Cerro de Pasco Resources Prepares for Next Phase as Technical and Permitting Work Advances at the Quiulacocha Project

PRESS RELEASE

Cerro de Pasco Resources Prepares for Next Phase as Technical and

Permitting Work Advances at the Quiulacocha Project

Montréal, Québec, Canada – December 10, 2025 – Cerro de Pasco Resources Inc.

(TSXV: CDPR) (OTCMKTS: GPPRF) (BVL: CDPR) is pleased to provide a comprehensive update on

the progress achieved at the Quiulacocha Tailings Reprocessing Project. This update reflects the

significant advancement of technical, environmental, geotechnical, and permi tting work

completed under Phase 1 and the transition into Phase 2. The Quiulacocha Project represents

the most strategically important tailings reprocessing and remediation initiatives in Peru, with the

potential to deliver both substantial resource value and long-term environmental benefits.

Phase 1 Achievements to Date

Drilling and Mineral Resource

Completion of a 40 -hole sonic drill program confirming metal grades and continuity across the

drilled area. Tendering and technical assessment of international contractors for Phase 2 drilling

is underway. The combined Phase 1 and Phase 2 datasets will sup port the mineral resource

estimate for the Quiulacocha tailings.

Mineralogy & Metallurgy

Extensive mineralogical and metallurgical test work is progressing across multiple international

laboratories to determine the most effective flowsheet for recovering metals into marketable

products.

Environmental Baseline Studies

Completion of wet season baseline studies and ongoing dry season assessments. These include

drone-based LiDAR, magnetometry, and photogrammetry, as well as water quality, biological,

geochemical, geotechnical, and hydrogeological monitoring.

Hydrogeology and Geotechnics

High resolution LiDAR, photogrammetry, and magnetometry surveys have been incorporated into

hydrogeological models and stability assessments. These results guide mine planning, re mining

method selection, and Phase 2 drilling infrastructure requirements.

Tailings Re-mining and final storage

Initial trade off assessments for long-term storage sites and re -mining methods have been

completed. Rheology and abrasivity testing confirm that Quiulacocha tailings can be efficiently

dredged and pumped at low cost.

Permitting and Approvals

Submission of the Phase 1 Results Report to initiate the regulatory process for Phase 2 drilling

and the formalization of tailings reprocessing rights beyond the El Metalurgista concession.

CDPR is fully funded to complete Phase 2 drilling and all ongoing metallurgical test programs

following its most recent financing.

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Upcoming Milestones

 Formalization of claim on entire tailings footprint

 Completion of integrated metallurgical program in Q1 2026

 Submission and approval of DIA or FTA for Phase 2 drilling

 Commencement of Phase 2 drilling

 Completion of hydrogeological and geotechnical models

 Selection of preferred long term tailings storage solution

 Advancement into pre-feasibility study

Executive Commentary

Guy Goulet, Chief Executive Officer, commented:

“Our team has made significant progress across the most comprehensive technical and

environmental program ever undertaken on the Quiulacocha Tailings Project. The results provide

strong confirmation of the project’s potential and position us well for the next stages of

engineering and development. With multiple laboratories, technical partners, and specialist

teams contributing to this effort, we are building a robust technical foundation for a long-term

value generating operation.

Few projects globally offer the combination of metal endowment, environmental benefit, and

development potential that we see at Quiulacocha. With the remaining administrative steps

moving forward, CDPR is preparing to advance into the feasibility phase and remains fully

committed to delivering this transformational project for our shareholders and for Peru. ”

Permitting and Approvals

In November 2025 the independent Mining Council, Peru’s highest administrative authority for

mining matters, issued two resolutions that provide a clear and affirmative basis for advancing

the final stages of the permitting process for the Quiulacocha Project. encompassing the entire

tailings footprint to achieve a comprehensive reprocessing and remediation solution. The

Council’s decisions formally set out the requirement for agreement between CDPR, owner of the

core tailings concession, and the State, hol der of legacy environmental responsibilities in the

area. They also clarify the administrative path for the Ministry of Energy and Mines to proceed with

the evaluation and formalization of CDPR’s Tailings Reprocessing Application. This recent

clarification creates alignment among the relevant authorities and supports a timely conclusion

of the remaining administrative steps. CDPR is engaging closely with the Ministry and anticipates

continued momentum as the permitting process advances toward completion.

