Mr. Chris MacIntyre reports

LARA EXPLORATION ANNOUNCES FILING OF THE PRELIMINARY ECONOMIC ASSESSMENT FOR ITS PLANALTO COPPER-GOLD PROJECT IN BRAZIL

Lara Exploration Ltd. has filed an independent technical report, prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, supporting the preliminary economic assessment of its 100-per-cent-owned Planalto copper-gold project, located in the Carajas mining district, Para state, Brazil.

The technical report, titled: "NI 43.101 Preliminary Economic Assessment for the Planalto Copper - Gold Project, Brazil," dated Nov. 14, 2025, with an effective date of Oct. 15, 2025, can be found under the company's issuer profile on SEDAR+, with a copy also available on the company's website. The technical report was authored by SRK Consulting (UK) Ltd. and SRK Consultores do Brasil Ltda. There are no material differences in the technical report from those results disclosed in the company's news release dated Oct. 21, 2025, or those disclosed below.

Planalto PEA highlights include:

• Estimated production of 560,000 tonnes (1.2 billion pounds) of copper and 111,000 ounces gold over an 18-year life of mine (LoM);
• During the first six years, the PEA production schedule produces on average 36,000 t (79 million pounds) of copper and 7,200 oz of gold per year.
• Open pit mining of shallow dipping copper-gold mineralization with a LoM strip ratio of 2:1 (1.36:1 years 1 to 6).
• Industry standard crush-grind-flotation processing plant operating at an annual rate of eight million tonnes of run of mine (RoM) feed, recovering 91 per cent copper and 51 per cent gold.
• Producing a clean chalcopyrite concentrate grading 28 per cent copper to be smelted internationally.
• Site access by a four-kilometre road from the state highway with high-tension power lines alongside.
• Project located on private farmland between two major Carajas mining towns and within excellent infrastructure.
• Preliminary economic analysis:
  • After-tax net present value (NPV) of $378-million (U.S.), using an 8-per-cent discount rate;
  • After-tax internal rate of return (IRR) of 21 per cent;
  • Payback period posttax of 3.5 years from the start of production;
  • Initial capital expenditures of $546-million (U.S.) and sustaining capital (including closure) of $170-million (U.S.);
  • Average LoM all-in sustaining costs (AISC) of $5,920 (U.S.)/t Cu payable;
  • Metals price assumptions used: copper price of $9,500 (U.S.)/t, gold price of $2,500 (U.S.)/oz.
• Mining district infrastructure development advantage:
  • Planalto is located within excellent infrastructure, which will support the project development and operation, having access to low-cost grid power via high-tension power lines, a state highway passing through the project licence area and mining skilled labour and industry service providers located close by.
  • Renewable and low-carbon energy sources dominate the Brazilian grid generation mix. This will contribute to lowering the carbon footprint of the project. In addition, the current regulatory framework would allow Planalto to sign virtual power purchase agreements for renewable energy supply.
  • Para state has a strong record of supporting and permitting new mining projects, particularly within the Carajas mining district. Regional and federal agencies have provided various types of economic support to mining projects in the region including taxation relief (SUDAM), which should extend to and have been assumed for Planalto and the PEA.

Project opportunities:

