Aztec Minerals Closes its Oversubscribed $3.4 Million Private Placement Financing with Alamos Gold as Strategic Investor

VANCOUVER, June 7, 2022 - Aztec Minerals Corp. (TSX.V:AZT)(OTCQB:AZZTF) ("Aztec" or the "Company") announces that it has closed its oversubscribed CAD$3.4 million non-brokered private placement equity financing. The private placement consisted of 11.4 million units priced at CAD$0.30 per unit for gross proceeds of CAD$3.4 million (the "Offering"). The Offering was first announced in the Company's press release dated May 16, 2022 for gross proceeds of up to CAD$3 million. Each unit consisted of one common share in the capital of the Company and one warrant which is exercisable to purchase an additional common share at an exercise price of CAD$0.40 per common share until June 6, 2024.

Alamos Gold Inc. ("Alamos") (AGI) participated in the Offering with a subscription for 7,926,089 Units, for aggregate consideration of CAD$2,377,826.70. Prior to the closing of the Offering, Alamos held no common shares or warrants of Aztec. Following the closing of the Offering, Alamos holds, as of the date hereof, 7,926,089 common shares and 7,926,089 warrants, for a security holding percentage of 9.9% of the Company's shares on an undiluted basis and 18.0% on a partially diluted basis assuming the exercise of Alamos' warrants. Alamos acquired the units for investment purposes, which will be evaluated and may be increased or decreased from time to time at Alamos' discretion. A copy of Alamos' early warning report is available on the SEDAR website at www.sedar.com or can be requested by contacting Scott K. Parsons, Vice-President, Investor Relations, at SParsons@alamosgold.com, 416-368-9932 (ext. 5439) or by mail at Brookfield Place, 181 Bay Street, Suite 3910, Toronto, Ontario M5J 2T3.

Aztec intends to use the net proceeds of the Offering 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 issued in the Offering are subject to a four-month plus one day hold period ending on October 7, 2022 in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "Exchange"). The Offering is subject to the final acceptance of the Exchange. Aztec paid cash finder fees totalling CAD$11,160 to arm's length finders in connection with the Offering.

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.

Forward-Looking Statements:

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward looking statements in this press release include, but are not restricted to, statements regarding the final approval of the Exchange to the private placement and the Company's planned use of the proceeds.

These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include that the Company does not receive final Exchange acceptance to the private placement. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.

SOURCE: Aztec Minerals Corp.