Los Cerros : Ceibal confirmed as gold porphyry discovery

HIGHLIGHTS

only▪ Drill assay results from Ceibal holes CEDDH03-06reported wide zones of porphyry gold mineralisation. Results include (uncut):

use▪ In conjunction with results from previous holes - CEDDH01 (500m @ 0.52g/t Au from surface) and CHDDH02 (586m @ 0.51g/t from surface)1 - Ceibal is confirmed as a significant gold porphyry discovery

▪ Drill campaign and recent magnetic survey results together point to priority areas for a second campaign of drilling

Ceibal confirmed as another significant gold

o 252m @ 0.41g/t Au from 530m in CEDDH06

o 88m @ 0.51g/t Au from 314m in CEDDH05

o 120m @ 0.71g/t Au from 4m in CEDDH04

o 243.1m @ 0.49g/t Au from 87.2m in CEDDH03

porphyry discovery

22 November 2021

ASX Announcement

ASX: LCL

▪ IP (Induced Polarisation) program currently underway ahead of a second drilling campaign to personalkick off in the new year

▪ 4 rigs remain active at Quinchia Gold Project, with a 5th rig expected to commence imminently.

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) is pleased to report the results of the remainder of the initial scout diamond drilling program at Ceibal (CHDDH03-06), the Company's new porphyry target, located less than 1km from the Tesorito Gold Porphyry discovery, both of which are

part of the Company's 100% owned Quinchia Project in Risaralda - Colombia (Figure 1).

The six hole diamond drilling campaign (Figure 2) was commissioned on the back of encouraging gold, molybdenum and copper surface geochemical anomalism in an area never investigated previously but showing structural characteristics consistent with the Tesorito Gold Porphyry structural model - in particular proximity to the Marmato Fault Corridor and location at the intersection of NW trending faults.

All six drill holes of the Ceibal campaign generated extensive intersections (between 88m and 586m) of porphyry gold mineralisation (0.41g/t - 0.52g/t) in andesites and basalt country rocks cut occasionally by gold-barren diorites, (which are interpreted to have been emplaced after the causative porphyry mineralisation event/pulse). In this context, the assay results bear strong resemblance to the extensive low-grade intercepts in andesite at the Tesorito Gold Porphyry, proximal to the high-grade gold porphyry core, particularly recent assay results from the north2 of this system.

Best intersections of the initial campaign include:

For	• 500m @ 0.52g/t Au from surface in CEDDH01 (previously announced)1
•	586m @ 0.51g/t Au from surface in CEDDH02 (previously announced)1
	•	243.1m @ 0.49g/t Au from 87.20m in CEDDH03

1. See announcement 8 July 2021. The Company confirms that it is not aware of any new information that affects the information contained in the announcement.
2. See announcement 10 November 2021. The Company confirms that it is not aware of any new information that affects the information contained in the announcement

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For personal use only

22 November 2021

ASX Announcement

ASX: LCL

• 120.00m @ 0.71g/t Au from 4m in CEDDH04
• 88.00m @ 0.51g/t Au from 314m in CEDDH05
• 252.00m @ 0.41g/t Au from 530m in CEDDH06

Key observations and interpretation from the Ceibal drilling campaign include:

1. Significant intervals of gold mineralisation was intersected in both andesites and basalts in each of the six holes
2. The causative intrusive porphyry or related wide intervals of intrusive breccia have not been intersected
3. Extensive sheeted type veining, observed throughout the drill cores are indicative of being distal to the causative porphyry core. Sheeted veining observed at Ceibal are some of the most intense noted thus far at Quinchia
4. Vein density measured in drill core (an indicator for relative distance from the causative porphyry) increases towards the north, in the direction of the northern magnetic highs of interest
5. Core assays also show a similar subtle trend to the north for increasing gold and copper grades.

The extensive gold intercepts at Ceibal are porphyry mineralisation, but the causative porphyry pulse has not yet been intercepted. However, trends in element, mineral and vein density logged from the drill core within the Ceibal porphyry mineralisation suggest the causative porphyry intrusion (porphyry core) is north of the drilled area.

Magnetic susceptibility results generated from a recent drone magnetic survey revealed two northern magnetic highs which could represent the porphyry central zone (Figure 2).

