CDB.V · 2023-12-18 12:00:00

Cordoba Minerals Proudly Announces the Completion of the NI 43-101 Feasibility Study for the Alacran Project in Colombia The 2023 Feasibility Study Results Demonstrate an Economically Attractive Project, with an After-Tax Net Present

Economic Studies

Cordoba Minerals Proudly Announces the

Completion of the NI 43-101 Feasibility Study

for the Alacran Project in Colombia

The 2023 Feasibility Study Results Demonstrate an

Economically Attractive Project, with an After-Tax Net Present

Value of US$359 Million, and an Internal Rate of Return of

23.8% with a Payback Period of 3 Years

Vancouver, British Columbia--(Newsfile Corp. - December 18, 2023) - Sarah Armstrong-Montoya,

President and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF)

("Cordoba" or the "Company"), is pleased to announce that Cordoba has completed a Feasibility Study

("Feasibility Study") prepared in accordance with the National Instrument 43-101 -

Standards of

Disclosure for Mineral Projects

("NI 43-101") for the Company's flagship Alacran Project ("Alacran or

Project"). The Board of Directors for Cordoba unanimously approved the completion and filing of the

Feasibility Study on December, 14, 2023. Information from the Feasibility Study has been used as the

basis for the Environmental Impact Assessment ("EIA").

The Alacran Project is situated in the municipality of Puerto Libertador, which is approximately 390 km

northwest of Bogotá, and 160km north of Medellín in Colombia, amongst 22 mining concessions owned

by the Company, of which, 5 licenses are part of the Alacran Project. The Company conducted several

exploration programs between 2012 and 2023, consisting of geological mapping, geochemical

sampling, geophysical surveys, and various drilling campaigns, that supported the completion of the

2019 Preliminary Economic Assessment, the 2022 Pre-Feasibility Study, and the current 2023

Feasibility Study, which marks the beginning of the development phase for the Project.

Key highlights of the Feasibility Study:

Initial Capital Cost ("CAPEX") is estimated to be approximately US$420.4 million for the

construction of a conventional truck-shovel open pit mine;

The Project is anticipated to hold an after-tax Net Present Value ("NPV") of US$360 million with an

Internal Rate of Return ("IRR") of 23.8% and a payback period of 3 years;

The Project's mine life is projected to be 14.2 years in addition to the estimated two years of

construction and pre-production mining, of which, freshly mined ore will be stockpiled alongside

historical tailings;

The life of mine ("LOM") cash costs for copper, net of by-product, is US$1.35/lb with by-product

credits at US$1.31/lb, and a total LOM cash cost at US$2.66/lb; (cash costs excludes sustaining

capital);

The average mining rate for the project is projected to be 39.5 Mt of mined material per year of

which ore material will be fed to dual processing plants consisting of a main processing facility for

fresh and transition material, and a separate wash gravity plant for saprolite ore and historical

tailings;

The Company filed the EIA application with the relevant Colombian Government authority on

December 11, 2023 and was issued the official filing number on December 12, 2023;

In accordance with the Strategic Framework Agreement ("Strategic Agreement") signed with joint-

development partner JCHX Mining Management Co., Ltd. ("JCHX"), the second installment of

US$40 million will be payable by JCHX to the Company within ten business days subsequent to

the approval of the Feasibility Study by the Cordoba Board of Directors and the filing of the EIA

application (see further details below).

A technical report prepared in accordance with NI 43-101 will be filed on SEDAR+ at

www.sedarplus.com

and on Cordoba's website at

www.cordobaminerals.com

within 45 days of the

issuance of this news release. Readers are encouraged to read the technical report in its entirety,

including all qualifications, assumptions and exclusions that relate to the details summarized in this news

release. The technical report is intended to be read as a whole, and sections should not be read or

relied upon out of context.

The information from the Feasibility Study forms the basis for the comprehensive EIA study which is

required by Colombian law, and the official notification of receipt of application from the environmental

authority commences the review process of the EIA application. Leading up to the filing of the EIA,

ongoing communication by means of support and technical workshops with the relevant government

authorities has enabled a smooth and expedited application filing.

"The filing of the EIA in conjunction with the completion of the Feasibility Study for Alacran officially

commences the next chapter for Cordoba as we transition from a pure exploration company to a

development enterprise, which is a landmark milestone achieved through the unequivocal dedication by

the Cordoba team and unwavering support from our shareholders and stakeholders," commented Ms.

Sarah Armstrong-Montoya, President and CEO of Cordoba.

