Cordoba Minerals Corp. reported remaining assay results received from the initial in-fill drilling program at the 100%-owned San Matias Copper-Gold-Silver Project. Initial in-fill drill results confirm the strong correlation with the Pre-Feasibility Study (‘PFS') block model and will be included in an updated mineral resource model.

Initial in-fill drilling confirms the correlation with the PFS block model and Carbonate Base Metal veins offer significant upside for contained gold in the Alacran Deposit. Cordoba has completed 27,726 m in 142 diamond drill holes for the initial in-fill drilling campaign. Assay results from the remaining drill holes continue to demonstrate high-grade copper-gold mineralization within the core of the Alacran Deposit as predicted by the PFS block model.

Drill holes ACD156 and ACD157 tested the upper and base parts within 'Unit 2' of the Alacran Deposit, which has highly enriched grades of copper, gold and silver mineralization. ACD156 intersected high-grade semi-massive and massive sulfide replacing carbonaceous mudstones, and ACD157 intersected disseminated and semi-massive sulfide hosted by a tuff unit. Additional shallow high-grade copper-gold intercepts that are similar to ACD 156 and ACD 157 were also returned from the initial in-fill drill results previously announced on October 25, 2022, and December 5, 2022.

These assay results will be included in the next mineral resource model update. It is anticipated that the Feasibility Study will provide an analysis on the potential for early access to the shallow high-grade zones. The initial in-fill drilling program also intersected multiple Carbonate Base Metal (‘CBM') veins, which could offer significant upside for contained gold in the Alacran Deposit.

These CBM veins have shown close geological correlation with the vertical high-grade domains in the PFS block model and will be modelled further for potential inclusion in the resource model. With the completion of the initial in-fill drilling program, future in-fill drilling will now be focused on the peripheral in-fill areas of the Alacran Deposit to estimate the life of mine average grade of the Deposit. The technical information in this release has been reviewed, verified and approved by Mark Gibson, P.Geo., a Qualified Person for the purpose of National Instrument 43-101 - Standards of Disclosure for Mineral Project (‘NI 43-101').

Mr. Gibson is the Chief Operating Officer of Cordoba and of Ivanhoe Electric Inc., Cordoba's majority shareholder, and is not considered independent under NI 43-101. Mr. Gibson verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein. Cordoba uses ALS Minerals Laboratory in Medellin, Colombia, ALS Minerals Laboratory in Lima, Peru, and SGS Colombia S.A.S in Medellin, Colombia.

These labs operate in accordance with ISO/IEC 17025. Cordoba employs a comprehensive industry standard Quality Assurance/Quality Control (QA/QC) program. PQ and HQ diamond drill core is cut lengthwise into 3 fractions, 1/4 is sent to geochemistry, half is sent to metallurgy, and 1/4 is left behind in a secure facility for future assay verification.

Some sample shipments are delivered to ALS Minerals Laboratory in Medellin, Colombia where the samples are prepared. Analysis occurs at the ALS Minerals Laboratory in Lima, Peru. Alternate sample shipments are delivered to SGS Colombia S.A.S in Medellin, Colombia where the samples are prepared and analyzed.

Both analytical labs determine the gold by a 50 g fire assay with an AAS finish. An initial multi- element suite comprising copper, molybdenum, silver, and additional elements are analyzed by four-acid digestion with an ICP-MS finish. All samples with copper values over 10,000 ppm and gold greater than 10 ppm are subjected to an over limit method for higher grades, which also uses a four-acid digest with an ICP-ES finish, and fire test with gravimetric finish.

Certified reference materials, blanks, and duplicates are randomly inserted at the geologist's discretion and QA/QC geologist's approval into the sample stream to control laboratory performance (15%).