Mr. Keith Henderson reports

LATIN METALS VESTS 71% OWNERSHIP OF KEY ARGENTINE GOLD-SILVER EXPLORATION ASSETS WITH POTENTIAL FOR HIGH-GRADE DISCOVERIES

Latin Metals Inc. has successfully completed payment obligations to the underlying owner to vest a 71-per-cent ownership interest in the Cerro Bayo and La Flora properties in Santa Cruz province, Argentina, strengthening the company's precious metal portfolio. Latin Metals has an option for 100-per-cent ownership, subject to a 0.75-per-cent net smelter return royalty (of which 0.5 per cent can be purchased for $1-million (U.S.)).

Exploration potential at Cerro Bayo

The Cerro Bayo and La Flora properties, previously optioned out to Barrick Gold Corp., have undergone extensive surface exploration and drill targeting. Located within the prolific Deseado massif, a region known for high-grade gold-silver deposits, the properties exhibit evidence for the existence of low-sulphidation epithermal systems. The geological model indicates potential for gold-silver bonanza vein mineralization at accessible depths of 150 to 200 metres.

The district's closest high-grade analogue is Newmont's Cerro Negro mine, located 70 kilometres north, where similar ore shoots are found below the palaeosurface, suggesting substantial potential for high-grade discoveries at Cerro Bayo.

A major west-northwest-trending dextral structure is interpreted as a transtensional fault defining a favourable structural zone six kilometres wide traversing the entire Cerro Bayo property.

Gold and silver grades are related to arsenic, antimony, mercury and molybdenum pathfinder elements, indicating a shallow epithermal system. Silver-gold ratios vary from 10:1 to 200:1. Higher-grade gold concentrates about 100 metres to 150 metres below paleosurface. Although outcrop is sparse, various veins have been mapped and sampled.

Drill permit and partnership strategy

Latin Metals has been working toward a drill permit at Cerro Bayo and expects to conclude that process in Q4 2024. The company is actively seeking an option partner to complete comprehensive exploration activities, including trenching, gradient array induced polarization (IP), CSAMT (controlled-source audio-frequency magnetotellurics) and initial drill testing in 2025.

Cautionary statement regarding adjacent property

Readers are cautioned that the Cerro Negro mine discussed herein is adjacent properties and that the company has no interest in or right to acquire any interest in the deposit and that mineral deposits on adjacent or similar properties and any production therefore or economics with respect thereto are not in any way indicative of mineral deposits on Latin Metals' properties or the potential production from or cost or economics of any future mining of any of Latin Metals' mineral properties.

Value proposition in Santa Cruz province

Santa Cruz province, known as Argentina's premier mining region, represents a key area for gold and silver production, contributing approximately 42 per cent of the country's total mineral exports. Supported by robust infrastructure and a skilled work force, the province boasts six operating mines, including AngloGold Ashanti's Cerro Vanguardia, which has been in operation for over 25 years. This proven mining district offers both stability and significant potential for resource growth, making it an attractive destination for exploration and investment.

The province's precious metal production in 2023 reached notable levels, with over 680,000 ounces of gold and 15.2 million ounces of silver extracted, emphasizing its geological wealth. Since 1990, nearly 600 million ounces of silver and 20 million ounces of gold have been discovered within the region, reflecting a rich exploration history with demonstrable discovery record.

Santa Cruz's mining sector supports approximately 9,000 jobs, accounting for 22.5 per cent of Argentina's national mining work force, with one in four of the country's miners employed within the province. This work force is bolstered by a mining-friendly regulatory environment and established infrastructure that includes well-developed transportation and energy resources. Such factors reinforce the investment value of Santa Cruz, where Latin Metals' Cerro Bayo project is strategically positioned to benefit from this well-supported mining ecosystem and proven discovery potential.

About Latin Metals Inc.

Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The company operates with a prospect generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to finance drilling and advanced exploration. Shareholders gain exposure to the upside of a significant discovery without the dilution associated with financing the highest-risk drill-based exploration.

Qualified person

Keith J. Henderson, PGeo, is the company's qualified person as defined by National Instrument 43-101 and has reviewed the scientific and technical information that forms the basis for portions of this news release. He has approved the disclosure herein. Mr. Henderson is not independent of the company as he is an employee of the company and holds securities of the company.

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