• Tailings -- There is opportunity to significantly reduce required footprint areas for TSF development by utilizing paste thickened/central thickened discharge technologies. This would significantly reduce the volumes of excess contact water to be managed on the TSF and simplify closure of the facilities given that tailings material can be incorporated in the engineered cover system to form a water shedding surface.
• Metallurgy -- There is potential for further improvements to metallurgical recoveries and optimization of processing reagent consumption during more detailed future study phases, which could involve more exhaustive and larger scale pilot plant testwork. Testwork is continuing.
• MRE growth potential -- The company believes that there is further potential to add to the 2024 MRE at Planalto, since the mineralization is open in some places within the MRE constraining pit and at depth the pit is limited in places by the depth of existing drilling. Furthermore there is strike extension potential in the Silica Cap deposit south-eastward into the new Atlantica licence, where historical drilling intercepted copper mineralization. There are also a number of copper-in-soil geochemical anomalies within the Planalto exploration licence have had limited follow-up exploration including very limited drilling.
• Oxide exploration -- Excluded from the PEA is processing of oxide mineralized material, where the exploration target has been defined through a combination of drilling, surface trenches and soil geochemistry. Initial metallurgical testing suggests marginal economic recoveries, and more testwork is planned. If incorporated into future studies, additional plant components would be required that are not considered in the PEA.
• Power -- There is potential to connect directly to the nearby 230-kilovolt transmission line, reducing the capital cost and line losses while simplifying access and permitting for the short three-kilometre connection distance. In addition, significant savings in power tariff costs may be achieved when connecting directly at the 230-kilovolt transmission level as a grid user, circa four U.S. cents/kWh compared with the estimated PEA cost of six U.S. cents/kWh for a 138 kV utility connected user. Power constitutes 39 per cent of the plant operational cost of $7.66 (U.S.)/t processed.
• Concentrate treatment and refining charges -- The PEA smelter charges to treat copper concentrates reflect long-term benchmark rates, Lara considers that current market rates are low (negative) and may remain lower than rates used in the PEA.
• Metal price -- The project economics are particularly sensitive to metal price. The current spot price and consensus long term price for copper and gold are higher than the metal prices used in the PEA. Higher metal prices have the potential to significantly improve the economic return of the project.

Project risks:

• The PEA incorporates inferred mineral resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. While the company intends to conduct further drilling with the objective of converting inferred mineral resources to measured and indicated mineral resources there can be no assurance this will be successful.
• The technical and cost estimates are at the scoping stage, with further technical, economic and permitting related work required in order to achieve a prefeasibility level of study (PFS). Only when a positive PFS is issued will it be possible to convert indicated and measured mineral resources to mineral reserves.

The PEA assumes that Planalto would be eligible for SUDAM tax benefits, but Lara has not yet made application to determine eligibility.

Technical information and qualified persons

The following persons are the qualified persons under National Instrument 43-101, responsible for the PEA and have reviewed and approved the scientific and technical information contained in this news release:

• Martin Pittuck, MIMMM (QMR) CEng FGS, corporate consultant (resource geology);
• Leonardo de Freitas Leite, MSc, FAusIMM (CP), principal consultant (mining engineering);
• Liam MacNamara, PhD, ACSM, MIMMM, principal consultant (mineral processing);
• Jamie Spiers, CEng MIMMM, principal consultant (tailings engineering);
• David Carruth, CEng MICE IntPE, principal consultant (water engineering);
• Colin Chapman, CEng MIMMM, principal consultant (infrastructure);
• Thiago Toussaint MSc, MBA, MAusIMM CP (Env), principal consultant, (geoenvironmental).

All of the foregoing persons are independent qualified persons, as defined under NI 43-101.

About Lara Exploration Ltd.

Lara is an exploration company, focused on advancing its 100-per-cent-owned Planalto copper-gold project in the Carajas mining district in northern Brazil. It is anticipated that Planalto will be developed as a conventional open pit mine with a low strip-ratio, processing eight Mtpa via a conventional crushing and grinding circuit followed by froth flotation. A single saleable chalcopyrite concentrate with a minor gold credit is to be transported internationally to third party smelters. During the first six years, the PEA production schedule produces on average 36,000 t (79 million lb) of copper and 7,200 oz of gold per year, and over an 18-year mine life, Planalto will produce 560,000 t (1.2 billion lb) of copper and 111,000 oz gold. The project is located on private farmland, four km from the state highway with high tension power lines alongside and close to two major Carajas mining towns within excellent infrastructure. An NI 43-101 preliminary economic assessment and mineral resource estimate are detailed in reports filed on Nov. 17, 2025, and Oct. 17, 2024, respectively. The company also holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol LRA.

We seek Safe Harbor.