Auxico Resources Canada Inc. announced that the Company has received approval of the Environmental Impact Assessment ("EIA") for its Minastyc Property, from the Colombian Environmental Authority, the Regional Autonomous Corporation of the Orinoquia (Corporinoquia). The Minastyc Property is located in Puerto Carreo, Vichada, Colombia, and is a 100% Company-controlled mineral rich project. The Minastyc Property has been identified by the National Mining Agency ("ANM" or Agencia Nacional de Minera) as a project of national interest for Colombia, positioning the country as a major mining investment destination in Latin America.

This approval follows the grant of a small-scale mining permit by the National Mining Agency of Colombia and authorization of the Company's work plan ("PTO" or Programa de trabajo y obras), as announced on May 16th, 2022. The EIA announcement is the culmination of a scientific process to identify aspects of the project that could be optimized and provide solutions allowing for a responsible mining operation. The approval of the EIA is a key milestone towards allowing the Company to move equipment on site, including heavy machinery for bulk sampling and a processing facility.

This approval enables the Company to advance its operation to the next phase and to complete the underlying licences and secondary permits necessary. The goal of the Company is to produce and export rare-earth elements, transition metals and post- transition metals such as tin from its Minastyc Property. With critical minerals and rare earth elements hosted in monazite sands on the property, at surface, this makes for a very advantageous geological structure which would allow the Company to initiate sales and export near term, with a limited infrastructure requirement.

With the granting of the EIA approval, Auxico can commence operations planning to put the Minastyc Property into small-scale mining production with the intention to achieve a volume of up to 300 tonnes per month.