LARA EXPLORATION LTD - LRAXF STOCK NEWS

Lara Exploration (TSXV: LRA) has announced the acceleration of expiry for outstanding common share purchase warrants and broker warrants, both exercisable at C$1.00 per share. The warrants, issued through a private placement on June 17, 2022, will now expire on November 26, 2024. This acceleration follows 10 consecutive trading days where share prices exceeded C$1.20. Currently, 2,650,933 warrants remain unexercised, potentially raising C$2,650,933 if fully exercised. The proceeds will primarily fund the development of the Planalto Copper-Gold Project in Brazil, with potential to raise the company's treasury to approximately $6 million.

Lara Exploration (TSXV: LRA) has filed an independent technical report for its 100% owned Planalto Copper-Gold Project in Brazil. The report, dated September 5, 2024, with an effective date of July 3, 2024, supports the initial resource estimate. Key highlights include:

- Indicated Resources: 47.7 million tonnes at 0.53% copper and 0.06 g/t gold (0.56% copper-equivalent), containing 253,000 tonnes of copper.

- Inferred Resources: 154 million tonnes at 0.36% copper and 0.04 g/t gold (0.38% copper-equivalent), containing 549,000 tonnes of copper.

The project is located in the Carajás Mineral Province, near existing copper mines and mills. The resource estimate is constrained within an open pit shell and includes a higher-grade Main Mineralization domain and a lower-grade Host Rock Mineralization domain.

Lara Exploration (TSXV: LRA) has reported the initial resource estimate for its 100% owned Planalto Copper-Gold Project in Brazil. The project's Indicated Resources are estimated at 47.7 million tonnes with an average grade of 0.53% copper and 0.06 g/t gold, containing 253,000 tonnes of copper. Inferred Resources are estimated at 154 million tonnes with an average grade of 0.36% copper and 0.04 g/t gold, containing 549,000 tonnes of copper.

The project is located in the Carajás Mineral Province, between existing copper mines and deposits. The resource estimate includes a higher-grade Main Mineralization domain and a lower-grade Host Rock Mineralization domain. The deposit starts near surface, is shallow dipping, and contains clean chalcopyrite copper-gold mineralization.

Lara's CEO, Dr. Simon Ingram, highlighted the project's potential to meet the increasing demand for copper in the energy transition. The company plans to advance the project through further technical studies, with a scoping study already underway.

Lara Exploration (TSXV: LRA) has completed the sale of its Curionópolis Iron Project to Ferrous Technology Mineração Limitada (Fertec) for approximately US$2 million. Lara retains a 3% gross sales royalty on any production, with minimum advance royalties of US$150,000 per year if production hasn't started within three years.

The Curionópolis Iron Project covers 1,226 hectares in the Carajás Mining Province of northern Brazil. It has undergone 8,727 meters of diamond drilling across 96 holes, with resource estimates and a preliminary economic assessment completed to Brazilian standards. Fertec is currently advancing environmental studies and has applied for a pilot mining license.

Lara Exploration (TSXV: LRA) has completed the expenditures required to increase its ownership in the Mantaro Phosphate Project from 33% to 70%. The company has established a new subsidiary, Fosfatos Alli Allpa, to advance exploration, technical studies, and development. Lara is collaborating with the Peruvian National Institute of Agrarian Innovation (INIA) to study the effects of locally sourced phosphates on crop yields.

The Mantaro Phosphate Project, located in the Junín Region of Central Peru, contains extensive sedimentary phosphate layers suitable for surface extraction and production of marketable phosphate rock concentrates. The project benefits from its proximity to major transportation infrastructure, including a national highway, rail line, and the new Chancay mega-port.

Lara Exploration has agreed to sell its Curionopolis Iron Project to Ferrous Technology Mineracao Limitada (Fertec) for staged payments totaling approximately US$2 million. The initial payment of R$6.85 million, including R$1.5 million as advanced royalties, has been received. The remaining R$3 million will be paid once the license transfer is completed. Additionally, Lara will earn a 3% gross sales royalty on future production with a minimum of US$150,000 in annual advance royalties starting from the third year. The Curionopolis Project covers a 1,226.53-hectare area in Brazil's Carajas District, with significant drilling and resource assessments already conducted. Fertec is moving forward with environmental studies and plans to apply for a pilot mining license soon.

Lara Exploration has settled a lawsuit with Vertical Mineração Limitada to recover the Curionopolis Iron Project, a 1,348-hectare license area in northern Brazil. The project was optioned to Vertical in 2009 but defaulted on payments to Lara. After legal actions, the project has been transferred back to Lara's Brazilian subsidiary.