Los Cerros : Video Presentation - Dec 2021 RIU Conference

7 December 2021

ASX Announcement

ASX: LCL

Video Presentation - RIU Resurgence Conference

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company), provides the following pack discussing recent developments across its portfolio of projects within the highly prospective mid-Cauca porphyry belt of Colombia, including

only	▪ Progress at the very promising Tesorito near surface gold porphyry discovery;
▪	Recent geophysics further defining very exciting Tesorito extension targets and
		illuminating the Tesorito/Miraflores structural setting; and,
use	▪ Recent drill results at the Ceibal porphyry discovery and geophysics assisting in defining
	areas for further growth of this promising discovery.

With significant funding in place, five diamond drill rigs continuously drilling and a substantial geophysics/target generation program underway, the momentum and success of the extensive exploration program is expected to continue into 2022.

A video presentation by Managing Director, Jason Stirbinskis, talking to the updated presentation is available on the Los Cerros website www.loscerros.comon the Presentations

web page. The attached slide pack can also be accessed on the same page.

personalFor the purpose of ASX Listing Rule 15.5, the Board has authorised this announcement to be released.

For further enquiries contact:

Jason Stirbinskis

Managing Director

Los Cerros Limited

12/11 Ventnor Avenue

WEST PERTH WA 6005

[e-mail]

FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning Los Cerros. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed

Foror implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Los Cerros' beliefs, opinions and estimates of Los Cerros as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

ersonal use only

READY TO CAPITALISE ON OUR DOMINANT POSITION IN THE RICHLY ENDOWED MID-CAUCA GOLD BELT COLOMBIA

November 2021

JASON STIRBINSKIS

NATURE OF THIS DOCUMENT

This presentation has been prepared by Los Cerros Limited (ACN 119 759 349) (Los Cerros or the Company). The information is based on publicly available information, internally developed data and other sources and is current as at the date of this presentation. By receiving this presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of this presentation to obtain all necessary approvals to receive this presentation and receipt of this presentation will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained.

onlyot comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This presentation also does not constitute or form part of any invitation,

This presentation is for information purposes only and does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company which a shareholder or potential investor may require in order to determine whether to deal in shares. This presentation does

ffer for sale or subscription or any solicitation for any offer to buy or subscribe f r any securities in any jurisdiction nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities.

useneeds of each investor or shareholder. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither Los Cerros nor any of its related bodies corporate is licensed to provide financial product advice in respect of Los Cerros securities or any other financial products.

NOT INVESTMENT ADVICE

This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and its contents are not intended to be used for the basis of making an investment decision. This presentation does not take into

account the individual investment objectives, financial situation and particular

This presentation should not be relied upon as the sole representation of any matter that a potential investor should consider in evaluating Los Cerros. Its

	ffiliates or any of its directors, agents, officers or employees do not make any
representation or warranty, express or implied, as to or endorsement of, the
	ccuracy or completeness of any information, statements, representations or
forecasts contained in this presentation, and they do not accept any liability for
a	y statement made in, or omitted from, this presentation. Prospective
i	vestors should make their own independent evaluation of an investment in the
Company.
ersonal
FORWARD LOOKING STATEMENTS

This document contains forward looking statements concerning Los Cerros. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward- looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies.

Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Los Cerros' beliefs, opinions and estimates of Los Cerros as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

DISCLAIMER

To the maximum extent permitted by law, the Company does not make any representation or give any warranty or undertaking, express or implied, as to the accuracy, fairness, sufficiency, reliability, adequacy or completeness of the material contained in this presentation, including any forward-looking statement. No representation, warranty or undertaking, express or implied, is made or given by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency, reliability, adequacy or completeness of the material contained in this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. To the maximum extent permitted by the law, the Company disclaims any obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

COMPETENT PERSONS STATEMENT

The Miraflores Project Mineral Resource estimate has been estimated by Metal Mining Consultants in accordance with the JORC Code (2012 Edition) and first publicly reported on 14 March 2017. The Miraflores Project Ore Reserve estimate has been estimated by Ausenco in accordance with the JORC Code (2012 Edition) and first publicly reported on 27 November 2017. No material changes have occurred after the reporting of these resource estimates since their first reporting.

The information presented here that relates to Mineral Resources of the Dosquebradas Project, Quinchia District, Republic of Colombia is based on and fairly represents information and supporting documentation compiled by Mr. Scott E. Wilson of Resource Development Associates Inc, of Highlands Ranch Colorado, USA. Mr Wilson takes overall responsibility for the Resource Estimate. Mr. Wilson is Member of the American Institute of Professionals Geologists, a "Recognised Professional Organisation" as defined by the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Wilson is not an employee or related party of the Company. Mr. Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)'. Mr. Wilson consents to the inclusion in the news release of the information in the form and context in which it appears.

The technical information related to Los Cerros assets contained in this report that relates to Exploration Results (excluding those pertaining to Mineral Resources and Reserves) is based on information compiled by Mr Cesar Garcia, who is a Member of the Australasian Institute of Mining and Metallurgy and who is a Geologist employed on a full time basis by Los Cerros. Mr Garcia has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Garcia consents to the inclusion in the release of the matters based on the information he has compiled in the form and context in which it appears.

The Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the Announcement continue to apply and have not materially changed.

All prices in this presentation are Australian Dollars (A$) unless stated otherwise.

CORPORATE

OVERVIEW

SHAREHOLDER

BASE

BOARD OF DIRECTORS

CAPITAL

STRUCTURE

	Shares on issue1	636.3 million
	Share Price (ASX:LCL)	AUD$0.14
	Market Capitalisation	$89.0 million
only
	Cash 2		$23.4 million
	EV		$65.6 million
	Li ted options	0
	Unlisted options 3	67.5 million
use
	Daily average liquidity4	~$800,000
ersonal	1. 693M fully diluted.
3	2. Closing cash September 2021 quarter
3. Various exercise prices and dates. Includes performance rights

4. YTD (up to Nov 30 '21) average daily value traded

Los Cerros Directors holding ~2.3% and #1 Shareholder - Lizeng Pty Ltd (8.8%) North American Institutions (~10%)

Bullet Holding Corporation (4.05%), a Colombia exploration company with deep local experience

AngloGold Ashanti holds 1.67%

Ross Ashton

Non-Executive Chairman

Jason Stirbinskis

Managing Director

Kevin Wilson

Non-Executive Director

FOCUSED ON DISCOVERY OF TIER 1 AU/CU PROJECTS

ersonal use only

Dominant control in two gold districts of Mid Cauca porphyry belt which hosts many multi-million ounce discoveries1.

Quinchia gold project, (100%) incudes the advanced Miraflores Reserve, large Tesorito porphyry,Ceibal and Chuscal prospects and Dosquebradas deposit and more early stage targets.

Andes gold project, (90%)2 very large footprint, mostly unexplored but already identified 12 vein targets and 3 porphyry targets.

4

1. Sources from Company Annual Reports, information has not been independently verified.
2. Los Cerros 90%, BHC 10% free carried to FS/PFS.