Portofino Resources Inc. announced that it has received confirmation from the Catamarca Province Ministry of Mining that as at October 31, 100% of the Yergo lithium concessions have been registered in Portofino's name. Portofino's geological team is immediately proceeding to file its technical response to a previously received information request from the Ministry as part of an amended drill permit application. In addition, Portofino's team has identified opportunities to expand upon previously identified geological surface and subsurface targets.

A pre-drilling program has been designed to extend both the previous surface sampling and geophysical surveying programs. Geophysical surveying equipment capable of identifying potential lithium-bearing aquifers to depths of 500-600 meters will be utilized, where the previous survey program utilized technology capable of testing only to levels of approximately 100 meters. Both pre-drilling exploration programs are intended to commence in November. The Project is 2,932 hectares in size, controlling the entire Aparejos Salar, located approximately 9 kilometers from the Salar Tres Quebradas (the "3Q Project"), previously developed by NeoLithium Corp., and acquired by Zijin Mining for C$960 million in 2022.

Portofino previously completed and reported results of a geophysical survey identifying 2 large, aquifers within the project measuring approximately 2.3km x 1km and 1.8km x 2.5km The Company's surface sampling programs returned values up to 373 mg/l Lithium and 7,160 mg/l Potassium with notably low Magnesium to Lithium ratios in the order of 1.51. This preliminary exploration has advanced the project to a drill-ready stage. Portofino's technical team has identified 4 priority drill targets and a drilling contract has been finalized.