Latin Metals Options Organullo Gold Project, Salta Province, Argentina

VANCOUVER, British Columbia, Sept. 21, 2026 (GLOBE NEWSWIRE) — Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS) (OTCQB: LMSQF) is pleased to announce that it has entered into a binding letter agreement (the “Letter Agreement”) with Aumin Argentina S.A.U. (“Aumin”) whereby Aumin has been granted an option (the “Option”) to acquire a 100% interest in the Company’s Organullo Gold Project (“Organullo” or the “Project”), located in Salta Province, Argentina. asserted

- Following the stock exchange listing of Aumin or a designated listing vehicle (as applicable, the "Listed Vehicle") and exercise of the Option by Aumin, Latin Metals may elect for either: - 19.9% ownership of the Listed Vehicle, with customary participation rights and board representation; or - a 2% Net Smelter Returns royalty on the Project ("Elective NSR Royalty"), up to 1% of which Elective NSR Royalty may be repurchased within 3 years for US$20 million, leaving Latin Metals with a 1% NSR royalty with no further buy-back right. - US$4.0 million aggregate Option cash payments to Latin Metals. uncertain

- Following the stock exchange listing of Aumin or a designated listing vehicle (as applicable, the "Listed Vehicle") and exercise of the Option by Aumin, Latin Metals may elect for either: - 19.9% ownership of the Listed Vehicle, with customary participation rights and board representation; or - a 2% Net Smelter Returns royalty on the Project ("Elective NSR Royalty"), up to 1% of which Elective NSR Royalty may be repurchased within 3 years for US$20 million, leaving Latin Metals with a 1% NSR royalty with no further buy-back right. - Potential aggregate cash consideration of up to US$24 million, assuming non-accelerated Option exercise and Elective Royalty buy-back are completed. Potential Acceleration of Option: - Following completion of at least 15,000 metres of drilling, Aumin may elect to accelerate the Option exercise (the "Accelerated Acquisition") by paying all remaining Option cash payments plus an additional US$16 million cash. uncertain

- Latin Metals retains a 2% NSR royalty on the Project ("Acceleration NSR Royalty") if Aumin elects to complete the Accelerated Acquisition. asserted

- Up to 1% of the Acceleration NSR Royalty may be repurchased for US$20 million, leaving Latin Metals with a 1% NSR royalty with no further buy-back right. uncertain

- Potential aggregate cash consideration of up to US$40 million, assuming the Accelerated Acquisition and Acceleration NSR Royalty buy-back are both completed. asserted

Argentina-Based Team with Exceptional Track Record The team behind Aumin, led by Hernán Zaballa, has extensive experience in Argentina, with a track record that includes the founding of AbraSilver Resource Corp. (“AbraSilver”) and the acquisition and development of its Diablillos silver-gold project. asserted

Having worked together in Argentina-focused mineral exploration and project generation for more than a decade, the respective experience of the team combines geology and exploration strategy, Argentine mining law and transaction structuring, and in-country operational, environmental and social expertise. asserted

Today, Diablillos has become one of Argentina's most significant advanced-stage precious-metal development projects. asserted

In 2026, AbraSilver reported combined Measured and Indicated resources containing approximately 248 million ounces of silver and 2.54 million ounces of gold and completed a Definitive Feasibility Study containing Proven and Probable reserves of approximately 183.5 million ounces of silver and 1.76 million ounces of gold (AbraSilver Resource Corp., news release dated June 22, 2026). asserted

AbraSilver has a current market capitalization of approximately $2.2 billion. asserted

Readers are cautioned that the Diablillos deposit discussed above is a mineral deposit located in Salta Province and that Latin Metals has no interest in or right to acquire any interest in the deposit, and that mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on Latin Metals' Organullo property or the potential production from, or cost or economics of, any future mining of any of Latin Metals' mineral properties. asserted

Keith Henderson, President and CEO of Latin Metals, stated: "We are particularly pleased with the group that will be taking Organullo forward. asserted

Hernán and his team have worked together in Argentina for many years and bring complementary technical, legal, transactional and operational expertise. asserted

They identified an opportunity in an asset that had become non-core to a much larger mining company, negotiated a creative transaction to acquire it and founded AbraSilver. asserted

"I believe that the experience this group brings, in particular with respect to in-country operational, environmental and social expertise, makes them an excellent partner for Organullo." asserted

Keith Henderson, continued: "The transaction preserves meaningful upside for our shareholders under various Option exercise scenarios. asserted

Under a potential Accelerated Acquisition, Latin Metals would receive up to US$40 million in cash while retaining a 1% NSR royalty" asserted

Hernán Zaballa, President of Aumin, stated: “Organullo is a compelling opportunity for Aumin: a large, underexplored gold system in Salta with significant technical work already completed and considerable room for new discovery. asserted

The previous work provides us with a strong technical foundation, but importantly, we believe there is still substantial exploration potential across the broader property.” asserted

“Our team has spent many years acquiring, financing and advancing mineral projects in Argentina, and we intend to bring that same disciplined approach to Organullo. asserted

