Los Cerros : Tesorito delivers more wide and high grade gold intercepts

13 December 2021

ASX Announcement

ASX: LCL

Tesorito delivers more wide and high grade

	porphyry gold intercepts from surface
HIGHLIGHTS

▪ Southern step-out drilling grows the scale of the Tesorito Gold Porphyry with extensive mineralisation intercepted over very broad widths, including (uncut):

only	▪ 440m	@ 0.5g/t Au from surface in TS-DH41 including
	o 20.4m @ 0.93g/t Au from surface and
	o 52m @ 1.15g/t Au from 132m
use
▪ 186m	@ 0.62g/t Au from 12m in TS-DH42
▪ 120m	@ 0.83g/t Au from surface in TS-DH43 including
	o 46m @ 1.3g/t Au from 42m including 14m @ 1.86g/t Au from 68m
▪ 102.5m @ 0.92g/t Au from 8m in TS-DH45 including
	o 58m @ 1.24g/t Au from 48m
personal	▪ 65.3m @ 1g/t Au from 2.3m in TS-DH46 including
	o 20m @ 1.28g/t Au from 18m
▪ 187m	@ 0.86g/t Au from 5m in TS-DH51 including
	o 12m @ 1.5g/t Au from 42m and 46m @ 1.3g/t Au from 80m

▪ Mineralisation remains open to the north and south

▪ Tesorito maiden JORC mineral resource estimate H1 2022 ▪ Five diamond drill rigs in operation at the Quinchia project

▪ Newest rig added to the fleet, capable of drilling >1,000m holes, has commenced drilling at the recently identified central geophysics target between Tesorito and Miraflores

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) is pleased to update the market on recent drilling from the Tesorito Gold Porphyry1, a near surface gold porphyry discovery, which is part of the Company's 100% owned Quinchia Gold Project in Risaralda - Colombia.

ForDrill core assays reported in this release (TS-DH40 - '46 and TS-DH51) have again demonstrated very broad widths of gold mineralisation, with a best intersection of 440 metres from surface in hole TS- DH41 and, most importantly, almost all reported holes are carrying what is considered to be high- grade gold (from surface) for a porphyry style deposit. The combination of high-grade starting from surface and very broad zones of mineralisation has potential to improve mining economics.

The southern step out drilling campaign continues to deliver extensive mineralisation with the most southern hole (TS-DH46) intercepting 65.3m @ 1g/t gold from 2.3m and thus extending surface high grade envelopes to the south (Figure 1). Likewise, TS-DH41 expanded low grade envelopes and surface ~1g/t gold mineralisation to the SW.

1 As defined in the 10 November 2021 ASX release.

13 December 2021

ASX Announcement

ASX: LCL

Intercepts (uncut) of note include:

	▪ 440m	@ 0.5g/t from surface in TS-DH41 including
only			o 20.4m @ 0.93g/t Au from surface and
		o 16m @ 0.94g/t Au from	70m and
			o	52m @ 1.15g/t Au from	132m
	▪ 186m	@ 0.62g/t Au from 12m in TS-DH42 including
			o 18m @ 0.96g/t Au from	112m
	▪ 120m	@ 0.83g/t Au from surface in TS-DH43 including
use			o	46m	@ 1.3g/t Au from 42m including 14m @ 1.86g.t Au from 68m
▪	102.5m @ 0.92g/t Au from 8m in TS-DH45 including
			o	58m	@ 1.24g/t Au from	48m
	▪ 65.3m @ 1g/t Au from 2.3m in TS-DH46 including 20m @ 1.28g/t Au from 18m
	▪ 187m	@ 0.86g/t Au from 5m in TS-DH51 including
			o	12m	@ 1.5g/t Au from 42m and
			o	46m	@ 1.3g/t Au from 80m

Tesorito mineralisation remains open in a southerly direction and additional southern step out drilling is currently underway.

