Mr. Ian Harris reports

LIBERO COPPER ANNOUNCES DETAILS OF ONGOING 14,000-METRE EXPLORATION PROGRAM AT THE MOCOA PORPHYRY COPPER-MOLYBDENUM DEPOSIT

Libero Copper & Gold Corp. has discussed the details of its continuing 14,000-metre exploration program at the Mocoa porphyry copper-molybdenum project. The extensive program, which combines infill, stepout and regional drilling, is designed to expand the resource, enhance geological understanding and test new target areas as part of Libero Copper's commitment to advancing Mocoa. The flagship Mocoa porphyry copper-molybdenum deposit is Libero Copper's flagship asset, located within the prolific Jurassic copper belt, in Colombia near the town of Mocoa, Putumayo.

Highlights

• Significant resource expansion potential with 14,000 metres of drilling: This program increases the total historical drilling at Mocoa by nearly 50 per cent, with a focus on infill and stepout drilling. Targeted zones aim to expand high-grade copper (Cu) and molybdenum (Mo) areas, designed at enhancing the understanding of the overall resource potential.
• Exploration of new target areas: This program targets new prospective areas-including Silencio, Neblina and Piedralisa -- where initial soil anomalies indicate promising mineralization. Extensive groundwork is under way to refine these areas for potential discoveries.
• Strategic growth based on comprehensive analysis: This 14,000-metre program builds on two years of extensive groundwork, including relogging, geological modelling, geophysical analysis and geochemistry of soils and rocks. Designed to address key questions around Mocoa's potential, the program reflects a systematic approach to understanding and expanding the resource's scale.

"This program, adding 50 per cent more drilling than all previous work at Mocoa, is a major step forward for the project," said Ian Harris, president and chief executive officer. "This achievement reflects the dedication of our team working hand in hand with local partners and the backing of Frank Giustra's Fiore Group. Together, we're advancing Mocoa at the scale and with the care it deserves."

Watch a video update from Ian Harris, president and chief executive officer, about the continuing 14,000-metre exploration program.

14,000-metre drill plan

The 14,000-metre drill program at the Mocoa project (see Table 1) is designed to refine the understanding of high-grade copper and molybdenum distribution while potentially expanding the resource through targeted infill and stepout drilling. This comprehensive program not only aims to deepen insights into the deposit's high-grade cores but also extends to newly identified areas with significant resource potential, such as Piedralisa and Neblina.

In parallel, the program will follow up on Cu-Mo-Zn-Pb (copper-molybdenum-zinc-lead) soil anomalies at Silencio, Neblina and Piedralisa. These high-priority targets were identified through extensive fieldwork and recent airborne geophysical surveys, underscoring the potential for additional mineralization outside the known deposit area (refer to the new releases May 3, 2022, Nov. 15, 2022, and Feb. 7, 2023).

This multipurpose exploration strategy integrates drilling on the back of extensive geologic, geophysical and geochemical groundwork, reflecting Libero Copper's commitment to advancing Mocoa as a premier copper asset.

Expansion of the Mocoa system

Libero Copper is advancing its resource expansion activities at the Mocoa porphyry Cu-Mo deposit, as previously announced (refer to the news release Oct. 16, 2024). The team has planned approximately 14,000 metres of drilling to confirm the extension of high-grade cores and to explore potential areas for resource expansion. This plan relies on the update of the geological model for alteration and lithologies based on the detailed relogging of 8,126 metres of drilling conducted between 2008 and 2022, alongside extensive fieldwork and airborne (refer to new releases May 3, 2022, Nov. 15, 2022, and Feb. 7, 2023).

At Mocoa, 25,198 metres of drilling have been completed along a north-south strike length of over 1,000 metres, spanning a west-east distance of 600 metres and reaching a depth of 900 metres. This historical drilling has intercepted high-grade copper and molybdenum cores, though with wide drill spacing. The infill drilling (see Table 1) is designed to refine the understanding the Cu and Mo grade distribution in areas of wide-space drilling, and to test the deeper sections of the porphyry system below the existing pit-constrained initial inferred mineral resource estimate at Mocoa. A detailed review of available drill cores and the interpretation of high-grade Cu-Mo distribution indicate that the Mocoa deposit remains open for potential expansion in all directions. The proposed drill holes are strategically targeted to extend and confirm historically identified high-grade zones.

Stepout drilling (table 1) is planned to strategically extend the overall mineral resource of the Mocoa project to the north and northeast, aligning with the identified plunge of the high-grade cores. This targeted drilling approach aims to explore and define additional mineralization that may exist beyond the current resource boundaries, offering the potential to increase the size and grade of the Mocoa deposit.

Additionally, existing drill pads will be utilized to minimize surface disturbance and preserve the surrounding environment. This approach not only reduces the environmental impact of drilling operations but also streamlines the logistical aspects of the drilling program. Furthermore, the project has implemented a comprehensive rainwater collection system that secures water use for drilling, consumption and sanitation purposes. This innovative system eliminates dependence on external water sources, enhancing the sustainability of the operation while ensuring a reliable supply of water throughout the drilling process. By integrating these practices, the project demonstrates a commitment to environmental stewardship and resource efficiency.

MD-044 update

Hole MD-044 is the first hole in the 14,000-metre drill program at the Mocoa deposit. As of Nov. 5, 2024, the hole has reached a depth of 615 metres, advancing toward its target depth of 1,200 metres. The hole was designed to test the continuity of high-grade mineralization plunging to the northeast of the deposit, extending below the existing pit-constrained inferred resource estimate (refer to news release dated Oct. 16, 2024).

