Financing Agreements Finalized with Trafigura to Secure up to US$55 Million for Development of El Domo - Curipamba Copper-Gold Project

Vancouver, August 5, 2022 - Salazar Resources Ltd. (TSXV: SRL) (OTCQX: SRLZF) (FSE: CCG.F) ("Salazar" or the "Company") is pleased to announce that Adventus Mining Corporation ("Adventus") has entered into definitive agreements that constitute the Offtake Financing Agreement (the "OFA") with Trafigura Pte Ltd ("Trafigura") which secures up to US$55 million towards the advancement of the El Domo-Curipamba copper-gold project (the "El Domo Project"). This follows the binding commitment previously announced on January 17, 2022, together with the financial commitment by Wheaton Precious Metals Corp. ("Wheaton").

With OFA completion, the joint venture has secured up to US$235.5 million for the advancement and future construction of the El Domo Project. Pursuant to the OFA, Trafigura will provide Adventus Mining with a senior debt facility (the "Facility") of US$45 million, US$5 million of which can be paid on an early deposit basis to be used for pre-construction activities at the El Domo Project. The remainder of the cash consideration is payable in two (2) staged installments during future construction of the El Domo Project, subject to certain customary conditions precedent being satisfied.

About Salazar Resources

Salazar Resources is focused on creating value and positive change through discovery, exploration and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines.

Salazar Resources has a wholly-owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organisation dedicated to sustainable progress through economic development.

For further information about Salazar Resources, please contact Merlin Marr-Johnson, Executive Vice President and Corporate Secretary, at merlin@salazarresources.com or ir@salazarresources.com or at +1 604 685 9316.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133009