SANTIAGO PROJECT JV

The Santiago project is located in south-central Ecuador in the province of Loja, approximately 37 km north of the city of Loja. Santiago consists of one concession with an area of 2,350 hectares, which is controlled in a joint venture that is 80%-owned by Adventus and 20%-owned by Salazar. Adventus and Salazar believe the Santiago project contains an untested copper-gold porphyry system and an epithermal target area denoted by a swarm of mineralized veins and breccia units.

The Santiago project has seen limited exploration in recent years, with Newmont Overseas Exploration Limited completing some drilling in the mid-1990s with a shallow program of 23 holes with an average depth of only 200 metres, and Salazar completing some sampling of sulphide-bearing vein and breccia structures at surface in 2012. In 2019, Adventus and Salazar completed an airborne Mobile MagnetoTellurics (“MobileMT”) geophysical survey that was flown over Santiago at 150-metre line spacing (see April 5, 2019 news release). The historical exploration results from prior owners were integrated with the MobileMT geophysical mapping (apparent conductivity, resistivity, RTP, and TMI-RTP magnetics) to generate preliminary target areas for validation in the field by crews.

For additional information on historical exploration activities, Adventus-led activities since 2018 and the 2020 planned field work and drilling program, please refer to the Adventus and Salazar news release dated June 15, 2020.

Santiago Highlights

• 2,350 ha on one concession in Loja province - district is prospective for large copper-gold porphyry targets
• Adjacent to +$100M earn-in joint venture between Newcrest Mining Limited and Cornerstone Capital Resources as well as mineral concessions controlled by SolGold plc
• High-sulphidation system previously drilled by Newmont with potentially economic copper-gold intercepts over 100-325 m intervals from surface
• Large MMT airborne survey completed in 2019 resulting in numerous copper porphyry targets - principal target is a large prospective porphyry (3,000 by 2,000 metre) with coincident prospective geology, a wide-spread hydrothermal alteration footprint, an extensive gold and copper surficial geochemistry anomaly, and a coincident airborne MobileMT geophysical anomaly. Secondary target is an epithermal target area denoted by a swarm of mineralized veins and breccia units
• Target generation work is ongoing, with an initial drill program to commence in second half of 2020

Road to Santiago Santiago Outcrop Santiago Landscape Santiago Outcrop Santiago Outcrop[ New Release - Santiago Project - June 15, 2020 PDF file - 0.4 MB](https://www.adventusmining.com/storage/related-items/adz9900-invr-20200615-exr-san-expl-update-newsrelease---final-1592223232.pdf) June 15, 2020 News Release - Figure A PDF file - 0.7 MB June 15, 2020 News Release - Figure B PDF file - 0.7 MB June 15, 2020 News Release - Figure C PDF file - 0.9 MB June 15, 2020 News Release - Figure D PDF file - 0.7 MB June 15, 2020 News Release - Figure E PDF file - 0.7 MB June 15, 2020 News Release - Figure F PDF file - 0.7 MB June 15, 2020 News Release - Figure G PDF file - 0.7 MB June 15, 2020 News Release - Figure H PDF file - 0.9 MB June 15, 2020 News Release - Figure I PDF file - 0.9 MB June 15, 2020 News Release - Figure J PDF file - 0.8 MB