Mantaro Precious Metals Corp. announced that it has received a notice of termination from Luis Fernando Kinn Cortez (the "Optionor") terminating the option agreement dated August 23, 2021 (the "Option Agreement") among the Company, Mineral Golden Hill S.R.L. ("MGH") and the Optionor. Under the terms of the Option Agreement, the Company had the right to earn up to an 80% interest in the Golden Hill Property.

Concurrent with the delivery of the notice of termination, Mr. Kinn Cortez also resigned as a director of the Company. Under the Option Agreement, the Company will retain a 2% net smelter royalty on the Golden Hill Property, which may be repurchased by MGH with a one-time payment of USD 1,000,000. Future exploration programs by the Company will focus on the high-grade Santas Gloria Silver Property, which is located in the Miocene epithermal gold-silver belt of Peru.

The Company's previous exploration program resulted in very high silver grades (>10,000 g/t Ag in underground channel samples) and unusually high gold grades (up to 56 g/t Au in surface channel samples). Subject to raising additional financing, the Company plans to carry out a 2500 diamond drill program on the 10 pads constructed at Santas Gloria. Drilling will initially target the strike and depth extensions of high-grade gold-silver-base metal mineralized segments of the Tembledara, San Jorge, Paquita and Maribel veins, which have been defined by channel sampling of surface veins and underground workings.