We are very pleased to be partnering with Latin Metals and look forward to advancing the project through systematic exploration and drilling.” asserted

Option Terms Latin Metals has granted Aumin or its designee an exclusive Option to acquire a 100% interest in the Project by paying an aggregate US$4 million cash to Latin Metals and completing an aggregate 40,000m of drilling on the Project over a six-year period (Table 1). asserted

Aumin shall pay Latin Metals US$100,000 cash within 10 days of the execution of the Letter Agreement (paid). asserted

Thereafter, Aumin has an exclusive period of three months, extendable by up to one additional month, to complete due diligence and execute a definitive agreement (the "Definitive Agreement"), or if the Definitive Agreement is not executed, to deliver a confirmation notice (the "Confirmation Notice") to Latin Metals confirming Aumin intends to proceed with the Option. asserted

Upon execution of Definitive Agreement or receipt of the Confirmation Notice, Aumin will pay an additional US$150,000. asserted

The commencement date (the "Commencement Date") is defined as the earlier of (i) 6 months following execution of the Letter Agreement (March 16, 2027), (ii) the date upon which the Definitive Agreement is executed, or (iii) the date on which all drill permit filings with governmental entities have been approved. asserted

Following the Commencement Date, the 3,000-metre first year drill commitment and the US$400,000 first-year cash payment shall be irrevocable commitments 2. if any or all of the 3,000m drill commitment remains undrilled, Aumin may pay cash-in-lieu of any shortfall payable to Latin Metals at rate of US$350 per undrilled metreUpon completion of the cash payments and drill commitments outlined above uncertain

, the Option shall be exercised in full and Aumin shall acquire 100% of the Project, subject to Latin Metals' election within 30 days to either: - obtain a 19.9% ownership interest in the Listed Vehicle (the "Equity Interest"), with participation rights and board representation; or - receive a 2% Elective NSR Royalty. asserted

It is a condition of the Letter Agreement that the Listed Vehicle shall complete the listing of its common shares on the TSX Venture Exchange or other recognized stock exchange in Canada, the United States, Australia or England. asserted

If the Listed Vehicle has not been listed on a recognized stock exchange for a period of at least 12 months prior to the exercise of the Option, Latin Metals shall have 30 days from the date that is 12 months following the completion of such listing to elect to receive either the Equity Interest or the 2% Elective NSR Royalty, provided that the listing requirement shall not apply if Aumin elects to complete the Accelerated Acquisition. asserted

At any time after Aumin has completed 15,000m of drilling, Aumin shall have the right to complete the Accelerated Acquisition and buy-out Latin Metals' right to receive an Equity Interest. asserted

To complete the Accelerated Acquisition, Aumin is required to (i) pay Latin Metals the aggregate amount of all cash payments contemplated under the Option that remain unpaid as of the date of acceleration, whether or not such payments would otherwise have become due at that time, and (ii) pay Latin Metals an additional US$16,000,000 cash payment in consideration for the cancellation and extinguishment of its right to receive the Equity Interest. asserted

If the Accelerated Acquisition is completed, Latin Metals shall retain a 2% NSR royalty on the Project ("Acceleration NSR Royalty"). asserted

In any case in which Latin Metals retains the Election NSR Royalty or the Acceleration NSR Royalty, Aumin shall have the right, for three years following the date on which the Election NSR Royalty or the Acceleration NSR Royalty is granted, to repurchase up to an aggregate one half of the applicable royalty, as follows: - US$10,000,000 to repurchase one-quarter (0.5%) of the Election NSR Royalty or the Acceleration NSR Royalty, as applicable; or - US$20,000,000 to repurchase one-half (1%) of the Election NSR Royalty or the Acceleration NSR Royalty, as applicable. About the Organullo Gold Project Organullo is a 100%-owned gold exploration project with an approved Social & Environmental Impact Report ("SEIR") (Informe de Impacto Ambiental y Social – Etapa de Exploración Avanzada) for exploration drilling at the Project. asserted

The SEIR approval is issued in favour of Cardero Argentina S.A., a wholly owned subsidiary of Latin Metals, and authorizes various exploration activities including up to 11,900m of diamond drilling. asserted

The project is subject of an NI 43-101 Technical Report entitled “2015 Technical report on the Organullo Project”, which includes details of a report aurthored by GeoRes, an Australian consulting firm. asserted

The 2012 GeoRes Report, entitled “Organullo Exploration Targets and Pit Optimization” resulted in (i) potential exploration target tonnages, and (ii) potential exploration target grades of gold at the Organullo project, which were reported at lower and upper ranges. asserted

At a lower gold cut-off grade of 0.5 g/t the total exploration targets ranged from a lower 19.8Mt at 0.94 g/t gold (600,000 ounces of gold) to an upper 31.6Mt at 0.92 g/t (940,000 ounces of gold). asserted

It should be noted that these potential exploration target quantities and grades are conceptual in nature, that insufficient exploration and geological modelling has been done to define a mineral resource, and that it is uncertain if further exploration will result in the delineation of a mineral resource. asserted