Daura Gold Commences Exploration at Latin Metals’ Cerro Bayo Project, Santa Cruz Province, Argentina Announces $1.79 Million Option and Warrant Exercise
Daura Gold Commences Exploration at Latin Metals’
Cerro Bayo Project, Santa Cruz Province, Argentina
Announces $1.79 Million Option and Warrant Exercise
NR25-22 December 22, 2025
Vancouver, B.C. – Latin Metals Inc. ("Latin Metals" or the "Company") (TSXV: LMS)
(OTCQB: LMSQF) reports that option partner Daura Gold Corp. ("Daura") (TSXV: DGC) has
commenced induced polarization ("IP") geophysical surveying across the Cerro Bayo gold-silver
project (the "Project") (Figure 1) in the Deseado Massif, Santa Cruz Province, Argentina. Daura
has an option (the "Option") to earn up to 80% interest in the Project (see previous news release
dated November 3, 2025), and the geophysical work forms part of Daura’s initial commitments
under the Option.
Program Highlights
• Pole–Dipole IP profiling and gradient array surveys underway across priority structural
corridors.
• IP will refine nine high-priority, fully permitted drill target areas previously defined
through geochemistry, mapping, IP, and >100 line-km of magnetics.
• Drilling preparation ongoing; Daura is preparing for a 1,500-meter initial drill program
beginning in early 2026.
Advancing a Fully Permitted, High-Grade System
Cerro Bayo is fully drill-permitted following the approval of the Environmental Impact
Assessment ("EIA") (Informe de Impacto Ambiental Etapa de Exploracion Cerro Bayo), in March
2025, authorizing 21 drill platforms. Previous work, including mapping, rock sampling, and a
detailed magnetic survey — has defined a 6-kilometre-wide structural basin with multiple low-
sulfidation epithermal vein targets.
Daura’s current IP work is designed to refine the geometry of silicified and resistive zones
identified in earlier surveys, providing improved resolution ahead of drilling. These features are
consistent with preserved upper levels of a low-sulfidation epithermal system, similar to those
hosting high-grade deposits elsewhere in the Deseado Massif.
Keith Henderson, President & CEO, commented:
"Our partnership with Daura Gold continues to advance Cerro Bayo. Geophysical surveying
marks the next step toward early-2026 drilling and reinforces the strength of our prospect
generator strategy. We are pleased to see rapid progress toward testing these high-grade
epithermal targets while preserving shareholder value."
NR25-22 Continued 2 December 22, 2025
1 Sillitoe, R. H. & Hedenquist, J. W. (2003). Linking gold deposits to mineral systems
2 Goldcorp Reserves & Resources Report
3 Hochschild Mining Reports
Figure 1: Location of extensive Induced polarization surveys at Cerro Bayo
Strategic Position in the Deseado Massif
Cerro Bayo and La Flora are located in the heart of the Deseado Massif, a prolific region with over
600 million ounces of silver and 20 million ounces of gold discovered since 1990. (1) The district
hosts multiple producing mines and advanced-stage projects, including:
• Newmont’s Cerro Negro Mine (~7 Moz AuEq) (2)
• Hochschild’s San Jose Mine (~64 Moz AgEq) (3)
Cerro Bayo’s geological setting, structural controls, and alteration footprint are consistent with
known high-grade gold-silver systems in the region.
Readers are cautioned that the mineral deposits discussed above are adjacent properties and
that Latin Metals has no interest in or right to acquire any interest in the deposits, and that
mineral deposits on adjacent or similar properties, and any producti on therefore or economics
with respect thereto, are not in any way indicative of mineral deposits on Latin Metals’ Cerro
NR25-22 Continued 3 December 22, 2025
1 Sillitoe, R. H. & Hedenquist, J. W. (2003). Linking gold deposits to mineral systems
2 Goldcorp Reserves & Resources Report
3 Hochschild Mining Reports
Bayo property or the potential production from, or cost or economics of, any future mining of
any of Latin Metals’ mineral properties.
Daura Option Payment Received
The Company also reports that pursuant to the Option, it has received payment of US$200,000,
paid in shares at Daura’s election, resulting in the issuance to Latin Metals of 744,992 common
shares of Daura, at a deemed price of $0.37.