Whilst pathfinder element profiles in drill core vector to the northern magnetic highs, a magnetic high recorded to the SE of Ceibal is also of interest where intrusive breccias with ~3% sulphides (visual log only) outcrop.

The relative location of the three magnetic highs (two magnetic highs to the north of the drilling and one magnetic high to the south of drilling) conform to the regional NW/NNW orientation associated with gold bearing systems throughout the Quinchia project. At Ceibal this lineament orientation extrapolates to the SE to intercept the Company's Chuscal porphyry target (Figure 2).

A deep penetrating IP (Induced Polarisation geophysics) survey is currently underway over the Ceibal and Chuscal areas to provide further guidance for target definition and prioritisation ahead of further drilling in the new year.

Los Cerros Managing Director, Jason Stirbinskis commented:

"Given what we know of Tesorito and how that discovery evolved for us, we are very excited by what the first phase of drilling has shown up at Ceibal.

We believe the area drilled at Ceibal sits within the relatively demagnetised zone of a porphyry, a belief supported by the presence of sheeted veins in the core, which commonly occur on the periphery of porphyries. What we have drilled at Ceibal thus far holds many similarities to the mineralised andesites reported in many drill holes within the outer regions surrounding the Tesorito Gold Porphyry high grade zone. The IP underway will help us define specific drill targets within those broader areas at Ceibal."

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For personal use only

22 November 2021

ASX Announcement

ASX: LCL

Figure 1: The Company's Quinchia Gold Project which includes Ceibal, also hosts the Tesorito Gold Porphyry and other porphyry targets within the roughly N-S Marmato Fault Corridor, a key regional structural control for gold mineralisation. Note the prevailing NW/NNW orientation in second order faults (lineaments), an additional structural control of mineralisation.

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22 November 2021

ASX Announcement

ASX: LCL

onlyuse

personalForFigure 2: Drill traces and modelled gold envelopes from drill assays projected to surface at Ceibal, over regional magnetic susceptibility. The three magnetic highs are targets for follow up drilling. Note the NW/NNW orientation of higher grade gold envelopes and higher magnetic susceptibility, a characteristic of mineralised systems throughout Quinchia and the broader Mid Cauca porphyry belt.

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

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22 November 2021

ASX Announcement

ASX: LCL

For further enquiries contact:

Jason Stirbinskis

Managing Director - Los Cerros Limited

3/35 Outram Street

onlyWEST PERTH WA 6005

[e-mail]

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

useLos 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, uncertainties, 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

personalrepresentation, 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.

JORC STATEMENTS - COMPETENT PERSONS STATEMENTS

The 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 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.

The information presented here that relates to Mineral Resources of the Dosquebradas Project, Quinchia District, Republic of Colombia is based on and fairly represents information and supporting documentation compiled by Mr. Scott E. Wilson of Resource Development Associates Inc, of Highlands Ranch Colorado, USA. Mr Wilson takes overall responsibility for the Resource Estimate. Mr. Wilson is Member of the American Institute of Professionals Geologists, a "Recognised Professional Organisation" as defined by the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Wilson is not an employee or related party of the Company. Mr. Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)'. Mr. Wilson consents to the inclusion in the news release of the information in the form and context in which it appears

The Company is not aware of any new information or data that materially affects the information included in this release.

TABLE 2 - MIRAFLORES PROJECT RESOURCES AND RESERVES

The Miraflores Project Mineral Resource estimate has been estimated by Metal Mining Consultants in accordance with the JORC Code (2012 Edition) and first publicly reported on 14 March 2017. No material changes have occurred after the reporting of these resource estimates since their first reporting.

For	Miraflores Mineral Resource Estimate, as at 14 March 2017 (100% basis)
	Resource Classification	Tonnes (000t)	Au (g/t)	Ag (g/t)	Contained Metal	Contained Metal
					(Koz Au)	(Koz Ag)
	Measured	2,958	2.98	2.49	283	237
	Indicated	6,311	2.74	2.90	557	588
	Measured & Indicated	9,269	2.82	2.77	840	826
	Inferred	487	2.36	3.64	37	57
Notes:

1. Reported at a 1.2 g/t gold cut-off.

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