Cordoba Minerals Announces the Receipt of US$4 Million Bridge Financing from Ivanhoe Electric

Rhea-AI Summary

Cordoba Minerals Corp. receives $4 million bridge financing from majority shareholder for the Alacran Project in Colombia.

Positive

• Cordoba Minerals Corp. has received $4 million in bridge financing from its majority shareholder, Ivanhoe Electric Inc. The funds will be used for the advancement of the Feasibility Study and the Environmental Impact Assessment at the Alacran Project. This is expected to improve project economics and enhance project value.

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• None.

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2023) - Sarah Armstrong-Montoya, President and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (otherwise "Cordoba" or the "Company"), is pleased to announce that the Company has received the previously announced bridge financing of US$4 million in the form of a short-term convertible debenture (the "Debenture") from Cordoba's majority shareholder, Ivanhoe Electric Inc.

The proceeds from the Debenture have been advanced to CMH Colombia S.A.S. ("CMH"), the joint venture vehicle that owns 100% of the Alacran Project, in Colombia, for the joint-development with JCHX Mining Management Co., Ltd. (refer to Cordoba's news release dated October 4, 2023).

The purpose of the Debenture is to ensure the Company can continue the advancement of the Feasibility Study ("FS") and the Environmental Impact Assessment ("EIA") work programs at the Alacran Project, and for general corporate purposes.

"With the ongoing backing of our majority shareholder, Ivanhoe Electric Inc., the FS technical work program can continue to focus on the optimization of the Alacran Project, which is expected to improve project economics and further enhance project value," commented Ms. Sarah Armstrong-Montoya, President and CEO of Cordoba. "The EIA is also underway. We expect to have both items ready for the next step by the end of this year."

About Cordoba

Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is jointly developing the Alacran Project with JCHX Mining Management Co., Ltd., located in the Department of Cordoba, Colombia. Cordoba also holds a 51% interest in the Perseverance Copper Project in Arizona, USA, which it is exploring through a Joint Venture and Earn-In Agreement. For further information, please visit www.cordobaminerals.com.

ON BEHALF OF THE COMPANY
Sarah Armstrong-Montoya, President and Chief Executive Officer

Information Contact

Ran Li +1-604-689-8765
info@cordobamineralscorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, the Alacran Project and development thereof. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Cordoba operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. Readers are cautioned not to put undue reliance on these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183080

FAQ

Who provided the bridge financing to Cordoba Minerals Corp.?

The bridge financing was provided by Cordoba's majority shareholder, Ivanhoe Electric Inc.

What will the funds be used for?

The funds will be used for the advancement of the Feasibility Study and the Environmental Impact Assessment at the Alacran Project.

What is the expected outcome of the funding?

The funding is expected to improve project economics and enhance project value.

When will the Feasibility Study and Environmental Impact Assessment be ready?

The company expects to have both items ready for the next step by the end of this year.