==> picture [102 x 68] intentionally omitted <==

22 March 2021 ASX Announcement

ASX: LCL

Refreshed Investor Presentation

HIGHLIGHTS

An updated Investor Presentation has been released, outlining the Company’s recent exploration success, as well as outlining the ongoing exploration focus:
Progress at the very promising Tesorito near surface gold porphyry discovery;
The developing story at the Chuscal epithermal/porphyry target(s);
Final submissions for mine approvals based on Miraflores DFS targeting Q3 this year;
The depth of the Los Cerros project pipeline across the Quinchia and Andes regions of Colombia.
The Company is well funded with the possibility of additional funds through conversion of 2c, 10c and 16c options.

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.

With 3 diamond drill rigs continuously drilling, the Company has experienced considerable exploration success of late. Of most note is the exceptionally strong drill results from the near surface porphyry discovery at Tesorito South – part of the Quinchia Project.

Tesorito continues to deliver 200+m intercepts of ~1g/t gold from, or near, surface with the recent intercept of 320m @ 1.5g/t Au from 2m[1] gaining considerable global attention. The drilling program continues to test the boundaries and illuminate the structure of this very promising discovery, particularly its depth potential and the presence of copper in some of the deeper drill intercepts.

Chuscal is earlier stage exploration than Tesorito South but has a much larger surface footprint (anomalous gold in soils). Recent drilling has defined separate Eastern and Western porphyry targets, with the current focus on drilling the Eastern porphyry target.

The ~0.45M oz gold Reserve at Miraflores is the hub of the Quinchia Project with Chuscal and Tesorito within 2km and numerous other LCL targets within 4km, including Dosquebradas which has an Inferred near-surface Resource. The company is working on final elements for mine approvals based on the Miraflores DFS, targeting Q3 this year for submission.

Whilst much of the attention is on Tesorito and Chuscal, Los Cerros has a robust pipeline of projects with drill ready targets, a great number of earlier stage targets and huge greenfield footprint that has yet to be mapped and prioritised.

1 See announcement 21 Jan 2021. The Company confirms that it is not aware of any new information that affects the information contained in the announcement.

22 March 2021

ASX Announcement

==> picture [102 x 68] intentionally omitted <==

ASX: LCL

With significant funding in place and the possibility of additional funds through conversion of 2c, 10c and 16c options, the Company is well placed to continue its intense, multi-rig, multi-target exploration program.

Los Cerros Managing Director, Jason Stirbinskis added

“Whilst much attention is on news flow from Tesorito South, it important to point out that LCL is a significant explorer (and employer of choice) in Colombia with multiple exciting projects and targets. For example, on a gram.meter basis, the above mentioned 320m (480gram.meters) interval is actually our third best intercept. The mid-Cauca gold belt of Colombia hosts many multi-million once discoveries and we are in a sub-region that is particularly rich with discoveries and potential. With funds in the bank, we look forward to further success across our projects over 2021 and beyond”.

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 [email protected]

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

22 March 2021 ASX Announcement

==> picture [102 x 68] intentionally omitted <==

ASX: LCL

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.

TABLE 2 - MIRAFLORES PROJECT RESOURCES AND RESERVES

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)

==> picture [248 x 165] intentionally omitted <==

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 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 Share Price (ASX:LCL) Market Capitalisation	468.5 million AUD$0.15 $70 million
Cash2	$7 million
EV	$63 million
Listed options3	53.1 million
Unlisted options4 Options of note	60 million 53M $0.16 exp 16/8/21 28M $0.10 exp 6/4/22 6M $0.02 exp 22/5/22

SHAREHOLDER BASE

BOARD OF DIRECTORS

Ross Ashton

Predominantly Australian retail shareholder base with Los Cerros Directors holding ~2.3% and

Non-Executive Chairman

1 Shareholder - Lizeng Pty Ltd (9.07%)

Jason Stirbinskis Managing Director

2 Bullet Holding Corporation (4.05%), a Colombia exploration company with deep local experience

Kevin Wilson

AngloGold Ashanti holds 2.24% and is the only international mining company in the top 20.

