Aztec Minerals Closes $1 Million First Tranche of Private Placement Financing

VANCOUVER, November 1, 2021 - Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) ("Aztec") announces that it has closed the first tranche of its recently announced private placement equity financing (the "Private Placement"). The first tranche of the Private Placement consisted of 3.33 million units priced at CAD$0.30 per unit for total proceeds of CAD$1 million. The financing was previously announced by Aztec in a press release dated October 7, 2021 for gross proceeds of CAD$1.05 million. Each Unit consisted of one common share in the capital of the Company and one warrant exercisable to purchase an additional common share at an exercise price of CAD$0.40 for a two-year period following the closing of the Private Placement. Due to investor interest in the Private Placement, Aztec is upsizing the financing to be completed with an additional tranche.

The Company intends to use the net proceeds of the Private Placement to conduct exploration work on its Cervantes porphyry gold-copper project in Sonora, Mexico, and its Tombstone epithermal gold-silver & CRD silver-lead-zinc-copper-gold project in Arizona, USA, as well as for general working capital purposes.

The securities are subject to a four-month plus one day hold period ending on March 1, 2022 in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "Exchange"). Finders' fees were paid in cash of CAD$294 and 980 common share purchase warrants, which have the same terms as the warrants issued to purchasers under the Private Placement. The Private Placement is subject to the final acceptance of the Exchange.

About Aztec Minerals - Aztec is a mineral exploration company focused on the discovery of large mineral deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. The historic, district-scale Tombstone property hosts both bulk tonnage epithermal gold-silver as well as CRD massive sulfide silver-lead-zinc-copper mineralization in Cochise County, Arizona. Aztec's shares trade on the TSX-V stock exchange (symbol AZT) and on the OTCQB (symbol AZZTF).

"Simon Dyakowski"

Simon Dyakowski, Chief Executive Officer
Aztec Minerals Corp.

Contact Information - For more information, please contact:

Simon Dyakowski, CEO or Bradford Cooke, Chairman
Tel: (604) 619-7469
Fax: (604) 685-9744
Email: simon@aztecminerals.com
Website: www.aztecminerals.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE: Aztec Minerals Corp.