• Ground floor opportunity in a brand new Lundin exploration vehicle
• Experienced, successful team backed by some of the most successful resource investors in the world
• Strong network to source new opportunities
• Los Helados - Exposure to rising copper and gold prices through ownership of a strategic resource in an operating mining district

Q3 2021 OPERATING HIGHLIGHTS AND OUTLOOK

Previously Unsampled Los Helados Core Showcases High-grades Over Considerable Lengths

During the three months ended September 30, 2021, the Company assayed previously unsampled core that was drilled at Los Helados in 2015 for the purpose of geotechnical studies. The core was collected from two holes that were drilled into the high-grade core of Los Helados, and the assays results will serve as infill data for a future update to the Mineral Resource estimate.

The assay results are highlighted by the following:

• LHDHG02A, intersected 1,101m @ 0.70% copper equivalent ("CuEq") (0.52% Cu, 0.28 g/t Au, 1.7 g/t Ag), including a high-grade interval of 224m @ 1.04% CuEq (0.79% Cu, 0.37 g/t Au, 2.7 g/t Ag); and

• LHDHG03, which returned 1,134m @ 0.79% CuEq (0.59% Cu, 0.30 g/t Au, 1.9 g/t Ag), including a high-grade interval of 440m @ 1.03% CuEq (0.82% Cu, 0.31 g/t Au, 2.9 g/t Ag).

These results confirm the Company's improved understanding of the deposit's geology, which was reinterpreted in 2020 as a result of a core relogging program. This improved geological model will form the basis for a future update to the Mineral Resource estimate for Los Helados. In turn, the updated Mineral Resource will enable an evaluation of alternate development scenarios for Los Helados, exploring optionality in scale of operations and mine plan strategies, which may illustrate alternate strategies for realization of value on this robust asset. The Company is considering a drill program to further define and to try to extend the high-grade core of the deposit.

Final Phase of Valle Ancho Earn-In Launched

During the third quarter of 2021, the Company commenced its planned field program at the Valle Ancho project, located in the Province of Catamarca, Argentina. The Company plans to complete between 3,000m and 4,000m of diamond drilling during this campaign, which will follow up on unverified, historical drill intersections from the 1990's, including 62 metres at 1.0 g/t gold and 108 metres at 1.0 g/t gold, and test several other high-potential gold and copper-gold targets identified during the reconnaissance work completed in 2020. Drill targeting will be guided by exploration results, including the interpretation of airborne and ground geophysical surveys undertaken at the outset of the campaign. Drilling is expected to commence upon receipt of requisite environmental permits.

The Company's interest in the Valle Ancho project is held through an option agreement with the Province of Catamarca, whereby it may earn a 100% interest in Valle Ancho by making US$8.2 million in total project expenditures by the end of 2022. As of the date of this MD&A, approximately US$6.0 million remains to be spent on the earn-in, which the Company intends to meet with its current exploration campaign.

$25 Million Private Placement

Subsequent to the quarter end, on November 1, 2021, the Company closed a non-brokered private placement, pursuant to which the Company sold an aggregate of 31,250,000 common shares at a price of $0.80 per common share, generating aggregate gross proceeds of $25.0 million (the "Financing"). Approximately $13.3 million of the gross proceeds were subject to a 5.0% finders' fee, payable in cash. The common shares issued under the Financing will be subject to a hold period expiring on March 2, 2022.

A portion of the net proceeds have been used to repay the amounts drawn under the 2021 Facility, and the remaining net proceeds from the Financing will be used to fund the aforementioned work programs at Los Helados in Chile and Valle Ancho in Argentina, progress the Company's business development efforts, and also for general corporate and working capital purposes. The use of the net proceeds from the Financing have not changed materially from previous disclosures.

Potential Impacts of COVID-19

The Company's current plans are subject to certain risks and uncertainties, including, but not limited to, the ongoing COVID-19 pandemic. As the Company continues to monitor developments with respect to COVID-19, both globally and within its operating jurisdictions, it may implement changes to its business as may be deemed appropriate to mitigate any potential impacts to its business and its employees, contractors, visitors, and stakeholders (collectively, "Stakeholders"). Such changes may include, but are not limited to, temporary closures of the Company's project sites or offices, and deviations from the timing and nature of previous operating plans. Moreover, sustained COVID-19 outbreaks globally have resulted in operational and supply chain delays and disruption as a result of governmental regulation and preventative measures being implemented worldwide, including in Argentina and Chile. The Company could also be required to close, curtail or otherwise limit its operating activities as a result of the implementation of any such governmental regulation or preventative measures in the jurisdictions in which the Company operates, or as a result of sustained COVID-19 outbreaks at its project site or facilities. Any such closures or curtailments could have an adverse impact on the business of the Company.