Minera IRL Limited announced the results of an updated Mineral Resource Estimate (“2021 MRE”) for its Corihuarmi Gold Mine (“Corihuarmi”) located in central Peru. The 2021 MRE, which was compiled and completed by consulting firm Mining Plus in accordance with the requirements of National Instrument 43-101 (“NI 43-101”), confirms the existence of sufficient resources to extend the life of mine (“LOM”) at Corihuarmi to August 2024, including measured and indicated resources totaling 13.8 million tonnes at an average grade of 0.21 grams per tonne (“g/t”). Based on the results of the 2021 MRE, Mining Plus has calculated Measured and Indicated Resources of 13.83 million tonnes at Corihuarmi (see ‘Mineral Resources’ below). The Company expects to continue producing gold at an average grade of 0.21 g/t to August 2024. The update of the resources has been carried out using the support data generated by the site. Gold grade was estimated into the block model using Reverse Circulation Drill holes (RC), Diamond Drill holes (DDH) and supported with rotary air drilling called long holes drilled in areas with limited assay information, and it was estimated applying industry-standard estimation methodology. Mineral resources are reported above a reasonable cutoff grade based on production costs and metallurgical recovery from the Corihuarmi Gold Mine. In calculating the mineral resources, Mining Plus used a cut-off grade of 0.1 g/t Au inside the latest pit design for 2021, along with a low strip ratio. Both the pit design and cut-off grade were calculated using a gold price of $1,500. The mineral resources have been estimated in accordance with widely accepted CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (November 2019) and are reported in accordance with NI 43-101.