Latin Metals options Organullo gold project in Salta

Cash Consideration of up to US$40 Million

VANCOUVER, British Columbia, Sept. 21, 2026 (GLOBE NEWSWIRE) -- Latin Metals Inc. (" Latin Metals " or the " Company ") - (TSXV: LMS) (OTCQB: LMSQF) is pleased to announce that it has entered into a binding letter agreement (the "Letter Agreement" ) with Aumin Argentina S.A.U. (" Aumin ") whereby Aumin has been granted an option (the " Option ") to acquire a 100% interest in the Company's Organullo Gold Project ( "Organullo" or the "Project" ), located in Salta Province, Argentina.

Option Highlights:

US$4.0 million aggregate Option cash payments to Latin Metals.

Minimum cumulative drilling of 3,000m by first anniversary, 15,000m by third anniversary, and 40,000m by sixth anniversary.

Following the stock exchange listing of Aumin or a designated listing vehicle (as applicable, the " Listed Vehicle ") and exercise of the Option by Aumin, Latin Metals may elect for either: 19.9% ownership of the Listed Vehicle, with customary participation rights and board representation; or

a 2% Net Smelter Returns royalty on the Project (" Elective NSR Royalty "), up to 1% of which Elective NSR Royalty may be repurchased within 3 years for US$20 million, leaving Latin Metals with a 1% NSR royalty with no further buy-back right.

Potential aggregate cash consideration of up to US$24 million, assuming non-accelerated Option exercise and Elective Royalty buy-back are completed.

Potential Acceleration of Option:

Following completion of at least 15,000 metres of drilling, Aumin may elect to accelerate the Option exercise (the " Accelerated Acquisition ") by paying all remaining Option cash payments plus an additional US$16 million cash.

Latin Metals retains a 2% NSR royalty on the Project (" Acceleration NSR Royalty ") if Aumin elects to complete the Accelerated Acquisition.

Up to 1% of the Acceleration NSR Royalty may be repurchased for US$20 million, leaving Latin Metals with a 1% NSR royalty with no further buy-back right.

Potential aggregate cash consideration of up to US$40 million, assuming the Accelerated Acquisition and Acceleration NSR Royalty buy-back are both completed.

Argentina-Based Team with Exceptional Track Record

The team behind Aumin, led by Hernán Zaballa, has extensive experience in Argentina, with a track record that includes the founding of AbraSilver Resource Corp. (“ AbraSilver ”) and the acquisition and development of its Diablillos silver-gold project. Having worked together in Argentina-focused mineral exploration and project generation for more than a decade, the respective experience of the team combines geology and exploration strategy, Argentine mining law and transaction structuring, and in-country operational, environmental and social expertise.

Today, Diablillos has become one of Argentina's most significant advanced-stage precious-metal development projects. In 2026, AbraSilver reported combined Measured and Indicated resources containing approximately 248 million ounces of silver and 2.54 million ounces of gold and completed a Definitive Feasibility Study containing Proven and Probable reserves of approximately 183.5 million ounces of silver and 1.76 million ounces of gold (AbraSilver Resource Corp., news release dated June 22, 2026). AbraSilver has a current market capitalization of approximately $2.2 billion.

Readers are cautioned that the Diablillos deposit discussed above is a mineral deposit located in Salta Province and that Latin Metals has no interest in or right to acquire any interest in the deposit, and that mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on Latin Metals' Organullo property or the potential production from, or cost or economics of, any future mining of any of Latin Metals' mineral properties.

Keith Henderson, President and CEO of Latin Metals, stated:

"We are particularly pleased with the group that will be taking Organullo forward. Hernán and his team have worked together in Argentina for many years and bring complementary technical, legal, transactional and operational expertise. Their history with Diablillos is particularly compelling. They identified an opportunity in an asset that had become non-core to a much larger mining company, negotiated a creative transaction to acquire it and founded AbraSilver. Diablillos is today a major advanced-stage silver-gold project in Argentina."

"I believe that the experience this group brings, in particular with respect to in-country operational, environmental and social expertise, makes them an excellent partner for Organullo."

Keith Henderson, continued:

"The transaction preserves meaningful upside for our shareholders under various Option exercise scenarios. Under a potential Accelerated Acquisition, Latin Metals would receive up to US$40 million in cash while retaining a 1% NSR royalty"

Hernán Zaballa, President of Aumin, stated:

“Organullo is a compelling opportunity for Aumin: a large, underexplored gold system in Salta with significant technical work already completed and considerable room for new discovery. The previous work provides us with a strong technical foundation, but importantly, we believe there is still substantial exploration potential across the broader property.”

