Auxico Resources Canada Inc. announced that it has signed a joint-venture agreement for high-grade tin trading operations in Colombia, which provides the Company with a 70% profit share on all sales of tin ore executed with Gracor S.A.S. This agreement represents a significant amount of tin and potentially a new source of sustainable revenue for the Company, with the objective of exporting a minimum of 100 tonnes per month of high-grade tin at average grades exceeding 65% tin content, which could potentially commence as of the end of December 2022. The 3-month bid price of tin per tonne is ± US$18,400 on the London Metal Exchange, effective October 26th, 2022. Gracor's principal business is the purchase of tin from the indigenous population in the state of Vichada, Colombia.

Gracor is purchasing ore rich in tin content, sourced from and hosted in alluvial sands on surface, on properties in close proximity to Auxico's Minastyc Property, located in Vichada, Colombia. Auxico will be providing Gracor with the working capital to increase its direct purchases and will sell tin according to international standards and in relation to offtake agreements already in place, including the previously announced offtake with Cuex Metal AG(see news release dated August 23rd, 2022) and other commercialagreements that are currently being negotiated. As reported in June 2021, Auxicoannounced the discovery of a high-grade tin-tantalum target area on its Minastyc Property (with titanium, niobium, scandium and hafnium credits) that has been subject to pit sampling (see news release dated June 24th, 2021, and Table 1).

Samples previously taken from the tin-tantalum target area were the result of pan concentration and screening, and were sent to Canada for analysis by Coalia Research Institute in Thetford Mines. Refer to the table below with results on three selected samples from the tin-tantalum area. Previously announced samples from pits on the Company-controlledproperty displayed test results of 33.75-62.13% tin content, inferring the development potential of a major tin operation in Colombia.

The Company has undertaken a series of tests including magnetic gravity and optical separation on the above samples to produce separate concentrates of tin, tantalum, scandium and hafnium in order to optimize the value of each concentrate.