Warrant and Option Exercises
Latin Metals also reports that it has received aggregate proceeds of approximately $1.79 million,
consisting of $0.57 from the exercise of stock options and $1.22 million from the exercise of
warrants. A significant portion of the warrants were exercised at prices effectively at prevailing
market levels, reflecting continued shareholder confidence in the Company’s strategy.
The Company operates with a disciplined annual budget aimed at minimising shareholder
dilution. With these proceeds added to the treasury, Latin Metals is well-funded moving into
2026.
Keith Henderson, President and CEO of Latin Metals, commented: "We appreciate the continued
support from shareholders, directors and management who have exercised their options and
warrants. These proceeds strengthen our balance sheet as we progress key corporate initiatives,
including the proposed spin-out transaction. "
About Latin Metals
Latin Metals Inc. is a copper, gold and silver exploration company operating in Peru and Argentina
under a prospect generator model, minimizing risk and dilution while maximizing discovery
potential. With 18 projects, the company secures option agreements with major mining
companies to fund exploration. This approach provides early-stage exposure to high-value
mineral assets. Latin Metals is actively seeking new strategic partners to advance its portfolio.
Stay Connected
Follow Latin Metals on YouTube, X, Facebook, LinkedIn and Instagram to stay informed on our
latest developments, exploration updates, and corporate news.
Qualified Person
Eduardo Leon, QP, is the Company's qualified person as defined by NI 43-101 and has reviewed
the scientific and technical information that forms the basis for portions of this news release. He
has approved the disclosure herein. Mr. Leon is not independent of the Company, as he is an
employee of the Company and holds securities of the Company.
On Behalf of the Board of Directors of
NR25-22 Continued 4 December 22, 2025
1 Sillitoe, R. H. & Hedenquist, J. W. (2003). Linking gold deposits to mineral systems
2 Goldcorp Reserves & Resources Report
3 Hochschild Mining Reports
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company, readers are referred to the Company's website (www.latin-
metals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.com.
For further information, please contact:
Keith Henderson
Suite 870 – 320 Granville Street,
Vancouver, BC, V6C 1S9
Elyssia Patterson, VP Investor Relations
Email: [email protected]
Phone: 778-683-4324
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including,
without limitation, statements regarding the exercise of the Option and the Top-Up Right by Daura, the entering into of the Joint
Venture, the fulfilment of the irrevocable work and payment commitments by Daura, future exploration on the Properties, the
anticipated content, commencement, timing and cost of exploration programs in respect of the Properties and otherwise,
anticipated exploration program results from exploration activities, and the Company's expectation that it will be able to enter
into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral
deposits/resources/reserves on the Properties, and the anticipated business plans and timing of future activities of the Company,
are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words
such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates",
"believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions,
events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements
in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals
will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory
approvals in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of
financing on suitable terms for the development, construction and continued operation of the Company projects, and the
Company’s ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to differ materially from any future results, performance or achievements expressed
or implied by the forward-looking information. Such risks and other factors include, among others, the expectations and beliefs
of the Company that the Option and Top-Up Right will be exercised and Joint Venture formed in accordance with the terms of the
Letter Agreement, that all irrevocable work and payment commitments by Daura will be met, operating and technical difficulties
in connection with mineral exploration and development and mine development activities at the Properties, including the
geological mapping, prospecting and sampling programs being proposed for the Properties (the "Programs"), actual results of
exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing and
amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new
deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of
precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and
NR25-22 Continued 5 December 22, 2025
1 Sillitoe, R. H. & Hedenquist, J. W. (2003). Linking gold deposits to mineral systems
2 Goldcorp Reserves & Resources Report
3 Hochschild Mining Reports
market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes
to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company
to obtain any necessary permits, consents or authorizations required, any current or future property acquisitions, financing or
other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency
fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation,
environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions,
as well as those factors discussed under the heading as well as those factors discussed under the heading “Risk Factors” in the
Company’s annual management’s discussion and analysis and other filings of the Company with the Canadian Securities
Authorities, copies of which can be found under the Company’s profile on the SEDAR+ website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the
Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by
reference herein.
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