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Project Economics Largely Consistent with Pre-Feasibility Guidance

The Feasibility Study reinforces the majority of metrics and economic figures presented in the

2022 Pre-Feasibility Study ("PFS"):

2022 Pre-Feasibility Study

2023 Feasibility Study

After Tax

Pre Tax

After Tax

Pre Tax

Total Initial Capital Costs

US$435 M

US$420.4 M

NPV (8% discount)

US$415 M

US$735 M

US$360 M

US$633 M

IRR

25.40%

36.10%

23.8%

33.9%

Payback

2.9 Years

2.2 Years

3.0 Years

2.3 Years

2022 PFS Long term consensus pricing for Cu was US$3.60/lbs, Au was US$1,650/oz, Ag was US$21/oz

2023 FS Long term consensus pricing for Cu is US$3.99/lbs, Au is US$1,715/oz, Ag is US$22.19/oz

The initial CAPEX contains direct and indirect costs, including:

an open pit mine development, along with the required equipment fleet, and support infrastructures

and services;

a conventional Semi-Autogenous Ball Mill Crusher ("SABC") circuit and flotation process plant

producing a Copper ("Cu") concentrate and a high-grade Gold ("Au"), and Silver ("Ag")

concentrate with supporting infrastructures and services (see further details below);

a separate wash gravity plant for the processing of saprolite ore and historical tailings will produce

a high-grade Au and Ag concentrate (see further details below);

a co-disposal waste rock with thickened tailings Waste Management Facility ("WMF");

other on-site infrastructures including potable and sewage water treatment, electrical substation,

and distribution, shops, and other general facilities; and

relevant off-site infrastructures.

The Detailed Engineering Phase for the Alacran Project to Begin Immediately

Detailed mine engineering and design work is planned to commence in early 2024, with early

engineering targeting a completion date late in Q2 2024. The feasibility level of engineering work, which

depicts approximately 30-40% of the total engineering tasks required for the Project had already been

carried out to support the CAPEX calculations for the Feasibility Study.

The Feasibility Study envisions a relatively low surface footprint with the main infrastructure components

comprising of the mine and processing plant, site accommodation facilities, a tailings waste

management facility, external and internal access roads, power supply and distribution, freshwater

supply and distribution, and process water supply and distribution.

The Feasibility Study concluded that the mine will have an average mining rate of 39.5 Mt of total mined

material per year. The extracted ore material from the open pit mine will use conventional crushing,

flotation, re-grinding, and gravity concentration as the primary method of processing through a dual plant

facility featuring:

a mill throughput rate of 17,600 t/d for the main facility processing the fresh and transition material;

a gravity wash plant throughput rate of 2,400 t/d of saprolite material and 1,200 t/d of historical

tailings material;

a Non-Potentially Acid Generating ("NPAG") waste rock borrow area to provide initial quantity of

NPAG waste rock for the WMF embankment; and

a two-year pre-production mining period to coincide with the WMF initial development.

The WMF will consist of a valley-type impoundment to provide permanent storage for co-disposal of

Potentially Acid Generating ("PAG") tailings and PAG/Uncertain waste rock. Thickened PAG tailings will

be delivered to the WMF at a design solids content of approximately 55% by mass. PAG and Uncertain

waste rock from open pit development will be hauled to the WMF. A portion of the PAG and Uncertain

waste rock excavated from open pit development will be encapsulated into the perimeter embankments,

and the remainder will be placed within the WMF basin and covered with tailings. Saprolite and NPAG

waste rock from open pit mine development will be primarily used to construct the WMF embankments

and downstream buttresses.

Selection Process for the Detailed Design and the Engineering and Procurement Contractor(s)

has Commenced

An in-person workshop to initiate the detailed engineering phase of the Alacran Project between

Cordoba and JCHX has been scheduled for January 2024.

On December 8, 2022, Cordoba and JCHX announced that the parties had entered into the Strategic

Agreement for the joint-development of the Alacran Project, with JCHX purchasing a 50% ownership

interest in the Project for an aggregate consideration of US$100 million (approximately C$134 million).

The purchase consideration was agreed to be fulfilled upon the achievement of the following milestones:

US$40 million upon closing of the transaction;

US$40 million upon a Cordoba board approved Feasibility Study of the Alacran Project, and the

submission of the EIA to the Colombian Government;

US$20 million upon the approval of the EIA.

According to the Strategic Agreement, JCHX (or its affiliate) has the right of first offer to bid on the

Engineering, Procurement and Construction ("EPC") and Detailed Design Agreement contracts,

provided that Cordoba has the right to open the process out to competitive tender; of which, JCHX will

have the right to match any competitive bid.

Procurement activities will be prioritized to schedule critical items for the construction of the

mine and the estimated lead times are as follows:

Description

Lead Time

(ARO, weeks)

Ex works / FCA / CIF

(Days)

Shipping

(Days)

Origin

SAG and Ball Mills

300

China

Pebble Crusher

300

China

Jaw Crusher

300

China

Rock breaker

120

Chile

Apron feeders

252

China

Conveyors

480

China

Electromagnets

210

Brazil

Jameson cells

273

Vietnam & Australia

Flotation cells

266

China & Europe

Hydrocyclones

294

China

Bridge crane

140

Colombia

Concentrate thickener

280

China & India

Regrind mill

300

China

Concentrate filter

180

Peru

Lime plant

245

Peru

Knelson gravity concentrators

186

China & USA

Vibrating screens

217

Brazil

Prefabricated electrical rooms

360

Peru

Note: Lead time includes marine transport to Barranquilla port

Source: DRA Global Limited, 2023

Ms. Sarah Armstrong-Montoya, President and CEO of Cordoba, further commented, "Given our partner

JCHX's deep experience in mine construction, development, and contract mining, we are very confident

that the Company will be able to swiftly compose the most optimal plan and assemble the best possible

team to promptly bring the Alacran Project online."