“Our team has spent many years acquiring, financing and advancing mineral projects in Argentina, and we intend to bring that same disciplined approach to Organullo. We are very pleased to be partnering with Latin Metals and look forward to advancing the project through systematic exploration and drilling.”

Option Terms

Latin Metals has granted Aumin or its designee an exclusive Option to acquire a 100% interest in the Project by paying an aggregate US$4 million cash to Latin Metals and completing an aggregate 40,000m of drilling on the Project over a six-year period ( Table 1 ).

Aumin shall pay Latin Metals US$100,000 cash within 10 days of the execution of the Letter Agreement (paid). Thereafter, Aumin has an exclusive period of three months, extendable by up to one additional month, to complete due diligence and execute a definitive agreement (the " Definitive Agreement "), or if the Definitive Agreement is not executed, to deliver a confirmation notice (the " Confirmation Notice ") to Latin Metals confirming Aumin intends to proceed with the Option. Upon execution of Definitive Agreement or receipt of the Confirmation Notice, Aumin will pay an additional US$150,000.

The commencement date (the " Commencement Date ") is defined as the earlier of (i) 6 months following execution of the Letter Agreement (March 16, 2027), (ii) the date upon which the Definitive Agreement is executed, or (iii) the date on which all drill permit filings with governmental entities have been approved.

Table 1: Option Terms for 100% Interest in Organullo

Notes : 1. Following the Commencement Date, the 3,000-metre first year drill commitment and the US$400,000 first-year cash payment shall be irrevocable commitments 2. if any or all of the 3,000m drill commitment remains undrilled, Aumin may pay cash-in-lieu of any shortfall payable to Latin Metals at rate of US$350 per undrilled metre

Upon completion of the cash payments and drill commitments outlined above, the Option shall be exercised in full and Aumin shall acquire 100% of the Project, subject to Latin Metals' election within 30 days to either:

obtain a 19.9% ownership interest in the Listed Vehicle (the " Equity Interest "), with participation rights and board representation; or

receive a 2% Elective NSR Royalty.

It is a condition of the Letter Agreement that the Listed Vehicle shall complete the listing of its common shares on the TSX Venture Exchange or other recognized stock exchange in Canada, the United States, Australia or England. If the Listed Vehicle has not been listed on a recognized stock exchange for a period of at least 12 months prior to the exercise of the Option, Latin Metals shall have 30 days from the date that is 12 months following the completion of such listing to elect to receive either the Equity Interest or the 2% Elective NSR Royalty, provided that the listing requirement shall not apply if Aumin elects to complete the Accelerated Acquisition.

Accelerated Option Exercise

At any time after Aumin has completed 15,000m of drilling, Aumin shall have the right to complete the Accelerated Acquisition and buy-out Latin Metals' right to receive an Equity Interest.

To complete the Accelerated Acquisition, Aumin is required to (i) pay Latin Metals the aggregate amount of all cash payments contemplated under the Option that remain unpaid as of the date of acceleration, whether or not such payments would otherwise have become due at that time, and (ii) pay Latin Metals an additional US$16,000,000 cash payment in consideration for the cancellation and extinguishment of its right to receive the Equity Interest. If the Accelerated Acquisition is completed, Latin Metals shall retain a 2% NSR royalty on the Project (" Acceleration NSR Royalty ").

Royalty Buy-Back Rights

In any case in which Latin Metals retains the Election NSR Royalty or the Acceleration NSR Royalty, Aumin shall have the right, for three years following the date on which the Election NSR Royalty or the Acceleration NSR Royalty is granted, to repurchase up to an aggregate one half of the applicable royalty, as follows:

US$10,000,000 to repurchase one-quarter (0.5%) of the Election NSR Royalty or the Acceleration NSR Royalty, as applicable; or

US$20,000,000 to repurchase one-half (1%) of the Election NSR Royalty or the Acceleration NSR Royalty, as applicable.

About the Organullo Gold Project

Organullo is a 100%-owned gold exploration project with an approved Social & Environmental Impact Report ("SEIR") (Informe de Impacto Ambiental y Social – Etapa de Exploración Avanzada) for exploration drilling at the Project. The SEIR approval is issued in favour of Cardero Argentina S.A., a wholly owned subsidiary of Latin Metals, and authorizes various exploration activities including up to 11,900m of diamond drilling.

