Latin Metals Provides Update on Expanded Cerro Bayo Drill Program

• 2026-04-01: Latin Metals provides update on expanded Cerro Bayo drill program. Daura Gold, the option partner, has completed 14 diamond drill holes across 10 targets with step-back drilling now underway at Ingrid, Elena, and Eugenia. All current drilling is fully funded by Daura under its earn-up, preserving Latin Metals’ capital. Assay results from the initial 14 holes are expected in 4–6 weeks, delivering a near-term catalyst. This continues the ongoing Cerro Bayo program that began earlier in 2026, with drilling and IP surveys forming the core of the exploration plan.
• 2026-03-26: Latin Metals announced a district-scale Ventana North copper exploration program in NW Argentina, with field activities slated for early Q2 2026 and a 500-sample stream-sediment program to prioritize drill targets for partner-funded drilling.
• 2026-02-25: Latin Metals invited investors to meet management at PDAC 2026, highlighting partner-funded drilling at Cerro Bayo, a strengthened balance sheet from warrant exercises, and the spin-out of Para and Auquis copper assets into Latin Explore.
• 2026-02-17: Announcement of anticipated closing date for the spin-out arrangement (Para and Auquis copper projects into Latin Explore Inc.), plus marketing IR activity for PDAC and other conferences.
• 2026-01-22: Spin-out update detailing meeting results, court approvals, and financing close related to the spin-out of Para and Auquis; court approval of the plan of arrangement granted in January.
• 2026-01-20: Cerro Bayo exploration update describing ~27 line-km IP survey progress, 15 priority drill targets, and mid-February initiation of Phase 1 drilling; also notes investor conference participation.
• 2026-01-12: Broad 2025/2026 catalyst-oriented update highlighting partner progress (Daura), project advancements, spin-out activity, and expected 2026 catalysts.
• 2025-12-18: Spin-out update and NI 43-101 technical report filing for Para; special shareholder meeting planned for January 14, 2026; private placement upsized to 30 million subscription receipts for $3 million.
• 2025-12-09: Material Positive news on the spin-out agreement for Para and Auquis copper projects into Latin Explore; includes share distribution and concurrent Finco financing details.
• 2025-11-03: Daura Gold option terms announced for Cerro Bayo and La Flora; outlines earn-in up to 80% and associated payments, drilling commitments, and NSR considerations.
• 2025-10-24: Plan to spin-out Para and Auquis copper assets; Latin Metals to create Latin Explore as a self-funded exploration company; record date and Q1 2026 completion target; outlines governance and risk disclosures.
• 2025-10-30: AngloGold Ashanti terminates its option for Organullo (a material negative development) but Latin Metals retains 100% ownership of Organullo with drill-readiness and a large, permit-ready corridor; implies a shift in partnership dynamics.
• 2025-09-29 and 2025-09-29: AngloGold Ashanti to commence drill program at Organullo (Phase I, ~6,000 m across 10 holes) and expansion of land package via Malena VII; this was framed as a major partnership that would support staged exploration, though subsequent update in late October shifted the situation.
• 2025-07 to 2025-12: Ongoing financing activity (private placements, option grants), IR activity, and land acquisitions (e.g., Para and La Flora near Cerro Bayo; Huachi option) supporting a diversified exploration strategy.
• 2025-04 to 2025-12: Multiple financing events (private placements, share exchanges, and spin-out planning) and strategic option agreements with Golden Arrow Resources (Huachi) and Daura Gold (Cerro Bayo/La Flora) to expand Latin Metals’ exposure while managing dilution, with 2025-12-18 and 2025-12-09 detailing the spin-out mechanics and approvals.

Material impact assessment - The latest news confirms ongoing, partner-funded drilling at Cerro Bayo, with 14 holes completed and results due in 4–6 weeks. This is positive for near-term catalysts and for Latin Metals’ core strategy as a diversified prospect generator leveraging partner funding to advance high-potential targets while limiting equity dilution. - The Cerro Bayo earn-in structure with Daura Gold remains a central strategic dynamic; progress on drill results and the potential for additional step-back drilling could influence valuation if assays show meaningful gold-silver intersections. - The prior and concurrent news flow (Ventana North exploration, spin-out of Para and Auquis into Latin Explore, and management/conference activity) supports a continued catalyst-driven narrative for 2026. However, some past news (e.g., AngloGold terminating Organullo option in late 2025) reminds investors that joint-venture outcomes can shift materially and create heightened risk for project-specific value realization. - Overall, the most recent Cerro Bayo update is in line with expectations set by earlier 2026 catalysts (start of partner-funded drilling, assay timing), and it reinforces the existing investment thesis centered on a funded exploration program and structural corporate moves (spin-out, Latin Explore). It is positive but not a game-changer; it adds incremental near-term catalysts rather than altering the strategic trajectory dramatically.

