adequacy or completeness of the material contained in this presentation, including any forward-looking statement. No representation, warranty or undertaking, express or implied, is made or given by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency, reliability, adequacy or completeness of the material contained in this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. To the maximum extent permitted by the law, the Company disclaims any obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

COMPETENT PERSONS STATEMENT

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

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 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 on a full time basis by Los Cerros. 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 Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the Announcement continue to apply and have not materially changed.

All prices in this presentation are Australian Dollars (A$) unless stated otherwise.

CORPORATE OVERVIEW

CAPITAL STRUCTURE

Shares on issue1	636.3 million
Share Price (ASX:LCL) Market Capitalisation Cash2	AUD$0.14 $89.0 million $23.4 million
EV	$65.6 million
Listed options	0
Unlisted options3	67.5 million
Daily average liquidity4	~$800,000

SHAREHOLDER BASE

Los Cerros Directors holding ~2.3% and

1 Shareholder - Lizeng Pty Ltd (8.8%)

North American Institutions (~10%)

Bullet Holding Corporation (4.05%), a Colombia exploration company with deep local experience AngloGold Ashanti holds 1.67%

BOARD OF DIRECTORS

Ross Ashton Non-Executive Chairman

Jason Stirbinskis Managing Director

Kevin Wilson Non-Executive Director

1. 693M fully diluted.

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2. Closing cash September 2021 quarter

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3. Various exercise prices and dates. Includes performance rights 4. YTD (up to Nov 30 ‘21) average daily value traded

FOCUSED ON DISCOVERY OF TIER 1 AU/CU PROJECTS

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Quinchia gold project , (100%) incudes the advanced Miraflores Reserve, large Tesorito porphyry,Ceibal and Chuscal prospects and Dosquebradas deposit and more early stage targets.

Dominant control in two gold districts of Mid Cauca porphyry belt which hosts many multi-million ounce discoveries[1] .

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Andes gold project , (90%)[2] very large footprint, mostly unexplored but already identified 12 vein targets and 3 porphyry targets.

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Sources from Company Annual Reports, information has not been independently verified. Los Cerros 90%, BHC 10% free carried to FS/PFS.

1. 2.

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DRILL INTERCEPTS COMPARABLE TO THE BEST OF OUR NEIGHBOURS & SOME GLOBALLY NOTEWORTHY

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|||||||||
|---|---|---|---|---|---|---|---|
|GRAM.|
|INTERSECTION|FROM|INCLUDING|LOCATION|
|METERS|
|629m @0.88 g/t Au|553|Surface|460.9m @ 1.11 g/t Au from 0m|Tesorito TS-DH16|
|161m @3.23 g/t|Au|520|183m|60.0m @ 5.48 g/t|Au from|225m|Miraflores QM-DH-34|
|238m @2.06 g/t|Au|490|146m|59.2m @ 5.72 g/t Au from 182m|Miraflores QM-DH-50|
|320m @1.50 g/t|Au|480|2m|102m @ 2.11 g/t|Au from|28m|Tesorito TS-DH14|
|449m @1.03 g/t|Au|462|53.1m|23.9m @ 4.67 g/t Au from 282.5m|Miraflores QM-DH-03|
|378m @ 1.03 g/t Au|389|Surface|222m @ 1.51g/t Au|from surface|Tesorito TS-DH24|
|384m @1.01 g/t|Au|388|16m|29.3m @ 1.90 g/t|Au from|136m|Tesorito TS-DH02|
|330m @ 0.99 g/t Au|327|Surface|56m @ 1.95g/t Au from surface|Tesorito TS-DH25|
|194.9m @1.57 g/t Au|306|159.4m|6.0m @ 11.04 g/t|Au from|343m|Miraflores QM-DH-32A|
|369.7m @ 1.0 g/t Au|370|Surface|93m @ 2.42 g/t Au from 251.9m|Miraflores QM-DH-11|
|511.5m @ 0.58 g/t Au|297|Surface|199.8m @ 0.98 g/t Au from 122.1m|Dosquebradas QDQ_DH_02|
|232 @ 1.15 g/t Au|267|Surface|52.3m @ 2.10g/t Au from 72m|Tesorito TS-DH17|
|159.7m @ 1.66 g/t Au|265|107.3m|21m @ 4.46 g/t Au from 123.9|Miraflores QM-DH-54|
|253m @1.01 g/t|Au|256|2m|64.0m @ 1.67 g/t|Au from|144m|Tesorito TS-DH07|
|230m @ 1.01 g/t Au|232|Surface|73m @ 1.6 g/t Au from 114m|Tesorito TS-DH08|
|158m @ 1.42 g/t Au|224|Surface|66m @ 1.89g/t Au from 80m|Tesorito TS-DH26|
|262m @0.84 g/t|Au|220|Surface|66.0m @ 1.30 g/t|Au from|132m|Tesorito TS-DH11|
|114.7m @ 1.89 g/t Au|216|185.9m|10.6m @ 11.96 g/t Au from 233m|Miraflores QM-DH-33|

