Mr. Chris MacIntyre reports

LARA EXPLORATION COMPLETES BROKERED OFFERING AND NON-BROKERED OFFERING FOR AGGREGATE PROCEEDS OF C$33,750,000

Lara Exploration Ltd. has completed its previously announced best-efforts private placement (the brokered offering) and its concurrent non-brokered private placement (the non-brokered offering) for aggregate proceeds to the company of $33.75-million through the issuance of 11.25 million common shares of the company at a price of $3 per common share.

Under the brokered offering, the company issued an aggregate of 6.75 million common shares at the issue price for aggregate gross proceeds of $20.25-million. As part of the brokered offering, the company issued an aggregate of 4.5 million common shares for aggregate gross proceeds of $13.5-million (representing approximately 7.3 per cent of Lara's issued and outstanding common shares immediately following the completion of the offering) to Atalaya Mining Copper SA, a European copper producer that owns and operates the Proyecto Riotinto complex in southwestern Spain and an FTSE 250 Index constituent. The brokered offering was completed pursuant to an agency agreement dated April 1, 2026, among the company and SCP Resource Finance LP, as lead agent and sole bookrunner, and Stifel Nicolaus Canada Inc. In consideration for their services, the agents received a cash commission of $285,300 and a corporate finance fee of $891,405 (inclusive of HST (harmonized sales tax)).

Under the non-brokered offering, the company issued an aggregate of 4.5-million common shares at the issue price for aggregate gross proceeds of $13.5-million.

The company plans to use the net proceeds of the offering to advance its Planalto copper-gold project as well as for general corporate and working capital purposes.

All securities issued in connection with the offering are subject to a hold period expiring on Aug. 2, 2026, under applicable Canadian securities laws. The offering remains subject to final acceptance of the TSX Venture Exchange.

Certain insiders of the company participated in and subscribed for an aggregate of 515,000 common shares under the brokered offering. As a result, the brokered offering constituted a related party transaction within the meaning of Policy 5.9 of the TSX-V and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions under sections 5.5(a)and 5.7(1)(a) of MI 61-101 in respect of the formal valuation and minority shareholder approval requirements in respect of the related parties' participation in the brokered offering under MI 61-101, on the basis that, as at the closing of the brokered offering, neither the fair market value of the common shares issued in connection with the brokered offering nor the fair market value of the consideration received by the company therefor, insofar as it involved the related parties, exceeded 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the closing of the brokered offering as details of the related parties' participation in the brokered offering had not been settled and the company wished to complete the brokered offering in an expeditious manner.

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 province in northern Brazil.

The company currently also holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. Lara's common shares trade on the TSX-V under the symbol LRA.

We seek Safe Harbor.