Mr. Jeremy Gillis reports

PETER MARRONE INCREASES INVESTMENT IN SENDERO; FULLY ALLOCATED $1.96 MILLION PRIVATE PLACEMENT TO FUND FIRST DEEP DRILL TEST AT LA OLLITA

Sendero Resources Corp.'s non-brokered private placement announced on Nov. 4, 2026, has been fully allocated. The private placement consists of 3.7 million units of the company at a price of 53 cents per unit, for aggregate gross proceeds of $1,961,000.

The private placement was led by Peter Marrone, who is increasing an existing investment in the company, and Jeremy Gillis, interim chief executive officer and an insider of the company.

"Peter choosing to invest again, at this stage, is a strong endorsement of the La Ollita deep target," said Mr. Gillis, interim chief executive officer of Sendero. "Penas Negras hosts several geological systems across a large project area, and this drilling will not impact the broader exploration plan. Deep drilling has always been outside our budget because of its cost. Testing whether the copper and gold mineralization at La Ollita extends at depth has always been an objective because the geology and the near-surface mineralization point to a larger system below. Every hole drilled at La Ollita to date has stayed in the upper part of that system, and our 3-D magnetic model interprets a root zone of altered rock extending well below it. This financing will fund the hole that tests it. Peter built Yamana Gold into a major gold producer and leads Allied Gold. We're pleased to have his continued support as we test La Ollita at depth."

The net proceeds of the private placement will be used to finance the first deep drill test of La Ollita target at the company's 100-per-cent-owned Penas Negras project in La Rioja, Argentina. The deep hole is separate from, and in addition to, the company's planned and fully financed 2026-2027 diamond drilling program, which is unchanged.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at 70 cents for 36 months from the date of issuance.

Closing of the private placement remains subject to the acceptance of the TSX Venture Exchange. All securities issued will be subject to a statutory hold period expiring four months and one day from the date of closing. No finders' fees are payable in connection with the private placement.

La Ollita deep target

Historical drilling at La Ollita has been relatively shallow: The deepest hole to date reached 501 metres. As reported on Oct. 8, 2026, the company's 3-D inversion and classification of airborne magnetic data show a lithocap at surface at La Ollita, with an interpreted root zone of magnetite-destructive alteration extending beneath the known mineralization. The deeper part of the system has not been tested. The company plans to drill one hole of 800 metres or more, potentially 1,000 to 1,200 m, angled to cross the north-south structure at depth.

Penas Negras hosts several distinct geological systems across its 211.77-square-kilometre project area. Until now, the company had not planned deep drilling at La Ollita because of its high cost. Testing a possible extension of copper and gold mineralization at depth has always been an objective, but it was not within the exploration budget. In the company's view, the geology and the near-surface mineralization at La Ollita are consistent with a larger, more robust mineralized system at depth, which this hole is designed to test.

Why La Ollita:

• Sixty-one holes have been drilled at La Ollita since 1997. Half stop within 150 m of surface. The deepest is 501 m.
• Several historical holes ended in mineralization and were never deepened: PNR-56 averaged 0.79 per cent copper equivalent over its last 20 m to its final depth of 348 m. PND-01 reported 0.47 per cent CuEq to 196 m, and PNR-22 reported 0.35 per cent CuEq to 156 m. In PND-01, copper and molybdenum both increase with depth.
• Historical hole PNR-28 returned 90 m at 0.93 per cent CuEq, including two m at 20.6 g/t Au from 130 m.
• The 2024 core includes features typical of the copper-rich part of these systems: potassic alteration from 68 m in PNDH-06, early quartz veins in all four deep holes, and chalcopyrite and molybdenite.
• Magnetic susceptibility measurements on 1,580 drill core samples of La Ollita drill core is about 35 times lower than in fresher rock drilled elsewhere on the project, consistent with the magnetite-destructive alteration interpreted in the 3-D model.
• La Ollita sits where the northwest-trending La Ollita fault meets north-south and north-northeast faults, the type of structural intersection associated with porphyry intrusions in the Vicuna district.
• La Ollita lies about 12 km from Josemaria and 32 km from Filo del Sol in the Vicuna district.

Mr. Gillis is an executive officer of the company, and Mr.Marrone is an insider of the company by virtue of holding more than 10 per cent of the company's shares. Each of their participation under the private placement will be a related-party transaction as defined under Multilateral Instrument 61-101. Such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by such persons will exceed 25 per cent of the company's market capitalization.

Qualified person

Steven McMullan, PGeo, a consultant to the company and member of the board, supervised the preparation of and reviewed and approved the scientific and technical information pertaining to the Penas Negras project contained in this news release. Mr. McMullan is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Sendero Resources Corp.

The company is focused on copper-gold exploration at its 100-per-cent-owned Penas Negras project in the Vicuna belt in Argentina. The Penas Negras project has similar geological characteristics to other deposits in the Vicuna belt and multiple porphyry and high-sulphidation epithermal targets have been identified on the project. The company's target area is located approximately 12 kilometres north-northeast of the Josemaria resource area while the centre of the Penas Negras concession area is situated approximately 18 km southeast of Caserones mine operated by Lundin Mining, approximately 24 km northeast of NGEx Minerals' Lunahuasi project and about 32 km north-northeast of BHP-Lundin Mining's Filo del Sol development-stage project. The company also has an option to earn a 100-per-cent interest on eight additional granted mining concessions covering 91.7 square kilometres. The total project area comprises 211.77 square kilometres.

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