Frankfurt Symbol 4LPP Aloro Announces Closing of Debt Settlement

P.O. Box 72011

Vancouver, BC V6R 4P2

Canada

Tel: (604) 689-5722

Email: [email protected]

December 24, 2021 TSX.V Symbol AORO

FRANKFURT Symbol 4LPP

ALORO ANNOUNCES CLOSING OF DEBT SETTLEMENT

ALORO MINING CORP. – (the “ Company” or “ Aloro”) is pleased to announce that, further to its

News Release of December 6, 2021, it has received approval from the TSX Venture Exchange to the

issuance of 3,841,134 common shares (each, a “ Share”) in settlement of $211,262.50 in management

and director fees and accounting services (the “Debt Settlement”), which Shares were issued effective

December 24, 2021. The Shares are subject to a statutory hold period expiring on the date that is four

months and one day after the closing of the Debt Settlement.

Each of Thomas Doyle, David Cross, Greg Burn ett and James Carter part icipated in the Debt

Settlement and are considered to be a “related par ty” within the meaning of Multilateral Instrument

61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and each issuance is

considered to be a “related party transaction” wi thin the meaning of MI 61-101 but each is exempt

from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as

the Company’s shares are not listed on a specif ied market and from the minority shareholder

approval requirements of MI 61-101 by virtue of th e exemption contained in section 5.7(a) of MI 61-

101 in that the fair market value of the consideration of the shares issued to each related party does

not exceed 25% of the Company’s market capitalization.

About Aloro Mining Corp.

Aloro holds the 3199-hectare Los Venados Project whic h is located in the Mulatos Gold District and is

directly adjacent to the active Mulatos open pit of Alamos to the south. Aloro also shares with

Alamos, common borders to the east and north. Th e western border is shared with Agnico Eagle

Mines Limited where it operates the La India open pit. The known mineralization within the Mulatos

District is gold-dominant, high sulfidation mineralized system, with accessory silver and copper.

ALORO MINING CORP.

Per: “Thomas A. Doyle”

Thomas A. Doyle

President & CEO

http://www.aloromining.com

For further information, please

contact:

Thomas A. Doyle

Phone: (604) 689-5722

Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.