Technical Program Update

The Quiulacocha Project continues to advance as a large-scale, long-life development supported

by a rigorous technical work program. Metallurgical and mineralogical testing across

international laboratories is defining the most effective multi product processing route. With the

integrated metallurgical program scheduled to conclude in the first quarter of 2026, CDPR is

assembling the technical foundation required for feasibility level engineering and economic

evaluation.

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Mineralogical and Geochemical Program

The mineralogy program includes quantitative mineralogy, sequential extractions, electron

microprobe work, laser ICP MS, flotation product mineralogy, and hydro separation for trace

mineral analysis. These tests help determine mineral associations, metal d eportment, and

factors influencing metallurgical recoveries. The work has been conducted across LTU in

Sweden, Montana Tech, Chilean laboratories, and Peruvian facilities.

Metallurgical Test Work Program

The metallurgical program aims to recover silver, zinc, lead, copper, and pyrite into saleable

concentrates, with additional focus on gold and gallium recovery pathways. The initial phase

centers on flotation and selective leaching to maximize metal recoveries.

Representative composite samples were generated based on metallurgical domains defined

through the 40-hole drilling campaign. Bench scale flotation tests have successfully produced

base metal concentrates followed by pyrite, with silver reporting across these products. Cleaner

stage testing is underway to optimize recoveries and concentrate grades.

The fine-grained nature of the tailings requires minimal grinding, offering potential operating cost

advantages. Specialized fine particle flotation technologies are being evaluated to enhance

recovery and grade.

Preliminary leaching tests demonstrate the potential to selectively recover silver and gold into a

distinct product stream. Pyrite concentrate optimization continues to support its potential

saleability or downstream processing into sulphuric acid.

The initial metallurgical phase is expected to conclude in Q1 2026, after which locked cycle tests

and variability testing will begin in Q2 2026.

Collectively, the results to date support the potential for a multi-product flowsheet designed to

maximize metal recovery while significantly reducing final tailings volumes.

Environmental Baseline Program

CDPR has completed its wet season environmental baseline and advanced dry season work,

including water quality monitoring, geochemical sampling, biological surveys, and physical

assessments. These datasets will form the foundation of the project’s Environm ental Impact

Assessment.

Reprocessing the Quiulacocha tailings has the potential to reduce long term environmental

liabilities, improve water and land conditions, and provide lasting remediation benefits to the

region.

In parallel with technical programs, CDPR continues to advance an equally rigorous

environmental workstream.

Hydrogeological and Geotechnical Studies

Drone based surveys across more than 5,000 hectares include high resolution LiDAR, detailed

photogrammetry, and regional magnetometry. These datasets feed into the hydrogeological

model and Digital Elevation Model of the region.

Preliminary stability assessments, including analysis of historical data and new measurements,

have been completed. Plate load testing, geotechnical sampling, and SCPTu measurements

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define the requirements for Phase 2 drilling, infrastructure planning, and long-term tailings

management.

This growing geotechnical and hydrogeological foundation is essential for mine planning, re -

mining method selection, and feasibility level design.

Re-mining and Final Tailings Storage Trade Offs

Technical studies continue across re -mining methods, material handling, hydrogeological and

geotechnical interpretation, and overall site layout planning. Laboratory work for rheology,

abrasivity, density, and geotechnical behavior was completed for ten composite samples from

the Phase 1 drilling program. These tests confirmed that the Quiulacocha tailings are pumpable

within an optimal solids concentration range of 65 to 75 percent by weight, supporting the

implementation of low cost dredging based extraction methods and providing meaningful

advantages for operational efficiency and water balance management.

Tailings storage trade off studies have evaluated storage capacity, land suitability, hydrology,

environmental considerations, and long-term operational requirements across several regional

locations. These evaluations will guide the selection of a preferred long term storage solution and

are key inputs for determining the optimal combination of re-mining, processing, and final tailings

placement strategies.

