Mantaro Precious Metals Corp. provided an update as to the status of the maiden resource estimate at the Company's Golden Hill Property, Bolivia. Recently, the Company's independent qualified person, Mr. Juan Manuel Morales-Ram Ramirez (BSc, MSc, P.Geo), completed the necessary site visit and data verification necessary to complete the independent technical report on the Golden Hill Property.

Accordingly, the Company is targeting the mineral resource estimate to be completed this month of June 2023. Mr. Morales-Ram Ramirez is a highly seasoned independent geologist with over 40 years of experience in most commodities and deposit types throughout North, Central and South America. Mr. Morales- Ram Ramirez has experience with gold mineralized bulk and vein-style gold systems from grass roots exploration through resource definition to prefeasibility study.

The independent technical report will be co-authored by P&E Mining Consultants Inc. ("P&E") who will be responsible for the mineral resource estimation. P&E has successfully completed over 350 geological and mine engineering consulting reports, mineral resource estimate technical reports, preliminary economic assessments, and pre-feasibility studies. The mineral resource estimate will be centered on La Escarcha prospect, which is one of four vein swarms hosted along a regional shear structure that were historically mined for gold.

Of the 3009 m maiden program completed by the Company, 14 holes totaling 2405 m were drilled at La Escarcha, with the remainder drilled as scout reconnaissance holes at other prospects. Drilling at La Escarcha focused on a strike length of only 400 m to a vertical depth of generally <100 m. In addition to the mapped vein swarms, there are an additional 6+ km of untested regional structures that are shedding alluvial gold in many places. The Company completed a maiden 21 hole diamond drill program totaling 3009 m at the Golden Hill Property in 2022.

Results from the maiden program at La Escarcha included: 3.57 g/t gold over 14.00 m (including 4.91 g/t gold over 8.80 m) from 105.0 m in GH0005. 8.27 g/t gold over 3.40 m (including 11.82 g/t gold over 2.02 m) from 67.60 m in GH0005. 7.57 g/t gold over 5.00 m (including 10.16 g/t gold over 3.66 m) from 87.00 m in GH0005.

2.70 g/t gold over 15.02 m (including 8.47 g/t gold over 3.10 m) from 64.53 m in GH0008. 6.46 g/t gold over 4.0 m (including 12.73 g/t gold over 2.00 m) from 76.00 m in GH0006.