What to watch next (immediate, 3-6 Months) - Immediate: - Assay results from Cerro Bayo initial 14 holes (4–6 weeks from 2026-04-01) and any updates on step-back hole results. - Any additional updates on the Cerro Bayo target list and targets Ingrid/Elena/Eugenia drilling status. - 3–6 months: - Progress and results from Ventana North stream-sediment program and any drill targeting; potential partner-funded drilling opportunities. - Closing and execution of the Latin Explore spin-out (Para and Auquis) including TSXV listing developments, shareholder approvals, and financing closings. - Any additional partner-funded drilling updates at Organullo (if AngloGold or other partners proceed with alternative arrangements) and the potential restructuring of nearby licenses (e.g., Malena VI expansion). - Updates on other contemplated financings and option moves (Huachi expansion, Zafino/Para land consolidations) and any new strategic partnerships. - What to look for in future news releases: - Drill assay results and target prioritization updates at Cerro Bayo. - Any revised earn-in terms or new strategic partnerships for other Argentine projects (Esperanza, Huachi, Organullo). - Spin-out progress and potential TSXV listing milestones for Latin Explore, including use-of-proceeds and drill programs. - Updates on capital markets activity (financing, warrants activity, and management changes) and any impact on dilution.

Conclusion on Materiality - Materiality assessment: Routine - Positive. - Why: The April 1 Cerro Bayo update confirms ongoing, partner-funded drilling with a near-term assay catalyst, consistent with prior guidance and the company’s prospect-generator strategy. While the news reinforces the strategic path and provides a positive near-term driver, it does not constitute a transformative change in ownership structure or a major new discovery that would drastically re-rate the company on its own. The broader material developments remain the spin-out of Para/Auquis into Latin Explore, partner-funded drilling for Cerro Bayo and Organullo (and related terminations/alterations), and the ongoing Ventana North/copper plays, all contributing to a catalyst-driven but staged value creation path.

Technical Analysis and Price Support Resistance Breakout levels - Price data not provided. - Technical analysis cannot be performed due to absence of time-series price data. If you supply the price data (past 2 years), I can compute trend, define dynamic support/resistance levels, and identify breakout targets in relation to the news flow.

Company overview and flagship project - Latin Metals is a prospect generator with a diversified portfolio across Argentina and Peru, emphasizing partner-funded exploration to minimize shareholder dilution while maintaining exposure to discovery potential. - Flagship context: Cerro Bayo is a key district-scale project in Argentina with a formal earn-in arrangement with Daura Gold; the project sits in the Deseado Massif, a prolific precious-metal belt, and has environmental approval for multiple drill pads. The arrangement with Daura has positioned Cerro Bayo as a near-term catalyst driver via assay results and potential expansion of the JV based on drill success. - Other notable assets include Organullo, Huachi, Para, Auquis, and Ventana North (copper plays) with ongoing or planned partnerships and spin-out considerations, keeping Latin Metals’ exposure to both precious metals and copper-gold systems.

Capital structure including financings and levels - Financing activity: - Private placements and details (all with four-month hold periods, warrants at C$0.20–CAD) to support exploration and generative work; multiple tranches and structures across 2025–2026. - Upsized private placements (May 2025, 11.8 million units at C$0.11; warrants at C$0.20; 36 months). - Spin-out financing and arrangements for Para and Auquis into Latin Explore; concurrent Finco private placement of subscription receipts for about $3 million (late 2025); anticipated completion in Q1 2026. - Warrant activity: - Warrants issued in several financings (exercise price typically CAD 0.20; duration 36 months; potential acceleration if VWAP criteria met). - Finder warrants and related-party participation disclosed in several financings. - Outstanding warrants represent a source of potential dilution upon exercise; multiple issuances across 2025–2026 reflect ongoing capital-raising activity.

Strategic investors - Daura Gold: Partner with option to earn up to 80% in Cerro Bayo/La Flora; funding the current drill program; top-up rights and NSR components tied to future equity or project economics. - AngloGold Ashanti: Previously engaged for Organullo option (up to 80%); terminations and amendments occurred, but Organullo remains 100% owned by Latin Metals with drill-readiness; ongoing exploration collaborations and permitting details. - Golden Arrow Resources: Huachi copper-gold project option agreement for up to 100% ownership with staged payments; potential JV structure if top-up rights are exercised. - Finco (1559749 BC Ltd) and Latin Explore investors: Participants in spin-out financing related to Para/Auquis; strategic for creating a self-funded exploration vehicle with a separate listing.

