Mr. Ian Harris reports

LIBERO COPPER MOBILIZES FOR EXPLORATION AT THE MOCOA PORPHYRY COPPER-MOLYBDENUM DEPOSIT

Libero Copper & Gold Corp. is mobilizing to support exploration activities at its flagship Mocoa porphyry copper-molybdenum deposit, located in Colombia's Jurassic copper belt, near the town of Mocoa, Putumayo. This phase of mobilization marks the final preparatory steps ahead of a 14,000-metre drill program designed to expand the resource and test new high-priority porphyry targets across the region.

Highlights:

• Coming 14,000-metre drill program: The team is in the final stages of planning a 14,000-metre drill program for fourth quarter 2024 through first half 2025 focused on infill, resource expansion and testing of new targets.
• Resource expansion and follow-up of drill hole MD-043: Coming drilling will focus on follow-up of: (i) the high-grade core of MD-043 that intercepted 250.8 metres at 1.12 per cent copper equivalent (0.74 per cent copper and 0.114 per cent molybdenum; and (ii) a two-kilometre-by-800-to-1,000-metre copper-molybdenum soil anomaly surrounding the resource area.
• Field program work: Fieldwork will focus on prioritizing and preparing for drill tests on nine additional porphyry targets identified in the area, supported by geophysical data and geochemistry of rock samples (see news release dated May 3, 2022).

"We're at an exciting milestone at the Mocoa porphyry copper-molybdenum deposit, built on a foundation of extensive geological work and strong relationships. We are preparing to follow up on the impressive copper intersections from MD-043. Detailed fieldwork has only reinforced what we believed all along: Mocoa deposit holds immense potential," commented Ian Harris, president and chief executive officer. "But this moment is about more than just geology -- it's about the foundation we've built through close collaboration with local communities, key partnerships and government. I'm particularly proud of the commitment shown by our team and local stakeholders. Together, we are unlocking the full potential of Mocoa deposit for the benefit of Mocoa, Putumayo and Colombia."

Mobilization activities

Significant preparatory activities are currently under way, including the hiring of key personnel, ensuring the camp is fully equipped and operational, maintenance and testing of the first drill rig already on site, securing rainwater supply, and reopening vital access routes to the exploration camp and drill sites. These routes provide crucial access for personnel and supplies, minimizing operational costs by eliminating the need for helicopter support.

Mobilization and preparations are expected to be completed in the coming weeks.

Additionally, construction of a new walking bridge, providing vital access to Montclar, has begun. This project was developed in collaboration with the Montclar community under a mutual benefit agreement signed in November, 2022 (see the news release dated Nov. 29, 2022). While the bridge's completion is not required for the start of exploration activities, it will improve efficiency and safety for the project while delivering long-term infrastructure improvements for the Montclar community.

Drill hole MD-043

The next phase of exploration at the Mocoa porphyry copper-molybdenum deposit will focus on following up the significant results from drill hole MD-043, which intercepted 1,228.5 metres averaging CuEq of 0.58 per cent, including 840.3 metres of 0.72 per cent CuEq (see news release dated April 26, 2022). This drill hole demonstrated the expansion potential of the Mocoa deposit and provided key insights into the high-grade core of the resource, including 250.78 metres at 1.12 per cent CuEq (0.74 per cent Cu and 0.114 per cent Mo). These results have served as a foundation for planning the coming 14,000-metre drill program to be executed in fourth quarter 2024 through first half 2025.

This program will build on extensive fieldwork already completed, including a two-kilometre-by-800-to-1,000-metre multielement soil geochemical anomaly identified south of the resource area (see news release dated Nov. 15, 2022). Geophysical (detailed airborne magnetic and radiometric survey data) and geochemical surveys on soils and rocks have helped define multiple new porphyry targets. Nine high-priority porphyry targets were identified potentially part of a clustered system, extending up to six kilometres from the known Mocoa deposit area. These data, combined with the 3-D radial symmetric isosurface intrusions, indicate a significant expansion potential beyond the original resource area (see news release dated May 3, 2022).

National Mining Congress recognition

At the 2024 National Mining Congress in Cartagena, Libero was recognized in the Brujula Minera rankings, an influential annual study on mining sector reputation in Colombia. Conducted by the Centro Nacional de Consultoria, in collaboration with Jaime Arteaga & Asociados and Revista Mundo Minero and in alliance with the Asociacion Colombiana de Mineria, Asociacion Nacional de Empresarios de Colombia, and the Ministerio de Minas y Energia (Ministry of Mines and Energy), Brujula Minera evaluates how mining companies engage with communities, demonstrate environmental responsibility and establish trust.