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For Miraflores drill results see announcement 14 March 2017; for Dosquebradas drill results see announcement 25 Feb 2020; TS-DH24 see announcement 22 June 2021, TS-DH17 see announcement 19 April 2021, TS-DH16 see announcement 6 April 2021 , TS-DH14 see announcement 21 January 2021, TS-DH08 see announcement 10 September 2020; TS-DH02 and TS0DH07 see announcements 31 July 2018 and 30 August 2018; CHDDH001 see announcement 25 Nov 2019. The Company confirms that it is not aware of any new information that affects the information contained in the announcements. Gram.meters = downhole length of an intercept x the grade of the intercept Image: QM-DH-34, 294.45m. Coarse grain dendritic gold with brown sphalerite and galena and minor amounts of pyrite included in the Quartz-carbonate cement.

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QUINCHIA

A nest of targets with big potential.

• Includes Miraflores, Tesorito, Ceibal, Chuscal, Dosquebradas and earlier stage targets.

• Sits in the prime location of Colombia’s highly prospective Mid-Cauca porphyry belt, hosting multi-million ounce gold and copper/gold discoveries.

Spinel-Twinned or dendritic visible gold included in a Qz-comb-calcite cement in white breccia. From Miraflores. Photo Mike Doyle

• Potential for Hub and Spoke model.

QUINCHIA PROJECT

The Quinchia Gold Project has several advanced deposits, including a Reserve at Miraflores, all within ~3km radius

• Advanced Miraflores DFS (2017)[1] underpins core value. DFS demonstrated NPV US$89M at US$1,400/oz gold price with modest CapEx

• Final submissions for mine approvals based on Miraflores DFS targeting Q3 this year

• Strong potential to further enhance returns through integration of additional Quinchia deposits within 3km radius

• 2021-22 Five diamond rigs, extensive drill program across multiple targets within the Quinchia project

• Extensive project generation program including drone mag, deep penetrating IP and dedicated, permanent project generation field team

1. First released on 27 Nov 2017. No material change has occurred after these dates that may affect the JORC Code (2012 Edition) reporting of results, Mineral Resource and Reserve estimations.

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Santa Sofia
Dosquebradas
La Loma
Marmato Fault
Los
Corridor
Medios
East
Miraflores
La Cumbre
(Batero Gold)
Tesorito
Ceibal
Chuscal
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WHAT DOES THE GOLD PRICE MEAN FOR MIRAFLORES?

• Miraflores -Measured and Indicated Mineral Resources of 9.27Mt @ 2.82g/t Au and 2.77g/t Ag for 840koz gold & 826koz silver[1]

• o Miraflores 2017 DFS[1] 4.32Mt @ 3.29g/t Au for 457koz Reserve, CapEx US$72M.

• NPV of Miraflores alone ($89.8M) far exceeds current EV of LCL (~$65M)

• MIRAFLORES DFS[1]

KEY FINANCIAL INDICATORS*	UNIT	US$1,200 Au/oz	US$1,300 Au/oz	US$1,400 Au/oz
C1 Cash Cost US$ per Au/oz 595 599 603**
AISC-cost US$ per Au/oz 639 643 647
EBITDA (LoM average) US$m/annum 27.3 29.4 35.8
NPV @ 5% US$M 75 96.1 117
NPV @ 8% US$M 55 72.3 89.8
IRR $% 21 25 28
Payback Years 4.1 3.6 3.3

PROXIMITY MAGNIFIES UPSIDE

• Sub 1km from Tesorito porphyry and 2 to 3km from multiple LCL targets including Chuscal, Ceibal and Dosquebradas prospects

• Tesorito surface high grade could fundamentally change economics. Maiden Resource in workplan.

• Additional value-add potential to be more fully explored to further enhance economics

  • Near surface good grade epithermal potential

  • Higher grade can drive stronger economics in early years

• A variance of +15-10% can be applied i.e. within the contingency of 7.67%

• ** C1 Cash Costs includes Government Royalty.

