Mr. Darrell Rader reports

MINAURUM COMMENCES DRILL PROGRAM TO DEFINE MAIDEN RESOURCE AT ALAMOS SILVER PROJECT

Minaurum Gold Inc. has started a minimum 8,000-metre drill program designed to establish an initial National Instrument 43-101 inferred mineral resource at its 100-per-cent-owned and fully permitted Alamos silver project in Sonora, Mexico. Drilling will focus initially on three silver targets including the Europa vein, the historic Promontorio vein zone and the Promontorio Sur vein zone. These zones were prioritized out of the 19 vein zones that returned high-grade silver drill results.

"We are excited to progress our first three vein zones to a maiden resource. Delivering a resource will begin to align our geological advancements with those we have already made on the permitting side," stated Darrell Rader, president and chief executive officer of Minaurum Gold. "Since we began exploring Alamos, we followed a two-pronged strategy of derisking the project through simultaneous exploration and permitting. With production permits in place, an initial resource will further our plan of developing Alamos into a turnkey Tier 1 silver asset. We plan to complete the resource by the end of 2024 followed by resource expansion drilling on additional high-grade silver vein zones in 2025."

Minaurum has drilled 42,317 metres in 106 core holes on 19 of the 26 vein zones discovered at the Alamos silver project from 2017 to 2023. Fifty-nine core holes totalling 19,909 m were drilled on the Promontorio and Europa vein zones. The maiden inferred mineral resource drill program will include infill drilling at the Promontorio vein, and stepout drilling down dip and along strike at the Europa and Promontorio Sur veins. Exploration has been concentrated in the 5,000-hectare northeastern portion of the 37,928-hectare land package. Considerable exploration potential remains in the rest of the concession block.

Europa vein zone

The Europa vein zone hosts Minaurum's first discovery hole, AL17-007, which returned 8.25 metres grading 1,760 grams per tonne Ag or 2,086 g/t AgEq (silver equivalent) at 350 m down dip from surface. The vein zone trends north-northeast and has been traced for nearly two kilometres on surface and occurs in volcanic rocks along a normal fault contact with footwall granodiorite, dipping consistently negative 55 degrees to the east-southeast. Drilling has intersected it more than 400 m down dip and it remains open along strike and down dip.

Europa drilling to date totals 10,651 m in 28 holes cutting the vein zone at 75 to 100 m spacings. The planned program for 2024 includes infill and stepout drilling down dip and along strike. Highlights of prior Minaurum drilling at Europa include:

• 8.25 m of 1,760 g/t Ag, 1.6 per cent Cu (copper), 1.5 per cent Pb (lead), and 2.6 per cent Zn (zinc) or 2,086 g/t AgEq including 2.2 m of 5,098 g/t Ag, 2.76 per cent Cu, 0.5 per cent Pb, and 1.18 per cent Zn or 5,477 g/t AgEq (hole AL17-007);
• 3.50 m of 404 g/t Ag, 0.54 per cent Cu, 1.30 per cent Pb, 1.81 per cent Zn or 572 g/t AgEq including 1.15 m of 999 g/t Ag, 1.29 per cent Cu, 2.98 per cent Pb, 2.98 per cent Zn or 1,346 g/t AgEq (hole AL20-042);
• 3.85 m of 342 g/t Ag, 0.76 per cent Cu, 1.03 per cent Zn or 491 g/t AgEq including 0.80 m of 1,185 g/t Ag, 2.19 per cent Cu, 1.2 per cent Zn or 1,538 g/t AgEq (hole AL20-054).

Promontorio and Promontorio Sur vein zones

The one km long Promontorio vein zone consists of the Veta Grande, Veta del 100 and Veta Las Guijas. The individual veins are hosted in faulted volcanics, altered limestone and intrusive rocks. A fourth, unexploited vein lies about 100 m west of the Veta del 100 (see Minaurum news release dated Feb. 6, 2020). Promontorio Sur is the faulted off, down-dropped and unexploited southern extension of the Las Guijas vein.

Although the Promontorio mine is estimated to have produced as much as 70 million ounces of silver up to the 1890s, subsequent drilling has shown that it ended in mineralization and is open at depth and along strike. At Promontorio and Promontorio Sur, Minaurum has drilled 29 holes totalling 9,258 m. In addition, Minaurum has partially rehabilitated the haulage level of the old mine workings, providing access to underground vein exposures (see Minaurum news releases dated Nov. 15, 2022, and March 2, 2023). Drilling to date has cut high-grade mineralization up to 135 m below the Las Guijas vein as well as below the Veta Grande and Veta del 100, indicating potential for additional high-grade mineralization at depth and along strike. The 2024 program will include infill drilling to establish 75 to 100 m spacings between vein intersections, as well as stepout drilling.

