Mr. David Kelley reports

CHAKANA ACQUIRES 100% OWNERSHIP OF LA JOYA PROJECT FROM MINERA BARRICK PERU S.A.

Chakana Copper Corp. has entered into an agreement dated April 24, 2026, to acquire the Libelula concessions from Minera Barrick Peru SA that constitutes the majority of La Joya project located in Ancash, Peru. Chakana has held the concessions under option from Barrick since July, 2018 (see news release dated July 16, 2018, and Oct. 12, 2021).

"The acquisition of the Libelula concessions is an exciting milestone for the company. Our exploration to date has demonstrated exceptional exploration potential for copper and precious metals in three separate target areas, with La Joya (HSE) and Mega-Gold being fully permitted for additional drilling. We are also excited to welcome Barrick as a shareholder in the company, joining Gold Fields and EMR Capital," stated president and chief executive officer David Kelley.

Consideration to be paid for the acquisition consists of the issue of 4,130,312 common shares to Barrick, representing 8 per cent of the issued and outstanding common shares in the company postissuance. In addition, a 2-per-cent net smelter royalty will be registered in favour of Barrick over the concessions.

The 4,130,312 common shares to be issued to Barrick will be subject to a 12-month contractual restriction on resale, in addition to a concurrent hold period under applicable securities laws in Canada expiring four months and one day from the date of their issuance. The completion of the acquisition remains subject to TSX Venture Exchange acceptance.

La Joya project

La Joya project is located in the Ancash province of Peru within the Cordillera Negra, 35 kilometres south of the world-class Pierina gold mine. The project is part of the Aija-Ticapampa district with several mines and a processing plant operated by Minera Lincuna.

The project includes three principal target areas, the results of which were announced by the company in news releases dated Aug. 24, 2024; Feb. 11, 2025; and June 2, 2025:

• La Joya high-sulphidation epithermal system, where minimal 2024 drilling confirmed high-grade silver mineralization including 1,005.0 grams per tonne silver and 0.45 g/t gold over 0.75 metres within an alteration zone measuring 700 m by 200 m; and
• The Mega-Gold intrusive centre, where 2024 scout drilling confirmed a high-level porphyry environment with two yet-to-be-tested discrete porphyry targets; and
• The Companero gold breccia zone, where hydrothermal breccia is exposed at surface in several outcrops over an area of 250-metre diameter with channel sample assays up to 14.25 g/t gold.

La Joya (HSE) and Mega-Gold prospects (discussed below) are fully permitted for drilling. At La Joya (HSE), detailed mapping and a ground geophysical survey will be completed prior to drilling. The target is a stratigraphically hosted bulk tonnage precious metal deposit beneath the alteration zone mapped at surface. Approximately 1,900 m of drilling is anticipated. At Mega-Gold, a definitive drill test of the PT-1 porphyry target is planned with an anticipated depth of 500 m. The final stage of permitting allowing drilling at the Companero gold breccia zone will be completed. The environmental permit has been awarded with the initiation of activities remaining to be completed.

La Joya high-sulphidation epithermal prospect

La Joya (HSE) target area is associated with high-sulphidation advanced argillic alteration consisting of vuggy silica, alunite, dickite, zunyite, diaspore and pyrophyllite. The zone of alteration extends 700 m by 200 m at an elevation of approximately 4,500 m. Surface rock samples collected from the alteration zone have silver and gold values of up to 1,300 g/t and 0.36 g/t, respectively (see news release dated June 2, 2025).

Three shallow holes were completed at La Joya in 2024 for a total of 465.5 m. The holes were planned to drill beneath strongly silicified volcanic rocks where zones of vuggy silica alteration returned strongly anomalous values in silver and gold. The strongest mineralization was observed in hole LJDH24-002 with 323.6 g/t silver and 0.25 g/t gold over 4.5 m from a 58.0-metre depth. Within this interval, vuggy silica is present over a 0.75-metre interval with 1,005.0 g/t silver and 0.45 g/t gold (see news release dated Aug. 29, 2024). The mineralized interval is hosted within an andesite tuff that shows evidence of advanced argillic alteration. Shallow drilling confirmed high-grade precious metal mineralization hosted in prospective volcanic stratigraphy and warrants additional drilling.

Mega-Gold intrusive centre

The Mega-Gold intrusive centre is a very large area occupying 2.5 square kilometres with anomalous gold-in-soil overlying pervasive tourmaline-quartz-white-mica alteration, overprinted by localized advanced argillic alteration zones and tourmaline breccias. The target area is underlain by older andesitic tuff (Calipuy formation) and a premineral granodiorite, thought to be the first pulse of intrusive activity in the Aija-Ticapampa district. Within the gold anomaly is a distinct offset (3-D) induced polarization chargeability feature coincident with the soil anomaly. Beneath the strong chargeability zones are discrete zones of conductivity, believed to reflect mineralized intrusions.

An initial proof-of-concept drilling program was completed in 2024 to test the idea that the Mega-Gold intrusive centre is part of a mineralized porphyry system. A total of eight scout drill holes were completed across a broad area totalling 2,425.20 m. These holes display a variety of vein types (principally B and D veins); elevated gold, copper and molybdenum; and hydrothermal alteration zoning consistent with a high-level porphyry environment (see news release dated Aug. 29, 2024). All holes encountered pyrite-chalcopyrite-molybdenite mineralization hosted in veins. Higher-temperature alteration minerals suggesting proximity to a porphyry are most strongly developed in the three easternmost holes drilled in the Mega-Gold target area (see news release dated July 2, 2024). These holes also exhibit narrow zones of strong mineralization in MGDH24-002 with 2.0 m of 1.8 g/t gold and 0.35 per cent copper from an 89.0-metre depth, and 1.5 m of 11.05 g/t gold from a 127.5-metre depth in MGDH24-003, confirming a mineralized fluid source at depth. The strong IP chargeability zones are interpreted to be two separate pyrite shells related to underlying porphyry intrusions. Strongly conductive rock beneath the pyrite shells are potential zones of porphyry mineralization (PT-1) and warrant additional drilling.

Companero gold prospect

The Companero gold zone is located in the southwestern part of La Joya project adjacent to a premineral intrusion. Mineralized hydrothermal breccias are exposed at surface in several outcrops within an area of approximately 250 m in diameter. The breccias are strongly anomalous in gold with up to 14.25 g/t in channel samples, and secondary copper minerals are noted in several localities (see news release dated July 16, 2018). Three heavy mineral concentrate samples collected downstream and adjacent to the Companero zone contain 19, 23 and 33 pristine gold grains. There has been no drilling in the Companero area.

About Chakana Copper Corp.

Chakana is a Canadian-based mineral exploration company that is currently advancing La Joya project located in the Ancash region of Peru, a highly favourable mining jurisdiction with supportive communities. In addition, Chakana owns a 1-per-cent net smelter royalty over the Soledad property owned by Minera Lincuna in the active Aija-Ticapampa mining district (see news release dated Oct. 8, 2024).

Qualified person

David Kelley, an officer and a director of Chakana, a qualified person as defined by National Instrument 43-101, reviewed and approved the technical information in this news release.

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