Auxico Resources Canada Inc. announced results from a sampling program previously conducted on the Minastyc property, located in Puerto Carreño, Vichada, Colombia. Minastyc is a 100% Company-controlled critical mineral rich project which intends to be the subject of a near-term small-scale production program. The Company announced the results from a campaign conducted on the Minastyc property during 2021 by Mr. Joel Scodnick, and Mr. Jocelyn Pelletier, both Qualified Persons.

These samples were sent for Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) analysis method whereby the related certificate of analyses were only recently received and therefore not reported earlier. The samples taken and highlighted below weighed between 3 kg to 12.209 kg, and the following results further demonstrate the pervasive nature of the mineralization within the TA Area and Area 50, as well as outside of those areas. Highlights of the 2021 sampling program results are as follows: The samples were taken from 8 pits spanning a distance of approximately 1.8 km, from east to west.

The samples were selected and channeled within the TA Area, Area 50, and in December 2021, new pits were established and sampled as well. All the results contain rare earth elements (REE) as well as other critical minerals, therefore further demonstrating the potential of the Minastyc property as a strategic source of critical minerals that are key to the energy transition and a focal point of public policy. Only the results of some of the more valuable REE findings are highlighted below: AREA 50: A 3 kg sample (#S00357835A) yielded 139.6 g/t Nb, 26.4 g/t Ga, and 73.6 g/t Rb (channel samplefrom surface to a depth of 1.0 metre); A 3.2 kg sample (#S00357841A) yielded 34.4 g/t Nb, 165.6 g/t Pr, 14.4 g/t Dy, 22.7 g/t Ge, 1.022 kg/t Ce, and 98.3 g/t Sm (channel samplefrom a depth of 1.2 metres to 3.0 metres).

TA AREA: A total of 11.6 kg (average) from samples #S00357846 to #S00357850, included, returned grades of 18.1 to 36.5 g/t Ga and 11.9 to 24.9 g/t Rb (sample #S00357846 to #S00357849 channeled from surface to a depth of 3.5 metres, and sample #S00357850 channeled from surface to a depth of 1.5 metres, just above #S00357851); A 10.6 kg sample (#S00357851) yielded 2.90 kg/t Nb, 1.63 kg/t Ta, 36.6 g/t Ga, and 23.9 g/t Rb (channel sample from taken from a depth of 1.5 metres to 2.5 metres); From channel sampling across 8 pits, it was observed that the clayish-rich conglomerate appears to be the most fertile unit carrying the most abundant Ta-Nb-Sn-REE's and other critical minerals; Area 50 richer in REE's and Area 50 richer in Ta-Nb. Mineralization starts at the surface and can be seen to extend at least a few metres to the bottom of the trenches. The larger sample size yielded better results than panned concentrates, demonstrating that a larger sample size is a more representative indication of the actual grade; A total of 361 pits were identified on the Minastyc property (refer to Figure 2) based on compiled data, and according to what was observed, mineralization and minerals of interest are hosted in gravel size fragments primarily found from surface to a depth of several metres.

Other stratigraphic horizons that contain fine sands and clays also contain REE and critical minerals; Incorporating data from previous work conducted on the property, the highly prospective TA Area and Area 50 lie approximately 1.6 km apart, with both areas having returned various high-grades in concentrates and samples weighing from 3 kg to 12 kg; The amended NI 43-101 Report indicates a representative 3.2 tonne bulk sample taken from two locations on the Area 50 pit. Acid Bake Testing of the bulk sample concentrate, sample# S00357793 was done in March, 2022 at IGS Impact Global Solutions laboratory. The results produced a Total Rare Earth Oxide (TREO) concentrate totalling 49% with recoveries averaging 89.74% as provided in Table 1 below.

In this same test IGS was able to precipitate 94.38% of the Thorium, and 92.34% of the Uranium, both radioactive elements. IGS is confident they can precipitate +99% of the Thorium and 90%-95% of the Uranium. In conclusion, a straightforward production of Rare Earth bulk concentrate with only minor amounts of Thorium and Uranium was achieved at the lab scale level using scalable and conventional processing technology of acid bake, water leach and precipitation steps.

This is important because in order to transport the concentrates to North American or European refineries, the radioactive content must be less than 100ppm which appears to be achievable.