Debt risk and capital needs - No explicit debt facility or debt financing updates in the provided news; capital needs are being met via private placements, warrants, and spin-out financing. The partner-funded drilling reduces near-term capital requirements for Cerro Bayo and related projects. The spin-out introduces a new corporate vehicle (Latin Explore) for self-funded exploration, potentially reducing future dilution for Latin Metals’ shareholders but adding dependence on external financing for the spun-out entity.

Key and hidden risks - Dependence on partner funding: Cerro Bayo and other joint-venture arrangements hinge on Daura Gold, AngloGold Ashanti, Golden Arrow, and other partners continuing commitments. - Assay risk and drill results: Near-term catalysts depend on assay outcomes; negative results could dampen momentum or require reassessment of targets. - Regulatory and permitting risk: Ongoing drilling and environmental approvals are essential; delays could affect timelines for drill programs. - Spin-out execution risk: The Latin Explore spin-out depends on TSXV approval, court sanction, and market conditions; completion timing could shift, affecting shareholder value realization. - Geographic and political risk: Argentina-based projects entail political, currency, and regulatory risks that can influence project economics and partnering dynamics. - Royalty and NSR structures: Complex royalties and potential NSR overlays (as in Cerro Bayo) could impact future monetization and JV economics.

Final summary and takeaways - The most recent news confirms continued execution of a funded Cerro Bayo drill program with near-term assay catalysts, aligned with prior guidance and the company’s prospect-generator strategy. This supports incremental valuation progress but is not a standalone game changer. - The company remains exposed to a sequence of transformative corporate events (Latin Explore spin-out, ongoing Ventana North copper play, and other option-based expansions). The near-term catalysts (assays from Cerro Bayo; spin-out completion and listing; additional drill programs) will be critical catalysts for the stock. - Given the structure of partnerships and the lack of disclosed debt, the risk-reward appears to favor continued monitoring of assay results and spin-out timelines. Any positive assay milestones or successful spin-out milestones could re-rate the stock, while delays or unfavorable results could constrain upside.

Appendix and Sources - Data period available: 2025-12-22 to 2026-04-01 (historical news releases and price data referenced). - Time series price data: Price data not provided. - Financial statements: Not provided in the prompt. - Transcripts/presentations: Not provided in the prompt.

Key sources used: - 2026-04-01: Latin Metals Provides Update on Expanded Cerro Bayo Drill Program - 2026-03-26: Latin Metals Commences First Systematic Exploration at Ventana North - 2026-02-25: Latin Metals Invites Investors to Meet Management at PDAC 2026 - 2026-02-17: Latin Metals Announces Anticipated Closing Date for Spin-Out of Para and Auquis Copper Projects - 2026-01-22: Latin Metals Provides Spin-Out Transaction Update - 2026-01-20: Latin Metals Provides Update on Partner-Funded Exploration, Cerro Bayo - 2025-12-18: Latin Metals Provides Spin-Out Transaction Update and Files Technical Report for Para Project - 2025-12-09: Latin Metals Announces Execution of Arrangement Agreement for Spin-Out of Para and Auquis Copper Projects - 2025-11-03: Latin Metals and Daura Gold Agree to Option Terms for Cerro Bayo and La Flora Projects - 2025-10-24: Latin Metals Announces Plan to Spin-Out Peruvian Copper Assets - 2025-10-30: AngloGold Ashanti Terminates Option for Organullo; Organullo remains 100% owned - 2025-09-29 to 2025-09-29: AngloGold Ashanti to Commence Drilling at Organullo - 2025-07 to 2025-12: Financing and property acquisitions (Huachi, Para, Auquis, Zafino/Para expansion) - 2025-05-20: Latin Metals amends Cerro Bayo deal for 100% interest - 2025-04-02: Latin Metals appoints Patterson as VP of IR - 2025-04-30 to 2025-05-15: Private placements and warrant terms - 2025-12-22: Daura Gold Commences Exploration at Cerro Bayo - 2025-12-18: Spin-Out Update; technical report filing; spin-out timing - 2025-12-18: Spin-Out update and court orders - 2025-08-13: Zafino acquires Para rights (Para expansion) - 2025-07-28: Organullo expansion and strategic updates - 2025-07-10: AGM results - 2025-06-02: Participation in THE Mining Investment Event - 2025-06-09: drill permit for Organullo - 2025-05-20 to 2025-11-03: Huachi option, Esperanza updates, and other project activity

Note: If you provide time-series price data, I will add a detailed Technical Analysis with precise support/resistance levels, trend assessment, and breakout considerations tied to the latest Cerro Bayo drill news.