Minera IRL Provides Corporate Update - Seite 2

The PEA reduced the capital requirements for Ollachea by nearly $100 million to a final start-up cost of $89 million (including a 25% contingency). This has unlocked financing opportunities that were out of reach under the previous scenario, which required an investment of approximately $250 million. Since the beginning of September, we have expanded our effort to finance Ollachea to include alternatives to straight debt or equity and we are currently engaged in active discussions with two operators that have expressed preliminary interest in a strategic alliance to develop Ollachea. These parties have already begun a due diligence review, including through the technical visits to our projects.

We anticipate that these due diligence reviews will continue through the end of the year and into 2022.   Although there can be no assurance that these parties will continue to be interested once they complete their due diligence reviews, we hope to receive initial non-binding indicative proposals during the first quarter of 2022.

NEW DIRECTOR

We are very pleased with the nomination of Mr. Martin Mount for election as an Independent Director at our 2021 Annual General Meeting scheduled for Tuesday, December 14, 2021, in Vancouver, B.C. Mr. Mount is a British Mining Geologist and Project Planning Engineer with more than 50 years of experience working in a variety of Mining Geology & Engineering applications, including mine exploration, and open pit and underground mining operations in Europe, Africa, and the Americas. He has spent half of his career in South America, particularly in Peru and Colombia, where he was part of the senior management team of long-standing and listed mining companies such as Volcan Compañia Minera S.A.A., Minsur S.A., and Sociedad Minera de Santander S.A.S. (Minesa).

Mr. Mount brings extensive experience in the conduct of due diligence, as well as in the preparation of technical audits and reports as required to meet the Australasian Joint Ore Reserves Committee Code (“JORC”) and the Canadian National Instrument 43-101 (“NI 43-101”). Mr. Mount is a “Qualified Person” as defined by JORC and NI 43-101 and we believe that this, combined with his experience as a geologist and in mine planning, will add yet another desirable technical component to our effort to advance our projects.