Mr. Richard Lock reports

OROCO PROVIDES CORPORATE UPDATE

Oroco Resource Corp. has provided an update on its continuing corporate activities, including preparations for the phase 2 technical work on the Santo Tomas project. This update builds upon the Aug. 20 news release and subsequent Aug. 26 filing announcements that highlight the compelling economic case for Santo Tomas provided in its updated preliminary economic assessment, which case demonstrates a 22.6-year life-of-mine copper-molybdenum-gold-silver project featuring posttax economic metrics supporting a $1.48-billion (U.S.) posttax net present value.

Since the release of the updated PEA, Oroco has focused on the following:

• Monitoring and interpreting the recent legal decisions of the Supreme Court of Mexico, which limit the application of the 2023 amendments to the Mining Law, thereby providing additional certainty to the first instance amparo decisions obtained by the company, which confirmed the preservation of the company's previously existing rights in its Santo Tomas project mineral concessions;
• Monitoring closely the political and regulatory environment relating to open-pit mine development in Mexico under the federal administration of its new President Claudia Sheinbaum;
• A detailed examination of the new administration's socio-economic aims and targets for rural communities located in areas where new and expanded mining projects exist or may exist, with the specific goal of securing continued local, state and federal support for the company's future permitting activities;
• Defining and expanding the direct community investment opportunities complementary to the continued development of local social and political support for the future mine development at Santo Tomas;
• Defining the scope and activities of a phase 2 project technical program that would underpin an updated mineral resource estimate, specifically including elevated resource classifications and an expanded indicated resource at South zone sufficient to support a prefeasibility-study-level technical report;
• Identifying and pursuing strategic financing relationships tailored to increasing enterprise valuation and financing of the planned phase 2 work and project support programs;
• Identifying and resourcing an expanded and significantly more diversified distribution and wide-band shareholder engagement program, which will be based upon:
  • New forms of content, comprising enhanced detail and wider types of presentation;
  • Additional platform utilization with varied and targeted media relating to the technical and community merits of the Santo Tomas project.

Commenting on these postpreliminary economic assessment initiatives, chief executive officer Richard Lock stated: "Since releasing the updated PEA in August, 2024, we have focused on Mexico's regulatory transition to the Sheinbaum administrative policies while carefully defining our phase 2 technical and social targets and programs. We are very pleased with our current assessment regarding our outlook for the project. With the opportunity to focus more on certain considerations external but necessary to the technical development of the project, we have gained a highly positive view regarding the future social and technical initiatives for the company.

"Santo Tomas is proving to be one of the most capital-efficient, large-scale, low-cost copper projects in the world."

About Oroco Resource Corp.

The company holds a net 85.5-per-cent interest in those central concessions that comprise 1,173 hectares, the core concessions, of the Santo Tomas project, located in northwestern Mexico. The company also holds an 80-per-cent interest in an additional 7,861 hectares of mineral concessions surrounding and adjacent to the core concessions (for a total project area of 9,034 hectares, or 22,324 acres). The project is situated within the Santo Tomas district, which extends up to the Jinchuan group's Bahuerachi project, approximately 14 kilometres to the northeast. The project hosts significant copper porphyry mineralization initially defined by prior exploration spanning the period from 1968 to 1994. During that time, the project area was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 metres. Commencing in 2021, Oroco conducted a drill program (phase 1) at Santo Tomas, with a resulting total of 48,481 metres drilled in 76 diamond drill holes.

The drilling and subsequent resource estimates and engineering studies led to a revised mineral resource estimate and updated PEA being published and filed in August, 2024. The revised MRE released with the updated PEA included an updated mineral resource for the North and South zones of the Santo Tomas project, identifying indicated and inferred resources of 540.6 million tonnes of 0.37 per cent copper equivalent and 530 million tonnes of 0.35 per cent CuEq, respectively.

The project is located within 170 kilometres of the Pacific deepwater port at Topolobampo, and is serviced by highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached, in part, by a 32-kilometre access road originally built to service Goldcorp's El Sauzal mine in Chihuahua state.

We seek Safe Harbor.