Portofino Reports on Strategic Financing Activities

Rhea-AI Summary

Portofino Resources has initiated discussions with multiple international groups regarding lithium supply from its Argentine projects, Yergo and Arizaro. The company is exploring strategic financing options to advance these projects. Yergo, located in Catamarca Province, has shown high lithium brine quality with values up to 373 mg/L Lithium and 8,001 mg/L Potassium. Arizaro, in Salta Province, also exhibits significant lithium potential with aquifer depths up to 1000m. Despite public market interest, international groups are actively conducting due diligence on these projects. However, there is no assurance that these discussions will lead to material transactions.

Positive

• Initiation of strategic financing discussions with international groups.
• High-quality lithium brine at Yergo project with values up to 373 mg/L Lithium and 8,001 mg/L Potassium.
• Yergo project is 100% controlled and strategically located with good access.
• Arizaro project has significant lithium potential, with aquifer depths up to 1000m.
• Active due diligence by international groups on Yergo and Arizaro projects.

Negative

• No certainty that discussions will lead to material transactions.
• interest in critical material exploration projects and companies in public markets.

Vancouver, British Columbia--(Newsfile Corp. - July 4, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") reports that it has opened dialogue with numerous international industry groups that have interest in securing lithium supply, including a half dozen groups that have initiated project due diligence on a post-non-disclosure agreement basis. These groups are at various stages of due diligence and review of the Company's data room. The Company has been pursuing potential strategic financing structures to accelerate progress to the next stage(s) of development of its lithium brine projects.

The Argentine projects summaries and links are noted below:

Yergo Project: 2,932 Ha, Catamarca Province

• TIER 1 LOCATION: 100% controlled salar and strategically located near the regional centre of Fiambala, having main road access to the property.

• HIGH QUALITY LITHIUM BRINE: Sampling by Portofino returned values of up to 373 mg/L Lithium and up to 8,001 mg/L Potassium and included low Magnesium to Lithium ratios.

• SHARED GEOLOGY WITH 3Q: Due to the Yergo Project's proximity to the Zijin's 3Q Project, both likely possess similar evaporitic climates and geologies, including exposure to lithium source rocks.

Arizaro Project, 8,445 Ha, Salta Province

• TIER 1 LOCATION: Arizaro is strategically close to the regional centre of Tolar Grande, having road and railway access within close proximity to the property.

• HIGH QUALITY LITHIUM BRINE: Preliminary exploration reveals potential for significant lithium concentrations and VES survey has revealed aquifer depths of up to 1000m, underscoring its potential and similarity to other projects being developed on the Arizaro Salar.

• Surface and trench sampling by Portofino returned values consistent to those of other programs completed by developers on the Arizaro Salar.

• SHARED GEOLOGY: Given the proximity to Eramet, Lithium Chile and Tibet Summit, there is a strong likelihood that Arizaro shares similarities with other projects in the immediate vicinity.

Portofino is encouraged with the level of interest in well-located lithium brine projects by these international lithium industry groups, despite the perceived limited interest in the public markets for critical material exploration projects and companies.

The Company notes that there is no certainty that any discussions will advance to any material transaction(s).

About Portofino Resources Inc.

Portofino is a Vancouver, Canada-based company focused on exploring and developing mineral resource projects in the Americas. Portofino has executed an agreement with Lithium Chile Inc. to explore and develop the Arizaro Lithium Project located in Salta, Argentina and additionally maintains a 100% interest in the (drill ready) Yergo Lithium Project in Catamarca. Both projects are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects.

The Company also has the right to earn 100% interest in three pegmatite lithium projects and several gold projects located within northwestern Ontario, Canada.

ON BEHALF OF THE BOARD

"David G. Tafel"

Chief Executive Officer

For Further Information Contact:

David Tafel CEO, Director

604-683-1991

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

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company's future business plans. Forward-looking information in this news release is based on certain assumptions and expected future events, namely the growth and development of the Company's business as currently anticipated. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215414

FAQ

What is the significance of Portofino Resources' financing discussions?

Portofino is exploring strategic financing options with international groups to advance its lithium brine projects in Argentina.

What lithium concentrations were found at the Yergo project?

Sampling at the Yergo project returned lithium concentrations of up to 373 mg/L and potassium concentrations of up to 8,001 mg/L.

Where is the Arizaro project located?

The Arizaro project is located in Salta Province, Argentina, near the regional center of Tolar Grande.

What are the potential benefits of the Arizaro project?

The Arizaro project has high lithium potential, with aquifer depths up to 1000m, and shares geological similarities with other nearby projects.

What is the stock symbol for Portofino Resources?

Portofino Resources is traded under the stock symbol PFFOF.