Non-Executive Director

==> picture [379 x 163] intentionally omitted <==

----- Start of picture text -----

Volume Traded ('m) Clost Price (A$/share)
$0.25 200
180
$0.20 160
140
$0.15 120
100
$0.10 80
60
$0.05 40
20
$- 0
Clost Price (A$/share) Volume Traded ('m)
----- End of picture text -----

1. 607M fully diluted.

==> picture [42 x 18] intentionally omitted <==

2. Cash at 31 December 2020.

3. Trading as LCLOB with an exercise price of $0.16 and expiry date of 16 August 2021. 4. Various exercise prices and dates. Includes performance rights.

FOCUSED ON DISCOVERY OF TIER 1 AU/CU PROJECTS

==> picture [41 x 40] intentionally omitted <==

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

Dominant control in two gold districts of Mid Cauca porphyry belt (Miocene) which hosts many multimillion ounce discoveries[1] .

==> picture [41 x 41] intentionally omitted <==

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

==> picture [42 x 18] intentionally omitted <==

==> picture [390 x 540] intentionally omitted <==

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

1. 2.

PRIME REAL ESTATE

The most prospective region of the highly prospective Mid- Cauca Belt

Geological flat slabs host numerous and substantial deposits around the world
The Colombian flat slab hosts almost all of the county’s tier one discoveries
LCL’s Quinchia and Andes projects are within the flat slab
(6.4Moz Aueq) (4Moz Au)
(6.2Moz Au) (7Moz Au + 4.38Mt Cu)
(4Moz Au)

==> picture [71 x 12] intentionally omitted <==

----- Start of picture text -----

(28Moz Au)
----- End of picture text -----

==> picture [42 x 18] intentionally omitted <==

1. Sources from Company Annual Reports, information has not been independently verified.

==> picture [246 x 533] intentionally omitted <==

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

==> picture [684 x 341] intentionally omitted <==

----- Start of picture text -----

|||||||||
|---|---|---|---|---|---|---|---|
|GRAM-|
|INTERSECTIONLCL ($56M MC)|FROM|INCLUDING|LOCATION|
|METERS|
|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|
|384m @1.01 g/t|Au|388|16m|29.3m @ 1.90 g/t|Au from|136m|Tesorito TS-DH02|
|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|0m|93m @ 2.42 g/t Au from 251.9m|Miraflores QM-DH-11|
|511.5m @ 0.58 g/t Au|297|0m|199.8m @ 0.98 g/t Au from 122.1m|Dosquebradas QDQ_DH_02|
|253m @1.01 g/t|Au|256|2m|64.0m @ 1.67 g/t|Au from|144m|Tesorito TS-DH07|
|159.7m @ 1.66 g/t Au|265|107.3m|21m @ 4.46 g/t Au from 123.9|Miraflores QM-DH-54|
|230m @ 1.01 g/t Au|232|0m|73m @ 1.6 g/t Au from 114m|Tesorito TS-DH08|
|262m @0.84 g/t|Au|220|0m|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|
|174m @1.15 g/t|Au|200|256.2m|60.0m @ 2.33 g/t Au from 258.2m|Miraflores QM-DH-52|
|350m @ 0.57 g/t Au|200|0m|6.0m @ 2.52m from 0m|Chuscal CHDDH01|

----- End of picture text -----

For Miraflores drill results see announcement 14 March 2017; for Dosquebradas drill results see announcement 25 Feb 2020; for TS-DH14 see announcement 21 January 2021; for TS-DH08 see announcement 10 September 2020; for TS-DH02 and TS0DH07 see announcements 31 July 2018 and 30 August 2018; for 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

==> picture [42 x 18] intentionally omitted <==

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.

QUINCHIA

A nest of targets with big potential.

