Lara Exploration Ltd. provided an update on work at its Planalto Copper Project in Brazil. Fourth Quarter-2023 saw the completion of the 2023 drill program of 9,100m, linking the Homestead and Cupuzeiro discoveries into a single body of mineralization, with Final Exploration Reports then filed with the National Mining Agency ("ANM") on the two northern licenses, defining mineral resources to Brazilian standards for the Cupuzeiro mineralization and the Gap Zone linking it to the original Homestead discovery. The Company has now started work on resource estimates and plans to undertake further technical and environmental studies on the combined Homestead and Cupuzeir target in the coming months.

During Fourth Quarter-2023 the Company also received results of the preliminary metallurgical testwork for the Cupuzeiro Mineralization, undertaken on a master composite with a head grade of 0.46% Cu, a low-grade composite with 0.34% Cu and a high-grade composite with 0.85% Cu (all with minor amounts of gold). QUEMSCAN analysis showed the dominant sulphide mineral to be chalcopyrite, though unlike Homestead, this portion of the body also carries some pyrite. The primary gangue minerals are quartz, feldspar, biotite, and chlorite, with a notable percentage increase in the micas relative to quartz and feldspar in the higher-grade sample.

Copper recoveries of 88-92% were reported depending on grind size, with a similar performance for all three composites. Acquisition of the Zaspir license is now completed and subject only to a 2% NSR royalty on any production, half of which can be repurchased for USD 250,000. There is a final USD 50,000 option payment due to Anglo American Niquel Brasil Ltda ("Anglo") for the Tariana license at the end of First Quarter-2024 and then a 1.25% NSR royalty without buyback rights.

If the project is not in production by Second Quarter-2026, there is a penalty payment to Anglo of a further USD 50,000 and then minimum monthly royalty payments of USD 4,167 for the sooner of five years or when production starts.