Two drill holes (TS-DH40 and TS-DH44) were drilled from the same pad to test NW extensions and effectively defined limits of mineralisation in this region. Results (uncut) include:

• 20m @ 0.9g/t Au from 478m in TS-DH40
• 50.6m @ 0.41g/t Au from 124m in TS-DH44

personalMineralisation remains open to the NNE conforming to the orientation of modelled gold envelopes and adjacent to the Marmato Fault. A recently identified chargeability/conductivity high (Figure 1)

north of the northern most drill hole (TS-DH13) might represent a recurrence of high grade gold in this area and is scheduled for drill testing in early 20222.

The Company has five diamond drill rigs in operation at the Quinchia project including a recently arrived rig capable of drilling 1,000+m holes. The new rig is currently drilling the first hole into the central geophysical anomalies which are interpreted as a potential central intrusive source of both Tesorito and Miraflores deposits. The other four rigs are currently focussed on defining the

Forboundaries of the Tesorito Gold Porphyry plus infill drilling ahead of a maiden JORC mineral resource estimate scheduled for the first half of 2022.

2 See ASX announcement 10 November 2021 for further detail of the northern chargeability high.

13 December 2021

ASX Announcement

ASX: LCL

onlyuse

personalFigure 1: Plan view of Tesorito showing drill traces over modelled gold envelopes and key structures. Recent drilling has expanded low grade envelopes southward and has confirmed significant potential

for further extensions to the south. A recently defined IP anomaly to the north offers potential for further extensions.

ForCorrection: The TS-DH37 assay table appended to the ASX release of 10 November 2021 contained incorrect gold values. A revised assay table has been included in this announcement. The Company confirms that TS-DH37 gold intercepts quoted in the text and figures of the 10 November 2021 announcement are correct.

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

13 December 2021

ASX Announcement

ASX: LCL

For further enquiries contact:

Jason Stirbinskis

Managing Director - Los Cerros Limited only3/35 Outram Street

WEST 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

useany 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.

restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on 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, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from

personalinclusion in the news release of the information in the form and context in which it appears

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 Professional 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

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.

13 December 2021

ASX Announcement

ASX: LCL

ii)Mineral Resource estimated by Metal Mining Consultants Inc.

iii)First publicly released on 14 March 2017. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Mineral Resource estimation.

iv)These Mineral Resources are inclusive of the Mineral Reserves listed below.

v)Rounding may result in minor discrepancies.

Miraflores Mineral Reserve Estimate, as at 27 November 2017 (100% basis)

The Miraflores Project Ore Reserve estimate has been estimated by Ausenco in accordance with the JORC Code (2012 Edition) and first publicly reported on 18 October 2017 and updated on 27 November 2017. No material changes have occurred after the reporting of these reserve estimates since their reporting in November 2017.

only		Reserve Classification				Tonnes (Mt)			Au (g/t)			Ag (g/t)				Contained Metal				Contained Metal
															(Koz Au)				(Koz Ag)
	Proved				1.70			2.75			2.20				150				120
		Probable				2.62			3.64			3.13				307				264
		Total				4.32			3.29			2.77				457				385
Notes:
i)	Rounding of numbers may result in minor computational errors, which are not deemed to be significant.
ii)	These Ore Reserves are included in the Mineral Resources listed in the Table above.
iii)	First publicly released on 27 November 2017. No material change has occurred after that date that may affect the JORC Code (2012
use

Edition) Ore Reserve estimation.

Source: Ausenco, 2017

Dosquebradas Inferred Mineral Resource Estimate, as at 25 February 2020 (100% basis)

			Cut-Off (g/t Au)			Tonnes ('000t)			Au (g/t)			Au (koz)			Ag (g/t)			Ag (koz)			Cu (%)			Cu (pounds)
			0.3			57,794			0.50			920.8			0.6			1,036			0.04			56,767
			0.4			34,593			0.60			664.1			0.6			683.8			0.05			38,428
personalFor			0.5			20,206			0.71			459.1			0.7			431.7			0.06			24,867
Notes:
i)	No more than 6m internal waste is included in the weighted intervals
ii)	Inferred Mineral Resources shown using various cut offs.
iii)	Based on gold selling price of US$1,470/oz.
iv)	Mineral Resource estimated by Resource Development Associates Inc.

First publicly released on 25 February 2020. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Mineral Resource estimation.