Ms. Sarah Armstrong-Montoya of Cordoba reports

CORDOBA MINERALS INTERSECTS MULTIPLE HIGH-GRADE GOLD-COPPER VEINS WITHIN THE ALACRAN DEPOSIT AT ITS 100%-OWNED SAN MATIAS COPPER-GOLD-SILVER PROJECT IN COLOMBIA

Cordoba Minerals Corp. has released initial diamond drilling results from the feasibility study drilling program at the 100-per-cent-owned San Matias copper-gold-silver project.

Highlights:

• 6,385 metres (24 diamond drill holes) of the initial 25,000-metre infill drilling program have been completed within the Alacran deposit.
• Significant assays returned to date include (see attached table):
  • ACD087 -- 61 metres with 0.99 per cent copper, 0.35 gram per tonne gold and 5.17 grams per tonne silver, or 1.17 per cent copper equivalent;
  • ACD097 -- 53 metres with 0.70 per cent copper, 0.70 gram per tonne gold and 6.18 grams per tonne silver, or 1.11 per cent copper equivalent.
• Mineralized intersections correlate closely with the prefeasibility study (PFS) mineral resource block model.
• Multiple late-mineral gold-copper veins, known as carbonate base metal (CBM) veins, have been intersected within drill holes and are superimposed upon high-grade zones of earlier carbonate replacement copper-gold mineralization.

"We are excited to see the initial infill drill holes supporting the higher-grade domains in our resource model for the Alacran deposit. The fact that these domains also host multiple CBM veins brings us one step closer to understanding the relationship between the CBM and carbonate replacement events," commented Sarah Armstrong-Montoya, president and chief executive officer of Cordoba. "Results indicate a shared feeder system for the mineralizing fluids and point towards excellent exploration potential to depth, including for a porphyry copper-gold source."

Initial drill results show strong correlation with the PFS resource block model

Cordoba commenced an initial 25,000-metre infill drill program in May, 2022, which is part of the 40,000-metre infill drilling campaign planned by the company to update the mineral resource and mine plan at the Alacran deposit (refer to Cordoba's press release dated May 31, 2022). The initial drill program focuses on the northern and central areas within the Alacran deposit, which hosts high-grade mineralized zones with considerable widths.

A total of 6,385 metres in 24 diamond drill holes of the initial drill program have been completed to date. The initial drill assays confirm not only the wide higher-grade domains of chalcopyrite-pyrrhotite copper-gold carbonate replacement mineralization within the mineral resource block model, but also the presence of multiple late mineral CBM veins.

CBM veins offer significant upside for contained gold in the Alacran deposit

CBM veins are a style of structurally controlled gold, silver and base metal mineralization found in association with porphyry intrusions. Spectacularly large and high-grade examples include the Porgera gold deposit in Papua New Guinea and the Buritica deposit in Colombia.

The average grade of the CBM veins identified within Alacran deposit is unknown. Bonanza-grade gold was previously reported in drill hole ACD036, which returned 0.90 metre of 4,440 grams per tonne gold, 10.25 per cent copper, 24.70 per cent zinc and 347 grams per tonne silver (refer to Cordoba's press release dated Jan. 23, 2017).

Infill drill holes ACD087, ACD097, ACD114 and ACD115 during the current campaign have intersected en echelon CBM veins overprinting earlier chalcopyrite-pyrrhotite copper-gold carbonate replacement mineralization. The predominance of arsenopyrite with minor pyrite and sphalerite in the CBM veins, coupled with the pervasive chlorite/white mica alteration and carbonate gangue, is diagnostic of an intermediate-sulphidation epithermal event. There is significant potential for these veins to extend to depth, potentially toward a causative porphyry intrusion.

It is difficult to assess how much gold these CBM veins may contain within the Alacran deposit. Given the clear presence of coarse-grained gold, as demonstrated in drill hole ACD036, it is likely that there is a significant nugget effect at play, and, accordingly, there is the potential for substantial upside in contained gold that is not reflected in the current resource statement and that this upside would be realized during mining of the deposit.

Technical information and qualified person

The technical information in this release has been reviewed and verified by Mark Gibson, PGeo, a qualified person for the purpose of National Instrument 43-101. Mr. Gibson is the chief operating officer of Cordoba Minerals and of Ivanhoe Electric Inc., Cordoba Minerals' majority shareholder, and is not considered independent under National Instrument 43-101. Further information about the assumptions, parameters, methods and risks in respect of the PFS can be found in the technical report for the PFS filed on Cordoba's profile on SEDAR.

Cordoba utilizes a comprehensive industry-standard quality assurance/quality control program. PQ and HQ diamond drill core is sawn lengthwise in two halves, and one-half is sampled and shipped to a sample preparation laboratory. The other half of the core is stored in a secure facility for future assay verification. All samples are prepared at ALS's minerals laboratory in Medellin, Colombia, and assayed at ALS's minerals laboratory in Vancouver, Canada. ALS operates in accordance with ISO/IEC 17025. Gold is determined by 50-gram fire assay with an AAS finish. An initial multielement suite comprising copper, molybdenum, silver and additional elements is analyzed by four-acid digest with an ICP-ES or ICP-MS finish. All samples with copper values over 2,000 parts per million are reassayed by a method for higher grades, which also uses a four-acid digest with an ICP-ES finish. Certified reference materials, blanks and duplicates are inserted into the sample stream to monitor laboratory performance.

About Cordoba Minerals Corp.

Cordoba Minerals is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is developing its 100-per-cent-owned San Matias copper-gold-silver project, which includes the Alacran deposit and satellite deposits at Montiel East, Montiel West and Costa Azul, located in the department of Cordoba, Colombia. Cordoba also holds a 51-per-cent interest in the Perseverance copper project in Arizona, United States, which it is exploring through a joint venture and earn-in agreement.

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