VANCOUVER - Infinito Gold Ltd. ('Infinito') (NEX: IG.H) has filed with the International Centre for the Settlement of Investment Disputes a request for partial annulment of the arbitral award dated June 3, 2021.

That award was rendered in Infinito's arbitration case against the Republic of Costa Rica under the Agreement between the Government of Canada and the Government of Costa Rica for the Promotion and Protection of Investments (the 'BIT') relating to the cancellation of the Crucitas Gold Mining Project (the 'Project) located in northern Costa Rica. The arbitral tribunal agreed with Infinito that Costa Rica breached its obligations to treat Infinito's investments fairly and equitably, as Costa Rica is required to do under the BIT. Costa Rica breached the BIT by enacting a mining ban in 2011 (the '2011 Mining Ban') and cancelling the mining concession relating to the Project through a ministerial resolution in 2012 (the '2012 Resolution'). However, the arbitral tribunal went on to find that Infinito is not owed damages, owing to events predating those measures.

It decided not to award damages because a moratorium put in place in 2010 would have prevented the project from obtaining an exploitation concession even if the 2011 Mining Ban and the 2012 Resolution had not applied.

The tribunal also stated that it did not have sufficient information before it to quantify the value the Project would have had if the 2011 Mining Ban and the 2012 Resolution had not been applied to it. Infinito has requested that the arbitral tribunal's decision not to award damages for the loss of the Project be annulled on the grounds that the arbitral tribunal seriously departed from a fundamental rule of procedure in deciding not to award damages, by denying Infinito the opportunity to provide evidence valuing the Project in the scenario where the 2011 Mining Ban and the 2012 Resolution did not apply to it, and by seriously disregarding evidence it did have before it that the Project had substantial value in that scenario. Infinito also argues that the award should be annulled because it fails to provide reasons supporting its decision that the Project had no value in that scenario.

If the application for partial annulment is successful, Infinito would be permitted to resubmit its claim for damages to a newly constituted arbitral tribunal. If permitted to proceed, the resubmitted arbitration claim would provide updated valuation evidence quantifying the value the Project would have had in the scenario in which the 2011 Mining Ban and the 2012 Resolution had not been applied to the Project. This evidence would emphasize the fact that, at the time the 2011 Mining Ban came into effect, the Project had a bankable feasibility study in place demonstrating significant gold and silver reserves and resources.

Caution Regarding Forward-Looking Information and Statements

Certain statements in this press release address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These factors include, among others, Infinito's evaluation of its legal rights and strategic options, developments, if any, in relation to the arbitration claim against the Government of the Republic of Costa Rica and the timing and nature of further legal action, if any, in Costa Rica. These statements are made as of the date of this release but Infinito undertakes no obligation to update these forward-looking information or statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking information or statements.

Contact:

Erich Rauguth

Tel: (867) 687-3468

Email: er.infinitogold@gmail.com

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