Libero received the following rankings:

• Reputation in mining municipalities: ranked 12th, the highest-ranking exploration company on the list;
• Reputation with government authorities: ranked 13th, the second-highest exploration company after AngloGold Ashanti.

This recognition not only validates Libero's efforts to build lasting relationships with local communities and government authorities but also underscores the solid foundation necessary for advancing a project of Mocoa porphyry copper-molybdenum deposit's importance. The company's strong reputation has been a crucial factor in preparing to move the project forward, ensuring alignment with all stakeholders and a commitment to responsible development.

Qualified person

Edwin Naranjo Sierra, exploration manager of Libero, is the designated qualified person within the meaning of National Instrument 43-101, and has reviewed and verified the technical information in this news release. Mr. Naranjo holds an MSc in earth sciences, and is a fellow of the Australasian Institute of Mining and Metallurgy and the Society of Economic Geology.

About the Mocoa porphyry copper-molybdenum deposit

The Mocoa deposit is located in the department of Putumayo, 10 kilometres from the town of Mocoa. Libero's district-scale holdings cover over 1,000 square kilometres through titles and applications, encompassing most of the Jurassic porphyry belt in southern Colombia. Mocoa was discovered in 1973 when the United Nations and the Colombian government conducted a regional stream sediment geochemical survey. Between 1978 and 1983, an exploration program was carried out that consisted of geological mapping, surface sampling, ground geophysics (induced polarization and magnetics), 31 diamond drill holes totalling 18,321 metres and metallurgical testwork cumulating in a positive prefeasibility study (the prefeasibility study is historical in nature only and should not be relied upon as it is not National Instrument 43-101 compliant). B2Gold subsequently executed diamond drill programs in 2008 and 2012. Libero drilled Mocoa in 2022 and intercepted 840 metres of 0.72 per cent copper equivalent (see news release dated April 26, 2022).

A pit-constrained inferred resource at Mocoa contains 636 million tonnes of 0.45 per cent copper equivalent (0.33 per cent Cu and 0.036 per cent Mo) generated using $3 per pound Cu and $10 per pound Mo, containing 4.6 billion pounds of copper and 511 million pounds of molybdenum (technical report dated effective Nov. 1, 2021). The Mocoa deposit appears to be open in both directions along strike and at depth. Current work on the property has identified additional porphyry targets, including the possible expansion of known mineralization.

The Mocoa deposit is situated in the Central Cordillera of Colombia, a 30-kilometre-wide tectonic belt underlain by volcanosedimentary, sedimentary and intrusive rocks that range in age from Triassic-Jurassic to Quaternary and by remnants of Paleozoic metasediments and metamorphic rocks of Precambrian age. This belt hosts several other porphyry-copper deposits in Ecuador, such as Mirador, San Carlos, Panantza and Solaris's Waritza.

Copper-molybdenum mineralization is associated with dacite porphyry intrusions of the middle Jurassic age that are emplaced into andesitic and dacitic volcanics. The Mocoa porphyry system exhibits a classical zonal pattern of hydrothermal alteration and mineralization, with a deeper central core of potassic alteration overlain by sericitization and surrounded by propylitization. Mineralization consists of disseminated chalcopyrite, molybdenite, and local bornite and chalcocite associated with multiphase veins, stockwork and hydrothermal breccias. The Mocoa deposit is roughly cylindrical, with a 600-metre diameter. High-grade copper-molybdenum mineralization continues to depths in excess of 1,000 metres.

About Libero Copper & Gold Corp.

Libero is led by a team with rare experience -- having advanced projects from postresource discovery to the path of construction, including some of the few large copper projects built in the past 20 years. This real-world expertise drives Libero's focus on relationships, responsibility, trust and a relentless commitment to sustainable progress.

At the core of Libero's portfolio is the Mocoa copper-molybdenum porphyry deposit in Putumayo, Colombia. With a resource of 4.6 billion pounds of copper and 511 million pounds of molybdenum, Mocoa stands as a cornerstone asset with immense potential for expansion.

Now, with the Fiore Group's bold company-building vision behind it, Libero is uniquely positioned to fill a crucial gap in the copper industry -- advancing large-scale projects toward construction. Through this approach, Libero is committed to creating lasting value for all stakeholders while positioning itself at the forefront of meeting the growing global demand for copper -- the metal driving progress in the modern economy.

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