Phase 2 Drilling Program

The next drilling campaign will complete the geological, hydrogeological, and geotechnical

datasets required for feasibility level engineering. The combined Phase 1 and Phase 2 drilling

program includes approximately 116 drillholes across the Quiulacocha TSF , providing one-meter

samples and laboratory assays that will support the first Mineral Resource Estimate.

International drilling contractors have submitted proposals featuring amphibious platforms and

sonic capable rigs. Drilling will commence following approval of the Tailings Reprocessing

Application that grants tailings reprocessing rights beyond the El Metalurgista concession.

This drilling is a critical step toward feasibility level engineering and will complete the technical

dataset required for mine planning.

Technical Information

Mr. Alfonso Palacio Castilla, MIMMM/Chartered Engineer (CEng) and Project Superintendent for

CDPR, has reviewed and approved the scientific and technical information contained in this news

release. Mr. Palacio is a Qualified Person for the purposes of reporting in compliance with NI 43-

101.

About Cerro de Pasco Resources

Cerro de Pasco Resources is focused on the development of its one hundred percent owned El

Metalurgista mining concession in central Peru. The concession hosts silver -rich tailings and

stockpiles accumulated over more than a century of mining. The Company’s strategy is to

reprocess and remediate historic mining waste, unlocking value while supporting sustainable

development.

CDPR is committed to advancing Quiulacocha as a model for responsible tailings reprocessing,

environmental remediation, and sustainable value creation in Peru.

For more information, please visit www.pascoresources.com.

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Further Information

Guy Goulet, CEO

Telephone: +1 579 476 7000

Mobile: +1 514 294 7000

Email: [email protected]

Forward-Looking Statements and Disclaimer

Certain information contained herein may constitute “forward -looking information” under

Canadian securities legislation. Generally, forward -looking information can be identified using

forward-looking terminology such as “plans”, “seeks”, “expects”, “estima tes”, “intends”,

“anticipates”, “believes”, “could”, “might”, “likely”, “scheduled” or variations of such words or

statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will

be taken”, “occur”, “be achieved” or othe r similar expressions. Forward- looking statements,

including the expectations of CDPR’s management regarding the advancement, timing, scope

and completion of the Phase 1 and Phase 2 work programs at the Quiulacocha Tailings

Reprocessing Project; the anticipated timing, content and results of metallurgical, mineralogical,

environmental, hydrogeological and geotechnical test work and studies; the expected timing for

completion of the integrated metallurgical program, hydrogeological and geotechnical models,

and other technical datasets required for feasibility ‑level engineering and mine planning; the

preparation, timing and potential results of the first Mineral Resource Estimate for the

Quiulacocha tailings; and the expected benefits of tailings reprocessing; the timing, outcome

and impact of permitting and re gulatory processes, including the formalization of tailings

reprocessing rights beyond the El Metalurgista concession use of proceeds and the use of the

available funds following completion of the Offering, execution of the technical, environmental

and eng ineering programs and timing on when the proceeds will be used to meet the

Corporation’s objectives at the Quiulacocha Tailings Project, are based on CDPR’s estimates and

are subject to known and unknown risks, uncertainties and other factors that may caus e the

actual results, level of activity, performance or achievements of CDPR to be materially different

from those expressed or implied by such forward- looking statements or forward -looking

information. Forward -looking statements are subject to business an d economic factors and

uncertainties and other factors, that could cause actual results to differ materially from these

forward-looking statements, including the relevant assumptions and risk factors set out in

CDPR’s public documents, available on SEDAR+ at www.sedarplus.ca. There can be no

assurance that such statements will prove to be accurate, as actual results and future events

could differ materially from those anticipated in such statements. Although CDPR believes that

the assumptions and factors us ed in preparing the forward- looking statements are reasonable,

undue reliance should not be placed on these statements and forward -looking information.

Except where required by applicable law, CDPR disclaims any intention or obligation to update

or revise any forward-looking statement, whether as a result of new information, future events or

otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the

TSXV) accepts responsibility for the adequacy or accuracy of this news release.