Detailed Anaconda logging reveals that argillic alteration and iron oxides (after D-type veinlets) dominate the initial 100 metres, with sericite present throughout, overprinting earlier potassic alteration characterized by A-type (truncated) and potassium feldspar (K-feldspar) veinlets. Late D-type veinlets, partially or completely altered to iron oxides, are frequently observed within this interval. Copper mineralization appears as quartz veinlets containing chalcopyrite, chalcocite and minor bornite, while molybdenum mineralization is present as molybdenite within B-type veinlets cross-cutting the earlier A-type and K-spar veinlets.

Surface exploration

Exploration work completed up to date (refer to new releases May 3, 2022, Nov. 15, 2022, and Feb. 7, 2023) shows four highly prospective areas close to the Mocoa Cu-Mo porphyry deposit. Surface exploration planned for the 2024 to 2025 season is designed to follow up the Neblina, Piedralisa and Silencio areas. A total of 200 metres by 50 metres spacing soil grid is planned to fully cover the Silencio zone and the northwestern sector of Neblina area. Additionally, comprehensive Anaconda mapping of the main creeks in these target areas is planned.

Neblina zone (formerly target 8 and 6) is a prospective area located to the north-northeast of Mocoa deposits. This area has two zones of prospection interest named: west and east Neblina, respectively. Neblina West is located two kilometres to the north of Mocoa deposit and is associated with a 3-D radial symmetric isosurface intrusion (interpreted as porphyries bodies), analytical signal magnetics (AS) highs and demagnetized zone. Neblina East is located three km to the northeast of Mocoa deposit and is associated with a 3-D radial symmetric isosurface intrusion (interpreted as porphyries bodies) with locally elevated Mo rock values.

Piedralisa zone (formerly target 5) is a priority target, located three km to the southeast of the Mocoa deposit, where previously was identified and mapped leached cap outcrops consistent with leached cap related to the upper portion of the Mocoa deposit (refer to news release Feb. 7, 2023). Furthermore, Piedralisa zone is associated 3-D radial symmetric isosurface intrusion (porphyry) with large 2,500 metres by 1,500 metres Zn-Pb plus or minus Cu soil anomaly and elevated Cu-Mo values in rock samples (refer to the new releases May 3, 2022, Nov. 15, 2022, and Feb. 7, 2023).

Silencio (formerly target 7) zone is located three km to the north of the Mocoa deposit and is related to AS highs, 3-D radial symmetric isosurface intrusions (interpreted as porphyries bodies) with moderate K-alteration index and locally elevated Cu values. Two hundred metres by 50-metre space soil grid is planned to cover this area to extend the Cu soil anomaly previously identified (refer to the news release Feb. 7, 2023).

Qualified person and technical notes

Edwin Naranjo Sierra, exploration manager of Libero Copper, 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 a MSc in earth sciences, and is a fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and the Society of Economic Geologist.

Copper equivalent (CuEq) for drill hole interceptions is calculated as: CuEq (per cent) equals Cu (per cent) plus 3.33 multiplied by Mo (per cent), utilizing metal prices of Cu -- $3.00 (U.S.)/lb (pound) Mo -- $10.00 (U.S.)/lb. Metal recoveries utilized for the resource model are 90 per cent for Cu and 75 per cent for Mo.

Mineralized zones at Mocoa are bulk porphyry-style zones and drilled widths are interpreted to be very close to true widths.

Libero Copper operates according to a rigorous quality assurance and quality control (QA/QC) protocol consistent with industry-best practices. Primary sample collection involves secure transport from Libero Copper's core logging facilities in Mocoa, Colombia, to the ActLabs certified sample preparation facility in Medellin, Colombia. Samples are processed in the Medellin facilities where they are analyzed for copper and molybdenum by four-acid digest AA analysis. The sample pulps are air freighted from Medellin to the ActLabs certified laboratory in Guadalajara, Mexico, where they are analyzed using four-acid digest ICP multielement analysis. In order to monitor the continuing quality of assay data and the database, Libero Copper has implemented QA/QC protocols which include standard sampling methodologies, the insertion of certified standard materials, blanks and field duplicates, and continuing monitoring of data entry, QA/QC reporting and data validation. No material QA/QC issues have been identified with respect to sample collection, security and assaying.

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 Copper'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 (IP, magnetics), 31 diamond drill holes totaLling 18,321 metres and metallurgical testwork B2Gold subsequently executed diamond drill programs in 2008 and 2012. Libero Copper drilled Mocoa in 2022 and intercepted notable results of 0.58 per cent CuEq (0.42 per cent Cu and 0.047 per cent Mo) over 1,228.5 metres, including a higher-grade interval of 840.3 metres at 0.72 per cent CuEq (0.52 per cent Cu and 0.062 per cent Mo) (see the news release April 26, 2022).

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 volcano-sedimentary, 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 Warintza. 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.

For further information refer to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) technical report, entitled "Technical Report on the Mocoa Copper-Molybdenum Project, Colombia," dated Jan. 17, 2022, prepared by Michael Rowland Brepsant, FAusIMM, Robert Sim, PGeo, and Bruce Davis, FAusIMM, with an effective date of Nov. 1, 2021.

About Libero Copper & Gold Corp.

Libero Copper 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 last 20 years. This real-world expertise drives Libero Copper's focus on relationships, responsibility, trust and a relentless commitment to sustainable progress.

At the core of Libero Copper's portfolio is the Mocoa copper-molybdenum porphyry deposit in Putumayo, Colombia. Mocoa stands as a cornerstone asset with immense potential for expansion.

Now, with the Fiore Group's bold company-building vision behind it, Libero Copper is uniquely positioned to fill a crucial gap in the copper industry-advancing large-scale projects toward construction. Through this approach, Libero Copper 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.

We seek Safe Harbor.