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UPDATE FOR THE WEEK OF June 20, 2022

Further to the news release issued June 10th, drilling at Santo Tomas remains voluntarily suspended and drillers are being given a furlough until drilling resumes. Shareholders will be informed by news release of the resumption of drilling.

On June 23rd, the Company issued a news release titled “Brasiles Drilling Tests the Northward Extension of the Santo Tomas North Zone” which is available at: https://www.orocoresourcecorp.com/news/

Activities at the Company’s Ranchito core handling and storage facility have continued during the week with the logging and preparation for shipment to assay labs of recently drilled core.

Working with consultants Ausenco Engineering USA South Inc. and SRK Consulting (Canada) Inc., the Company is preparing for a Preliminary Economic Assessment, with the initial focus being on metallurgical testing.  Samples to be tested are currently being selected.  Historical metallurgical testing was conducted prior to the completion the 1994 Bateman Engineering Prefeasibility Study, and is summarized in Oroco’s NI 43-101 compliant report titled, “Geology, Mineralization, and Exploration of the Santo Tomás Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico” published in September 2019. That report is available for review at: https://www.orocoresourcecorp.com/projects/technical-reports/

In part, the Report details past metallurgical test work as follows:

“Metallurgical testing of the Santo Tomás ores and host rocks began in 1975. The most recent metallurgical test work was completed in 1994 by Mountain States Research and Development Inc. (MSRDI). This work and results are described in Bateman (1994).   The mineralized drill samples selected for testing by Exall were selected from only the North pit area.”

Spring (1992) reported that both ASARCO and Tormex examined the ore to recover the copper as a concentrate through a normal plant circuit of crushing-grinding and flotation. The preliminary metallurgical tests suggested that at a grind of approximately 60% passing 200 mesh, a concentrate of 26% Cu and a recovery of 95% was attainable (Spring, 1992).”

“According to Thornton (2011), the flotation and leaching test work conducted by Mountain States Research and Development Inc. (MSRDI) in 1994 under the direction of Bateman Engineering is the best work completed to date on the Santo Tomás diamond-drill hole composited material. The recovery developed by this work averaged 90.7% Cu into the concentrate….”

On June 17, Oroco and its local partner, Minera Tempisque, enjoyed a staff social in Choix with an “Entee Amigo” soccer and volleyball match.

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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