Includes Miraflores, Tesorito, Chuscal 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.

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

==> picture [42 x 18] intentionally omitted <==

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
2020-2021 - Three diamond rig, extensive drill program across multiple targets within the Quinchia project

==> picture [417 x 539] intentionally omitted <==

----- Start of picture text -----

Santa Sofia
Los Loma
Dosquebradas
Marmato
Fault
Corridor
Miraflores
La Cumbre
(Batero Gold)
Tesorito
Chuscal
----- End of picture text -----

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.

==> picture [392 x 492] intentionally omitted <==

QUINCHIA PROJECT 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 DFS[2] 4.32Mt @ 3.29g/t Au for 457koz -
Reserve, CapEx US$72M. Advanced engineering & approvals. Potential for multiple mines servicing central processing hub
2020 review of Geology model reveals potential for high grade gold within and beyond current resource model
Identified potential extensions of the higher grade white-grey breccia
Revealed highest grade gold associated with SE plunging shoots, with the 220/800 shoot open near surface and at depth

Strong historic intercepts[3 ] linked to white grey breccia and 220/800 veins and shoot 23.95m @ 4.67g/t Au from 282.55m in QM-DH-03

6.0m @ 11.04 g/t Au from 343.1m within 194.9m @ 1.57g/t from 159.4m in QM-DH-32A 10.6m @ 11.97g/t Au from 233m within 114.7m @ 1.89g/t from 185.9m in QM-DH-33 60.0m @ 5.48 g/t Au from 225m within 161.15m @ 3.23g/t Au from 183m in QM-DH-34 59.2m @ 5.72 g/t Au from 182.8m within 238.15m @ 2.06g/t Au from 146m in QM-DH-50

==> picture [42 x 18] intentionally omitted <==

1) First released 14 March 2017 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. 3) See announcement 14 March 2017. The Company confirms that it is not aware of any new information that affects the information contained in this announcement.

WHAT DOES THE GOLD PRICE MEAN FOR MIRAFLORES?

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

A variance of +15-10% can be applied i.e. within the contingency of 7.67%
** C1 Cash Costs includes Government Royalty.
DFS in 2017 modelled an upper case gold price of US$1,400/oz
Current gold price of +US$1,800/oz expected to have a material impact on the NPV, IRR and payback

PROXIMITY MAGNIFIES UPSIDE

Sub 1km from Tesorito porphyry and 3 to 4km from multiple LCL targets including Chuscal and Dosquebradas prospects
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

==> picture [42 x 18] intentionally omitted <==

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.

QUINCHIA PROJECT TESORITO CURRENTLY DRILLING!

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

TESORITO NORTH

TESORITO SOUTH

Very wide porphyry intercepts from near surface. 6 drill holes of 200+m grading ~1g/t Au including a spectacular 320m @ 1.5g/t from 2m below surface
Early stage exploring anomalous surface Au and Mo. First holes encouraging but haven’t hit the porphyry yet
- 360m @ 0.39g/t Au from surface in TS-DH09
Elevated copper encountered at depth = Cu rich zone at depth?
- 238m @ 0.48g/t Au from surface in TS-DH13
35m @ 0.19% Cu from 365.5m in TS-DH02
60m @ 0.12% Cu from 250m in TS-DH14
Open laterally and at depth

1. See announcement 18 March 2021 (TS-DH15), 21 January 2021 (TSDH12, ‘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 TSDH01 to TS-DH07. The Company confirms that it is not aware of any new information that affects the information contained in the announcement.

