Adventus Mining Corporation (Adventus) and Salazar Resources Limited (Salazar) (collectively the Participants) announced that the Ministry of Energy and Mines of Ecuador has issued a reform to the existing instructive including regulations and conditions for the transition of medium-scale mining projects from the exploration to production phases (the Instructive). This announcement provides clarity to the national regulatory framework and supports the advancement and development of medium-scale mining projects like the El Domo - Curipamba copper-gold project located in central Ecuador (El Domo or the Project). Transition to Production Phase Rules: The Instructive outlines the regulations and conditions under which the Government of Ecuador will provide authorization for medium-scale mining projects to transition from the exploration to the production phase.

Given that medium-scale mining projects are not required to sign production contracts with the Government of Ecuador, this instructive provides the needed clarity to advance. Key elements of the Instructive and transition authorization resolution include: Recognition by the Ecuadorian State of pre-operational investments made within the mining concession area; Explicit acknowledgment of sectoral regulations applicable to the mining concessionaire; Specification of authorized activities during the production phase; Provision for extending the production phase period if new mineral resources are discovered or if the original term is deemed insufficient for full production from mineral reserves; Authorization for the construction of necessary mining infrastructure and associated civil works; Responsibility of the concessionaire to diligently fulfill its environmental obligations as outlined in its environmental license. Responsibilities of the State during the production phase, including coordination and support for normal mining operations, provision of timely precautionary measures, and collaboration in relationships with public sector entities and third parties, and; Rights granted to the mining concessionaire, such as freedom to trade minerals, suspension of terms due to exceptional events, and prompt response from competent authorities in case of threats or illegal activities.

This Instructive provides the framework for the Participants to advance El Domo from the exploration phase to production. The process is expected to be completed during the first half of 2024 which clears the way for the start of construction which is consistent with previous guidance.