Bluestone Resources Inc. announced Guatemala's Ministry of Environment and Natural Resources approved the environmental permit amendment for the Cerro Blanco gold project to change the mining method from the existing permitted underground development to surface mining development. In the first quarter of 2021, Bluestone made a strategic decision to pivot development scenarios that significantly improved the economics, safe operation, and production profile of the Project. The Company released a Preliminary Economic Assessment and subsequently a Feasibility Study on Cerro Blanco that outlined a surface mining development scenario.

The Company completed the environmental permit amendment application for the change in mining method and submitted it for review to governmental authorities in November 2021. The amendment application is a comprehensive document that covers all aspects of the Project in detail, building on the historical data and the previously approved 2007 environmental permit, to incorporate the new mining method. The Company released the results of a Feasibility Study for the project, outlining an asset capable of producing over 300 koz/yr at head grades of +2.0 g/t gold.

All statements, other than statements of historical fact, that address activities, events, or developments that Bluestone Resources Inc. believes, expects, or anticipates will or may occur in the future including, without limitation: expectations regarding the Cerro Blanco gold projects including economic growth, infrastructure, training and job creation; expectations regarding the opportunities associated with the environmental permit amendment; potential outcomes of the strategic review process and alternatives; projections on returns from the Project; the Company's ability to realize additional value, as outlined in the 2022 Feasibility Study, by developing Cerro Blanco as a surface mining operation; the estimated gold production volume per year from the Project; life of mine gold production amounts; average all-in sustaining costs ("AISC"); and length of initial mine life. Generally, these assumptions include, among others: the presence of and continuity of metals at the Project at estimated grades; the availability of personnel, machinery, and equipment at estimated prices and within estimated delivery times; currency exchange rates; metals sales prices and exchange rates assumed; appropriate discount rates applied to the cash flows in economic analyses; tax rates and royalty rates applicable to the proposed mining operations; the availability of acceptable financing; the impact of the coronavirus (COVID-19); anticipated mining losses and dilution; success in realizing proposed operations; and anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks related to increasing community opposition to the Project and its effect on permitting and Project timelines; potential changes to the mining method and the current development strategy; risks and uncertainties related to expected production rates; timing and amount of production and total costs of production; risks and uncertainties related to the ability to obtain, amend, or maintain necessary licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining development activities; risks and uncertainties related to The accuracy of mineral resource estimates and estimates of future production, future cash flow, total costs of production, and diminishing quantities or grades of mineral resources; changes in Project parameters as plans continue to be refined; title matters; risks associated with geopolitical uncertainty and political and economic instability in Guatemala; risks related to global epidemics or pandemics and other health crises, including the impact of COVID-19; risks related to Project working conditions, accidents or labour disputes; the possibility that future exploration, development, or mining results will not be consistent with Bluestone's expectations; uncertain political and economic environments and relationships with local communities and governmental authorities; risks relating to variations in the mineral content and grade within the mineral identified as mineral resources from that predicted; variations in rates of recovery and extraction; developments in world metals markets; risks related to fluctuations in commodity prices and currency exchange rates; environmental hazards and infrastructure; compliance with government laws and regulations, including anti- corruption laws, and associated costs of compliance; tax risks; reliance on third parties and associated costs of compliance; reliance on third parties and other parties and infrastructure; reliance on third parties and the Company's expectations.