==> picture [42 x 18] intentionally omitted <==

==> picture [554 x 522] intentionally omitted <==

==> picture [600 x 448] intentionally omitted <==

QUINCHIA PROJECT TESORITO SOUTH

==> picture [339 x 263] intentionally omitted <==

----- Start of picture text -----

C Tesorito South
Porphyry D
----- End of picture text -----

New zone of interest intercepted in TS-DH16

==> picture [42 x 18] intentionally omitted <==

==> picture [613 x 487] intentionally omitted <==

QUINCHIA PROJECT CHUSCAL

Extensive porphyry associated gold through most rock units = wide drill intercepts
350m @ 0.57g/t gold from surface[1]
320m @ 0.43g/t gold from 32m[2 ]
Overprinted by higher grade epithermal vein gold/silver, eg
2m @ 6.44g/t Au and 87.40g/t Ag from 324m[1]
8m @ 2.82g/t Au and 29.96g/t Ag from 342m[1]
6m @ 2.52g/t Au and 10.25g/t Ag from 0m[1]
2m @ 8.28g/t Au from 248m[2]
6m @ 2.32g/t Au from 114m including 0.6m @ 15.2g/t Au and 58.7g/t Ag from 116m[3]
5.2m @ 5.44g/t Au from 54.0m including 0.5m @ 38.1g/t Au and 74.1g/t Ag from 57.9m[4]
Pathfinder / porphyry signature elements & alteration haloes identifies 2 porphyry targets
Currently deep drilling first porphyry target

==> picture [42 x 18] intentionally omitted <==

1) In hole CCDDH001, first announced by the Company on 25 Nov 2019. 2) In hole CCDDH002 first announced 5 Dec 2019. 3) In hole CHDDHH007 first announced 7 Dec 2020.
4) In hole CHDDH008 first announced 7 Dec 2020. The Company confirms that it is not aware of any new information that affects the information contained in the announcements .

QUINCHIA PROJECT CHUSCAL 2 TARGETS

==> picture [636 x 492] intentionally omitted <==

==> picture [42 x 18] intentionally omitted <==

1) In hole CCDDH001, first announced by the Company on 25 Nov 2019. 2) In hole CCDDH002 first announced 5 Dec 2019. 3) In hole CHDDHH007 first announced 7 Dec 2020. 4) In hole CHDDH008 first announced 7 Dec 2020. The Company confirms that it is not aware of any new information that affects the information contained in the announcements .

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

==> picture [42 x 18] intentionally omitted <==

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

STRATEGY

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
Investors who understand frontier terrain value creation – high-reward but high-risk

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

LOS CERROS LIMITED

Capitalising on world class results

Well funded with market momentum
Substantial project pipe line
Strategic optionality
Near term production pathway at Miraflores
Pursue and grow porphyry discoveries
Develop greenfield targets across Andes and Quinchia projects
3 Rigs running concurrently across multiple sites plus additional pre-drill exploration at select compelling targets

==> picture [42 x 18] intentionally omitted <==

==> picture [404 x 540] intentionally omitted <==

Image: QM-DH-34, 268.5m. Coarse grain dendritic gold in quartz-carbonate cement.

PATHWAY TO VALUE

Concept to resource definition

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

==> picture [42 x 18] intentionally omitted <==

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..

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Los Cerros Ltd. Destined for great things to the benefit of shareholders and community.

==> picture [54 x 55] intentionally omitted <==

EMPLOY LOCAL ENGAGE LOCAL Across communities, genders and social groups

==> picture [208 x 161] intentionally omitted <==

----- Start of picture text -----

MINIMISE
OUR FOOTPRINT
Water mgt, rehabilitation
----- End of picture text -----

==> picture [208 x 330] intentionally omitted <==

----- Start of picture text -----

TRAIN LOCALS
Develop local business
BE OPEN AND
TRANSPARENT
Comms, actions
----- End of picture text -----

LOOK AFTER OUR EMPLOYEES Safety, health, family MODEL BEHAVIOUR Track, report, feedback

==> picture [42 x 18] intentionally omitted <==

2020 ESG HIGHLIGHTS

==> picture [54 x 54] intentionally omitted <==

EMPLOY LOCAL TRAIN LOCALS LOOK AFTER ENGAGE LOCAL OUR EMPLOYEES in Columbian economy Training courses and attendees 8000 meals provided spent directly in local communities • Employee induction training - 40 spent in community programs • Covid 19 biosafety protocol - 22 100,064 total hours • Use of safety & health equipmet - 5 worked. 36 hours lost due to • First aid – 6 reportable injury