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1 First released on 27 Nov 2017. No material change has occurred after these dates that may affect the JORC Code (2012 Edition) reporting of results, Mineral Resource and Reserve estimations. Los Cerros confirms in the subsequent public report that all the material assumptions underpinning the Miraflores Project, or the forecast financial information derived from the Miraflores Project, in the initial public report referred to in rule 5.16 or rule 5.17 (as the case may be) continue to apply and have not materially changed

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TESORITO
Marmato Fault
Corridor
Tesorito
Gold
porphyry ~0.5km from proposed Untested
Porphyry Chargeability
High
TS-DH25: 330.3m @ 0.99g/t Au TS-DH32: 226m @
incl 56m @ 1.95g/t Au from surface 0.5g/t Au from 120m
TS-DH33: 550m @
0.5g/t Au from 34m
TS-DH14: 320m @ 1.5g/t Au from
2m inc 102m @ 2.11g/t Au from 28m
TS-DH19: 209m @ 1g/t
Au from surface
TS-DH24: 378m @ 1.03g/t Au incl TS-DH07: 253.1m @
36m @ 3.31g/t Au from surface 1.01g/t Au from 2.9m
TS-DH8: 230m @
1.01g/t Au from surface
TS-DH16: 629m @ 0.88g/t Au incl
461m @ 1.11g/t Au from surface
TS-DH02: 384m @
1.01g/t Au from 16m
TS-DH34: 236m @ 1.0g/t Au from TS-DH17: 232m @
surface incl’ 26m @ 2.14g/t from 6m 1.15g/t Au from surface
Plan view of Tesorito showing select drill hole traces and gold assay results over modelled gold envelopes and key geological structures.
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QUINCHIA PROJECT TESORITO CURRENTLY DRILLING!

• Near surface mineralised porphyry ~0.5km from proposed Miraflores plant location

• Very wide porphyry intercepts from near surface. 15 drill holes of 200+m grading ~1g/t Au

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1. See announcement 10 Nov’ 2021 (TS-DH31 to ‘39), 28 Sept’ 2021 (TS-DH28, ‘29, ‘30), 9 Aug ‘21 (TS-DH27), 12 July ‘21 (TS-DH25, ‘26), 22 June ‘21 (TS-DH24), 28 May ’21 (TS-DH 18 ‘19 ‘22 ‘23), 19 April (TS-DH17, ‘20, ’21), 6 April 2021 (TS-DH16), 18 March ‘21 (TS-DH15), 21 January 2021 (TS-DH12 ‘13 ‘14), 10 November 2020 (TS-DH10 ‘11), 10 September 2020 (TS-DH08), 9 October 2020 (TS-DH09) for assay results and 31 July 2018 and 30 August 2018 for the initial reporting of the assays for drill holes TS-DH01 to TS-DH07. The Company confirms that it is not aware of any new information that affects the information contained in the announcement.

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QUINCHIA PROJECT – TESORITO MIRAFLORES

COMMON CENTRAL SYSTEM?

o Possible large-scale central body is source of both Miraflores and Tesorito

EVIDENCE BACKS THE THEORY

o Deep Tesorito South drilling entered another porphyry (Tesorito West)

• Surface anomalism = hint of target below

o Huge chargeability and conductivity high over a magnetic high = Porphyry geophysics profile exactly where the theory suggested it should be

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CEDDH06 : 252m @
0.41g/t Au from 530m
CEDDH04: 120m @
0.71g/t Au from 4m
CEDDH01 : 500m @
0.52g/t Au from surface
CEDDH05 : 88m @
0.51g/t Au from 314m Ceibal Marmato
Fault
Corridor
CEDDH02 : 586m @
Southern
0.51g/t Au from surface
magnetic
CEDDH03: 243m @ Modelled gold high
envelopes from
0.49g/t Au from 87m drill assays
brought to
surface
Approx location of
breccia outcrop
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QUINCHIA PROJECT CEIBAL TARGET

• Large-scale surface footprint, with a 800m x 600m Au-Cu-Mo soil anomaly and adjacent magnetic anomalies

• Shares many similarities with Tesorito (1km NE) including regional structural setting and lithology

• 6-hole scout drilling delivered extensive gold intercepts

• 1) See announcement 8 July 2021 (CEDDH01 & ’02), 22 Nov’ 2021 (CEDDH03-’06). The Company confirms that it is not aware of any new information that affects the information contained in the announcement.

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ANDES PROJECT

Enormous parcel of land with enormous potential.

• Numerous established exciting targets

• • Epithermal and porphyry

• • Barely scratched the surface!