Highlights of Minaurum's drilling at Promontorio include:

• 20.2 m of 154 g/t Ag, 0.5 per cent Cu, 2.3 per cent Pb, 6.8 per cent Zn or 455 g/t AgEq (hole AL17-004);
• 3.8 m of 415 g/t Ag, 2.68 g/t Au, 1.37 per cent Cu, 6.20 per cent Pb, 9.19 per cent Zn or 1,309 g/t AqEq including 0.95 m of 1,566 g/t Ag, 6.72 g/t Au, 4.48 per cent Cu, 9.27 per cent Pb, 10.08 per cent Zn or 3,282 g/t AgEq (hole AL19-025);
• 7.6 m of 266 g/t Ag, 0.27 g/t Au, 0.57 per cent Cu, 1.60 per cent Pb, 3.17 per cent Zn or 461 g/t AgEq, including 2.9 m of 636 g/t Ag, 1.36 per cent Cu, 3.9 per cent Pb, 7.17 per cent Zn or 1,204 g/t AgEq (hole 20-044);
• 3.1 m of 1,197 g/t Ag, 1.38 per cent Cu or 1,334 g/t AgEq (hole AL20-046);
• 3.7 m of 528 g/t Ag, 0.83 per cent Cu, 2.43 per cent Pb, 1.47 per cent Zn or 761 g/t AgEq (hole AL20-064);
• 1.0 m of 327 g/t Ag, 0.97 g/t Au, 0.23 per cent Cu, 2.53 per cent Pb, and 6.62 per cent Zn or 748 g/t AgEq (hole AL20-069);
• 1.1 m of 729 g/t Ag, 1.73 g/t Au, 0.13 per cent Cu, 3.05 per cent Pb, and 5.73 per cent Zn or 1,186 g/t AgEq (hole AL19-034).

Weight-averaged silver-equivalent grades are based on May 1, 2024, Kitco.com metal prices: Ag $26.90/ounce, Au $2,303.00/oz, Cu $4.52/lb, Pb $1.09/lb, Zn $1.43/lb.

About Minaurum Gold Inc.

Minaurum Gold is a Mexico-focused explorer concentrating on the high-grade 100-per-cent-owned, production-permitted Alamos silver project in southern Sonora. Minaurum is managed by one of the strongest technical and finance teams and will continue its founders' legacy of creating shareholder value to develop and acquire a pipeline of potential Tier 1 precious-metal projects. Minaurum provides significant exposure to precious and base metals.

Data review and verification: Stephen R. Maynard, vice-president of exploration of Minaurum, and a qualified person (QP) as defined by National Instrument 43-101, reviewed and verified the assay data, and has approved the disclosure in this news release. Verification was done by visual inspection of core samples and comparison to assay results. Assay results have not been checked by reanalysis. No factors were identified that could materially affect the accuracy or reliability of the data presented in this news release.

Analytical procedures and quality assurance/quality control: Preparation and assaying of drilling samples from Minaurum's Alamos project are done with strict adherence to a quality assurance/quality control (QA/QC) protocol. Core samples are sawed in half and then bagged in a secure facility near the site, and then shipped by a licensed courier to ALS Minerals' preparation facility in Hermosillo, Sonora, Mexico. ALS prepares the samples, crushing them to 70 per cent less than two millimetres, splitting off 250 g and pulverizing the split to more than 85 per cent passing 75 micrometres. The resulting sample pulps are prepared in Hermosillo, and then shipped to Vancouver for chemical analysis by ALS Minerals. In Vancouver, the pulps are analyzed for gold by fire assay and ICP/AES on a 50-gram charge. In addition, analyses are done for a 48-element suite using four-acid digestion and ICP analysis. Samples with silver values greater than 100 g/t; and copper, lead or zinc values greater than 10,000 parts per million (1 per cent) are reanalyzed using four-acid digestion and atomic absorption spectrometry (AAS).

Quality control (QC) samples are inserted in the sample stream every 20 samples, and thus represent 5 per cent of the total samples. QC samples include standards, blanks and duplicate samples. Standards are pulps that have been prepared by a third party laboratory; they have gold, silver and base-metal values that are established by an extensive analytical process in which several commercial labs (including ALS Minerals) participate. Standards test the calibration of the analytical equipment. Blanks are rock material known from prior sampling to contain less than 0.005 ppm (part per million) gold; they test the sample preparation procedure for cross-sample contamination. In the case of duplicates, the sample interval is cut in half, and then quartered. The first quarter is the original sample, the second becomes the duplicate. Duplicate samples provide a test of the reproducibility of assays in the same drilled interval.

When final assays are received, QC sample results are inspected for deviation from accepted values by the QP. To date, QC sample analytical results have fallen in acceptable ranges on the Alamos project.

ALS Minerals is independent of Minaurum Gold and is independent of the qualified person.

We seek Safe Harbor.