Construction Financing Assessment is Underway

A comprehensive process to assess funding options for the Project has already commenced, with all

combinations of financial instruments currently being evaluated to deliver optimum value for the Project.

The 2023 Feasibility Study Provides Further Confidence on the Capability of the Alacran

Project

The results from the 2023 In-Fill Drilling Campaign ("in-fill drilling") reinforces the consistency between

the 2023 Feasibility Study and 2022 Pre-Feasibility Study mineral resource block models by intersecting

grades broadly consistent with those previously predicted (see Annexure 1 for details).

This in-fill drilling campaign surpassed its original target of 40,000 metres and completed a total of

44,889.75 metres in 233 diamond drill holes. The results from the in-fill drilling along with various

metallurgical testing further confirmed the continuity of the mineralization zone amongst the Alacran

orebody which displays consistent Cu, Au and Ag mineralization.

Jaime Aroca, Chief Geologist, with Anibal Quintero, a member of the drilling team to inspect the core

barrel and monitor the quality of the core samples at the Alacran Project.

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Symbolic intercepts from the in-fill drilling campaign include:

ACD195 at 71.11 metres ("m") from 48.89 m to 120 m with 0.98% Cu, 0.34 g/t Au and 6.16 g/t Ag,

or 1.15% Cu equivalent

("CuEq").

ACD204 at 130.9 m from 18 m to 148.9 m with 0.4% Cu, 0.13 g/t Au and 3.06 g/t Ag, or 0.47%

CuEq

, including:

1.3 m from 18 m to 49.3 with 0.88% Cu, 0.28 g/t Au, 6.10 g/t Ag, or 1.02 % CuEq

; and

47.5m from 69.4 m to 116.9 m with 0.38 % Cu, 0.15 g/t Au and 3.24 g/t Ag, or 0.46% CuEq

ACD204 at 42.8 m intersected a fossiliferous limestone that has been reported in previous holes,

where chalcopyrite and pyrite mineralization replace bivalve shells.

Hole ACD204 at 42.8 m.

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ACD202 at 99.82 m intersected a thin Carbonate Base Metal vein that is approximately 1.0-m

thick. This was within a 1.2 m interval from 99 m to 100.2 m and returned 2.63% Cu, 2.94 g/t Au

and 29.9 g/t Ag.

Hole ACD202 at 99.82 m.

To view an enhanced version of this graphic, please visit:

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Lab-scale gravity testing from the fresh, transition, saprolite, and historical tailings materials confirmed

the recovery of both gold and silver from all material types. While the flotation testing within the fresh and

transition material confirmed that copper, gold, and silver can be recovered. The combination of the lab

and specific gravity testing on the saprolite material confirmed a lower overall density when compared to

the material tested during the 2022 Pre-Feasibility Study.

2023 Mineral Resource Statement

Grade Tonnage:

Classification

Deposit

Tonnes (t)

Cu (%)

Au (g/t)

Ag (g/t)

Indicated

Alacran

96,700,000

0.42

0.24

2.69

Historic Tailings

2,756,000

0.28

0.89

Costa Azul

Montel East

Montel West

Total

99,456,000

0.41

0.24

2.65

Alacran

1,572,000

0.09

0.18

3.86

Inferred

Historic Tailings

Costa Azul

10,421,000

0.23

0.18

0.62

Montel East

9,335,000

0.31

0.23

1.13

Montel West

10,511,000

0.09

0.36

1.14

Total

31,839,000

0.20

0.25

1.10

Metal Content:

Classification

Deposit

Tonnes (t)

Cu (lb)

Au (oz)

Ag (oz)

Indicated

Alacran

96,700,000

904,532,300

740,300

8,394,100

Historic Tailings

2,756,000

25,100

78,400

Costa Azul

Montel East

Montel West

Total

99,456,000

904,532,300

765,400

8,472,500

Inferred

Alacran

1,572,000

3,183,800

9,100

168,000

Historic Tailings

Costa Azul

10,421,000

53,782,000

58,800

209,200

Montel East

9,335,000

63,548,000

67,800

338,500

Montel West

10,511,000

20,583,900

123,300

385,200

Total

31,839,000

141,097,700

259,000

1,100,900

Refer to Annexure 2 for Notes on Mineral Resources.

2023 Mineral Reserve Statement