US8M spent in Columbian economy Training courses and attendees 25.5% spent directly in local communities • Employee induction training - 40 US $32,102 spent in community programs • Covid 19 biosafety protocol - 22 59 Colombian Employees • Use of safety & health equipmet - 5 • 79% local community • First aid – 6
4% from minorities • University sponsorship - 2
• 36% f emale

==> picture [42 x 18] intentionally omitted <==

2020 ESG HIGHLIGHTS

==> picture [55 x 55] intentionally omitted <==

==> picture [45 x 49] intentionally omitted <==

BE OPEN AND TRANSPARENT

13 meetings with the

community relating to community engagement, productive projects and social programs

with 196 attendees

==> picture [401 x 54] intentionally omitted <==

----- Start of picture text -----

MINIMISE OUR MODEL
FOOTPRINT BEHAVIOUR
----- End of picture text -----

==> picture [55 x 54] intentionally omitted <==

Number of sites re-vegetated

==> picture [238 x 102] intentionally omitted <==

----- Start of picture text -----

Rapid COVID Response
PPE donated to local community
Local job creation
Proactively seeking feedback
----- End of picture text -----

15 platforms built 13 recovered

remaining two not recovered, at the request of the property owner.

==> picture [42 x 18] intentionally omitted <==

==> picture [200 x 125] intentionally omitted <==

MANAGING DIRECTOR JASON STIRBINSKIS www.loscerros.com.au [email protected]

==> picture [696 x 211] intentionally omitted <==

AI assistant

LCL RESOURCES LIMITED — Investor Presentation 2021

65217_rns_2021-03-21_1c8e216f-c4e1-45fd-b806-e469038d3edb.pdf

Refreshed Investor Presentation

HIGHLIGHTS

Los Cerros Managing Director, Jason Stirbinskis added

For further enquiries contact:

Jason Stirbinskis

JORC STATEMENTS - COMPETENT PERSONS STATEMENTS

TABLE 2 - MIRAFLORES PROJECT RESOURCES AND RESERVES

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

Notes:

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

Notes:

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

Notes:

NATURE OF THIS DOCUMENT

NOT INVESTMENT ADVICE

FORWARD LOOKING STATEMENTS

DISCLAIMER

COMPETENT PERSONS STATEMENT

CORPORATE OVERVIEW

CAPITAL STRUCTURE

SHAREHOLDER BASE

BOARD OF DIRECTORS

Ross Ashton

1 Shareholder - Lizeng Pty Ltd (9.07%)

2 Bullet Holding Corporation (4.05%), a Colombia exploration company with deep local experience

Kevin Wilson

FOCUSED ON DISCOVERY OF TIER 1 AU/CU PROJECTS

PRIME REAL ESTATE

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

QUINCHIA

QUINCHIA PROJECT

QUINCHIA PROJECT MIRAFLORES

WHAT DOES THE GOLD PRICE MEAN FOR MIRAFLORES?

MIRAFLORES DFS[1]

PROXIMITY MAGNIFIES UPSIDE

QUINCHIA PROJECT TESORITO CURRENTLY DRILLING!

TESORITO NORTH

TESORITO SOUTH

QUINCHIA PROJECT TESORITO SOUTH

QUINCHIA PROJECT CHUSCAL

QUINCHIA PROJECT CHUSCAL 2 TARGETS

ANDES PROJECT

ANDES PROJECT

STRATEGY

LOS CERROS LIMITED

PATHWAY TO VALUE

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

2020 ESG HIGHLIGHTS

2020 ESG HIGHLIGHTS

More from LCL RESOURCES LIMITED

LCL RESOURCES LIMITED Investor Presentation 2021