Mr. Tim Heenan reports

MIRASOL SIGNS LOI FOR THE SALE OF THE RUBI COPPER PROJECT FOR US$4 MILLION PLUS 2 PER CENT NSR ROYALTY

Mirasol Resources Ltd. has signed a binding letter or intent (LOI) under which Mirasol grants San Lorenzo Gold Corp. (TSX Venture Exchange: SLG) (OTC: SNLGF) an exclusive option agreement to acquire the mineral rights and landholdings within Mirasol's 100-per-cent-owned Rubi copper project located in northern Chile.

• San Lorenzo Gold to acquire Rubi project for a total consideration of $4.0-million (U.S.).
• Mirasol will retain a 2-per-cent NSR (net smelter return) royalty. Following the exercise of the third option, San Lorenzo may buy back the first 0.5 per cent within 12 months for $2.0-million (U.S.), and following the commencement of commercial production another 0.5 per cent within 12 months for an additional $2-million (U.S.).
• Mirasol's interest in the Rubi project will be fully carried to decision to mine.

"The sale of our Rubi copper project reflects Mirasol's strategy to monetize our highly prospective yet undervalued assets within our portfolio of projects in Argentina and Chile," Mirasol's president, Tim Heenan, stated. "The payments of $4-million (U.S.) will strengthen our ability to fund ongoing exploration, while the remaining royalty provides our shareholders with continued exposure to future success at the Rubi project."

Terms of the Rubi project agreement

Under the terms of the LOI, Mirasol has granted San Lorenzo the option to acquire the Rubi project for total consideration of $4-million (U.S.) subject to conditions. The parties intend to finalize a definitive option agreement on or before March 31, 2026.

First option to 70 per cent ($1.6-million (U.S.) over three years):

• $50,000 (U.S.) on signing the LOI;
• $100,000 (U.S.) on signing definitive agreement;
• $100,000 (U.S.) one year after signing definitive agreement;
• $100,000 (U.S.) two years after signing definitive agreement;
• $1.25-million (U.S.) three years after signing definitive agreement.

Exploration expenditures

• $150,000 (U.S.) one year after signing definitive agreement;
• $150,000 (U.S.) two years after signing definitive agreement;
• $350,000 (U.S.) three years after signing definitive agreement.

Upon completion of the first option San Lorenzo shall grant Mirasol a 0.5-per-cent NSR royalty, not subject to any buy back, over three mineral claims held by San Lorenzo directly adjacent to the east of the Rubi property.

Second option to 85 per cent ($1.75-million (U.S.) over two years):

• $500,000 (U.S.) four years after signing definitive agreement;
• $1.25-million (U.S.) four and a half years after signing definitive agreement.

Third option to 100 per cent ($2.25-million (U.S.) over two years plus 2-per-cent NSR royalty):

• $500,000 (U.S.) five and a half years after signing definitive agreement;
• $1.75-million (U.S.) six years after signing definitive agreement;
• Mirasol retains 2.0-per-cent NSR (net smelter return) royalty.

Upon exercise of the third option, San Lorenzo will have earned 100-per-cent interest in the Rubi project. Mirasol will retain a 2-per-cent NSR royalty on the Rubi project. San Lorenzo will have a right to buy back the first 0.5 per cent of the 2.0-per-cent NSR royalty for 12 months following the exercise of the third option for $2-million (U.S.), and the right to buy back an additional 0.5-per-cent NSR royalty for a further $2-million (U.S.) for 12 months following the commencement of commercial production.

Following exercise of the first option and the second option, Mirasol shall maintain its 30-per-cent interest or 15-per-cent interest, as applicable, on a fully carried basis until a decision to mine is made.

Rubi copper porphyry project

The 2,000-hectare Rubi project is located within the Paleocene age porphyry belt of northern Chile that hosts a number of significant producing porphyry copper deposits. The project lies at relatively low elevation (1,900 to 2,100 m) within 20 kilometres of the El Salvador and Potrerillos porphyry copper-molybdenum-gold mines and has good access to port facilities at Chanaral approximately 80 km to the west.

In November, 2021, Mirasol reported on the 1,887 m drill program completed at Rubi. Drilling was focused on the Lithocap and Zafiro targets, with the results supporting the presence of a large and strong prospective porphyry-style alteration system. Key indicators included the occurrence of porphyritic daci-andesite intrusive rocks and hydrothermal brecciation, which exhibit strong quartz-sericite (phyllic) alteration overprinting a relict K-feldspar alteration that host trace fine pyrite-chalcopyrite-magnetite mineralization. In addition, good ground preparation was observed, which is critical for ore deposit formation, with strong to locally intense fracturing infilled with late gypsum/anhydrite and calcite veining. Importantly, assay results confirmed the presence of anomalous copper, molybdenum and locally elevated gold over substantial intervals of approximately 200 m (news release Nov. 8, 2021).

About Mirasol Resources Ltd

Mirasol is a strategically positioned exploration company with over 20 years of operating, permitting and community relations experience in the mineral-rich regions of Chile and Argentina. Mirasol is currently self-funding exploration at the flagship Sobek copper-gold project located in the Vicuna copper-gold-silver district of northeast Chile while continuing to advance a strong pipeline of highly prospective early and mid-stage projects.

About San Lorenzo Gold Corp.

San Lorenzo is a mineral exploration company focused on unlocking high-value copper and gold opportunities in Chile's premier Mega porphyry belt.

Qualified person statement: Mirasol's disclosure of technical and scientific information in this press release has been reviewed and approved by Tim Heenan (MAIG), the president for the company, who serves as a qualified person under the definition of National Instrument 43-101.

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