The Andes Region

ANDES PROJECT

• 14k surface samples, LIDAR, aeromag

• 12 targets forming 5 mineralised corridors ~40km of combined strike in mid-Cauca Porphyry Belt

Summary of

Mo Bi As

anomalies (porphyry pathfinders) over soil grid gold and LIDAR base map

• Multiple anomalous zones identified with potential for both vein and porphyry discoveries

• 3 copper/gold porphyry targets in eastern region (late Miocene) which also hosts Nuevo Chaquiro (30Moz Aueq)[1] ~20km north of Andes’ licences

• 90% of portfolio yet to be mapped and sampled = high possibility of additional targets

• El Columpio only target drilled (2018), best result:[2]

• 26.79m wide zone grading 1.58g/t Au & 83.17g/t Ag from 52.4m including 7.27m grading 3.32g/t Au & 247.57g/t Ag from 72.07m in ADH#1

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1. Sources from Company Annual Reports, information has not been independently verified. 2. See Prospectus (p56) released 19 Jul 2019. The Company confirms that it is not aware of any new information that affects the information contained in the announcement

4000 m

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WHY LOS CERROS

• Value creation from existing tenement portfolio with opportunistic additions to the portfolio

o Colombia based team

• Experienced Colombian geological team leading exploration

• • Efficient and effective review and analysis of opportunities

• Minimal operational impact from Covid19 throughout 2020 and currently

• Robust and sustained ESG / community engagement

• o Investors who understand frontier terrain value creation

Photo: The company sustains its own plant nursery for site rehabilitation.

PATHWAY TO VALUE

• Well funded with market momentum

• Substantial project pipe line and exploration program

• Strategic optionality - Production pathway at Miraflores; Grow porphyry discoveries; Greenfield targets across Andes and Quinchia

CEIBAL

Surface anomalism and trenching, lithology & structural setting like Tesorito

= QUINCHIA PROJECT

= ANDES PROJECT

CHUSCAL

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Significant geochemical anomalies over artisanal underground workings potential porphyry(ies) at depth

GIBRALTAR Numerous areas anomalies over artisanal of interest within underground workings SANTA RITA potential porphyry(ies) at the Quinchia depth project area for SAN AGUSTIN follow up. El COLUMPIO SANTA ISABEL Vein hosted Au/Ag at elevation potential for ~90% of the SANTA INES underlying gold porphyry Andes portfolio is yet to be mapped LAS FLORES SAN PABLO TESORITO DOSQUEBRADAS MIRAFLORES or systematically Potential for vein Exciting at surface 57.8Mt Inferred Reserve Estimate: sampled. SANTA SOFIA hosted Au/Ag at porphyry discovery with 4.32Mt P & P @ 0.5g/t Au and elevation and many 230+m drill 0.6g/t Ag Reserve @ 3.3g/t Au LA LOMA underlying gold intercepts of 1+g/t gold (459koz Au)[1] (457koz Au)[2] porphyry RESOURCE PROJECT ESTABLISHED DRILL DRILL DEFINITION/ FEASIBILITY GENERATION TARGET READY TESTING STUDIES

1. Inferred Mineral Resources using 0.5g/t Au cut-off grade. See announcement 25 February 2020. 2. First released on 27 Nov 2017. No material change has occurred after these dates that may affect the JORC Code (2012 Edition) reporting of results, Mineral Resource and Reserve estimations..

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ENVIRONMENTAL, SOCIAL AND GOVERNANCE

2020/21 ESG Highlights

EMPLOY LOCAL TRAIN LOCALS LOOK AFTER ENGAGE LOCAL OUR EMPLOYEES US$8M spent in Colombian economy Training courses and attendees 8,000 meals 25.5% spent directly in local • Employee induction training - 40 provided communities • Covid 19 biosafety protocol - 22 US $32k spent in community programs • Use of safety & health equipmet - 5 100,064 total 59 Colombian Employees hours worked. • First aid – 6 36 hours lost due to • 79% local community reportable injury

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• University sponsorship - 2

• 4% from minorities

• 36% female

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2020 ESG
HIGHLIGHTS
Los Cerros Ltd. Destined for great
things to the benefit of shareholders
and community.
BE OPEN AND MINIMISE OUR MODEL
TRANSPARENT FOOTPRINT BEHAVIOUR
Number of sites re-vegetated
13 meetings with
Rapid COVID Response
the community relating 15 platforms built
to community engagement, PPE donated to local
productive projects and social
13 recovered
programs community
remaining two not recovered, at Local job creation
with 196 attendees
the request of the property owner.
Proactively seeking feedback
17
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MANAGING DIRECTOR JASON STIRBINSKIS www.loscerros.com.au info@loscerros.com.au

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