Los Cerros : 28m at 3.34g/t Au in Tesorito Infill Drilling

21 July 2022

ASX Announcement

ASX: LCL

28m @ 3.34g/t Au in Tesorito Infill Drilling

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HIGHLIGHTS
▪ Tesorito infill drilling delivers more high grade gold intercepts including:
		▪ 255.9m @ 0.86g/t Au from surface including 121.2m @ 1.25g/t Au from 96m in TS-DH64
		▪ 296.0m @ 0.82g/t Au from 4m including 98.1m @ 1.65g/t Au from 189.9m including
		o 16.1m @ 3.11g/t Au from 189.9m in TS-DH65
use	▪ 196m @ 1.28g/t Au from surface including 89.3m @ 2.02g/t Au from 46.7m including
o 28.0m @ 3.34g/t Au from 106m in TS-DH66
▪	Infill program has been designed to better define potential high grade starter pit

▪ Strong cash position of over $13 million at end of June ensures Los Cerros is well funded to continue advancing Miraflores and Tesorito deposits within the Quinchia Gold Project

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) is pleased to provide this update on recent infill drilling at Tesorito, an at-surface porphyry discovery that forms part of the 100% owned

Quinchia Gold Project, in Risaralda - Colombia. Quinchia is a cluster of porphyry and epithermal gold personaltargets within a 3km radius (Figure 1), underpinned by established Mineral Resources of 2.6Moz @

1g/t Au1.

A short Tesorito infill drilling program comprising three drillholes was undertaken to increase drill hole density in the area that defines the high-grade potential starter pit within the 1.3Moz Tesorito Inferred Resource pit shell (Figure 2). Lithology logs and gold assays for all three infill diamond drill holes were consistent with geology model expectations, again demonstrating wide, high grade gold mineralization starting from or near to surface. Best results include:

• 255.9m @ 0.86g/t Au from surface including

o 121.2m @ 1.25g/t Au from 96m in TS-DH64

• 296.0m @ 0.82g/t Au from 4m including 98.1m @ 1.65g/t Au including o 16.1m @ 3.11g/t Au from 189.8m in TS-DH65

• 196m @ 1.28g/t Au from surface including 89.3m @ 2.02g/t Au from 46.7m including o 28.0m @ 3.34g/t Au from 106m in TS-DH66.

The higher grade material is associated with the porphyry core or breccia that surrounds it. All three Fordrill holes crossed Marmato Fault lithologies and left the porphyry system at predicted depths.

Los Cerros Managing Director, Jason Stirbinskis summarised

"With a backdrop of difficult markets and increased risk aversion, the Company is focussed on advancing and de-risking mature prospects within the Quinchia Gold Project. Recently announced results of Tesorito metallurgical test work demonstrated Tesorito ore is likely to be amenable to a conventional process flow and to enjoy typical porphyry style recovery performance characteristics,

1 Contains a mix of Inferred, Indicated and Measured Resources. Using Tesorito MRE of 1.3Moz @ 0.81 g/t Au. The Miraflores Reserve is included in the Miraflores Resource. Refer ASX announcement dated 14 March 2017 (Miraflores Resource) and 27 November 2017 (Miraflores Reserve) and 25 February 2020 (Dosquebradas Resource) and 22 March 2022 (Tesorito Resource). The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply.

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21 July 2022

ASX Announcement

ASX: LCL

thus reducing process risk. Today we release infill results that give greater certainty to the nature of the high grade porphyry core of the Tesorito discovery."

For personal use only

Figure 1: The Quinchia Gold Project contains multiple targets at various levels of investigation within a ~3km radius. This image reveals the major known target areas (orange circles) and earlier stage targets (white circles) over gold geochemistry in soils anomalism and major structures. La Cumbre is a gold project within the area owned by TSX listed Batero Gold (www.baterogold.com).

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ASX Announcement

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personalFigure 2: Tesorito plan view showing location of recent drilling (bold traces and bold assay intercepts) and select previous drill assays results2 over Tesorito modelled gold envelopes and major structures and previous drill collars. See Figure 3 for

section A-B.For

2 See announcements 12 July 2021 (TS-DH25); 22 June 2021 (TS-DH24); 6 April 2021 (TS-DH16); 21 January 2021 (TS- DH14); 10 September 2020 (TS-DH08); 31 July 2018 (TS-DH02) and 30 August 2018 for the initial reporting of the assays. The Company confirms that it is not aware of new information that affects the information contained in the original announcements.

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21 July 2022

ASX Announcement

ASX: LCL

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personalFigure 3: Tesorito NW-SE section view showing location of recent drilling (bold traces and bold assay intercepts) and select previous drill traces and assays results2 over Tesorito modelled gold envelopes and major structures. See Figure 2 for section

A-B location.

For the purpose of ASX Listing Rule 15.5, the Board has authorised this announcement to be released.

ForFor further enquiries contact:

Jason Stirbinskis

Managing Director - Los Cerros Limited

3/35 Outram Street

WEST PERTH WA 6005 [e-mail]

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21 July 2022

ASX Announcement

ASX: LCL

FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning Los Cerros. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed

or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on

onlyuncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

Los Cerros' beliefs, opinions and estimates of Los Cerros as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks,

useThe technical information related to Los Cerros assets contained in this report that relates to Exploration Results (excluding those pertaining to Mineral Resources and Reserves) is based on information compiled by Mr Cesar Garcia, who is a Member of the Australasian Institute of Mining and Metallurgy and who is a Geologist employed by Los Cerros on a full-time basis. Mr Garcia has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as

JORC STATEMENTS - COMPETENT PERSONS STATEMENTS

defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Garcia consents to the inclusion in the release of the matters based on the information he has compiled in the form and context in which it appears.

Mineral Resources and Reserves Statement

personal	QUINCHIA GOLD PROJECT - MINERAL RESOURCE ESTIMATE (MRE)
Quinchia subzone	Resource Category	CUT-OFF	TONNES (Mt)	Au (g/t)	Au (koz)
Tesorito	Inferred	0.5g/t Au	50.0	0.81	1,298
Dosquebradas	Inferred	0.5g/t Au	20.2	0.71	459
Miraflores - U.Ground	Measured + Indicated	1.2g/t Au	9.3	2.82	840
Miraflores - U.Ground	Inferred	1.2g/t Au	0.5	2.36	37
QUINCHIA RESOURCE			80.0	1.02	2,634
Note: Miraflores Resource includes Miraflores Reserve
MIRAFLORES RESERVE
CATEGORY	TONNES (Mt)	Au (g/t)	Ag (g/t)	Au (koz)	Ag (koz)
Proved	1.70	2.75	2.20	150	120
For
Probable	2.62	3.64	3.13	307	264
Total	4.32	3.29	2.77	457	385
The information in this section is drawn from the following ASX releases:
	Deposit					Release Date
	Miraflores Mineral Resource Estimate and explanatory notes		14 March 2017
	Miraflores Ore Reserve Estimate and explanatory notes			17 November 2017
	Dosquebradas Mineral Resource Estimate and explanatory notes		25 February 2020
	Tesorito Resource Mineral Resource Estimate and explanatory notes		22 March 2022

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