The project is subject of an NI 43-101 Technical Report entitled “2015 Technical report on the Organullo Project”, which includes details of a report aurthored by GeoRes, an Australian consulting firm. The 2012 GeoRes Report, entitled “Organullo Exploration Targets and Pit Optimization” resulted in (i) potential exploration target tonnages, and (ii) potential exploration target grades of gold at the Organullo project, which were reported at lower and upper ranges. At a lower gold cut-off grade of 0.5 g/t the total exploration targets ranged from a lower 19.8Mt at 0.94 g/t gold (600,000 ounces of gold) to an upper 31.6Mt at 0.92 g/t (940,000 ounces of gold).

It should be noted that these potential exploration target quantities and grades are conceptual in nature, that insufficient exploration and geological modelling has been done to define a mineral resource, and that it is uncertain if further exploration will result in the delineation of a mineral resource .

Most recently, the Project was optioned to AngloGold Ashanti, which completed technical work and identified three priority target areas as part of its evaluation of the property. Exploration at Organullo has identified extensive advanced argillic alteration associated with a geological environment prospective for high-sulphidation epithermal mineralization and porphyry-style systems. The Salares Norte gold deposit in Chile (Goldfields project; proven and probable reserve (2024); 3.4Moz grading 5.36g/t gold.) is Anglo’s technical analogue for Organullo high-sulphidation epithermal drill targets.

Readers are cautioned that the Salares Norte gold deposit analogy above is located in Chile and that Latin Metals has no interest on or right to acquire any interest in the deposit, and that mineral deposits on similar properties, and any production therefore or economics thereto, are not in any way indicative of mineral deposits at Organullo or the potential production from, or cost or economics of, any future mining of any of Latin Metals’ mineral properties.

The 2012 GeoRes Report points to potential gold mineralization in areas where there has been significant historical drilling. The high-sulphidation drill targets identified by AngloGold are unrelated to historically drilled areas and are located in an untested portion of the Organullo property.

About Aumin and its Management Team

The management team at Aumin negotiated the acquisition of the Diablillos silver-gold project from Silver Standard Resources Inc. ("Silver Standard", now SSR Mining Inc.) in 2016, through Huayra Minerals Corp. (“Huayra”). At the time of the transaction, Diablillos was a substantial, drilled and technically studied silver-gold project with a defined mineral resource. The group recognized an opportunity to acquire and advance an asset that had become non-core within a much larger mining company.

The acquisition was structured with relatively modest upfront cash consideration, together with deferred payments, equity and a retained royalty. Silver Standard became a 19.9% shareholder of Huayra and retained a 1% NSR royalty, providing it with continued exposure to the project's future success.

Huayra subsequently completed a reverse takeover in 2017 to create AbraPlata Resource Corp. (“AbraPlata”) Hernán Zaballa served as Executive Chairman. AbraPlata completed significant drilling at Diablillos and ultimately published a positive Preliminary Economic Assessment in 2018.

Following a subsequent recapitalization and management transition beginning in 2019, AbraPlata (subsequently renamed AbraSilver Resource Corp.) expanded exploration at Diablillos and advanced the project through resource definition, engineering and feasibility. AbraSilver has a current market capitalization of approximately $2.2 billion.

Readers are cautioned that the Diablillos deposit discussed above is a mineral deposit located in Salta Province and that Latin Metals has no interest in or right to acquire any interest in the deposit, and that mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on Latin Metals' Organullo property or the potential production from, or cost or economics of, any future mining of any of Latin Metals' mineral properties.

About Latin Metals

Latin Metals Inc. is a copper, gold and silver exploration company operating in Peru and Argentina under a prospect generator model, minimizing risk and dilution while maximizing discovery potential. With 16 projects, the company secures option agreements with major mining companies to fund exploration. This approach provides early-stage exposure to high-value mineral assets. Latin Metals is actively seeking new strategic partners to advance its portfolio.

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Qualified Person

Eduardo Leon, QP, is the Company's qualified person as defined by NI 43-101 and has reviewed the scientific and technical information that forms the basis for portions of this news release. He has approved the disclosure herein. Mr. Leon is not independent of the Company, as he is an officer of the Company and holds securities of the Company.

On Behalf of the Board of Directors of

LATIN METALS INC.

" Keith Henderson "

President & CEO

For further details on the Company, readers are referred to the Company's website ( www.latin-metals.com ) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.com .

For further information, please contact:

Keith Henderson Suite 1920 – 1188 West Georgia Street, Vancouver, BC, V6E 4A2

E-mail: info@latin-metals.com

Elyssia Patterson, VP Investor Relations Email: elyssia@latin-metals.com Phone: 778-683-4324

Neither 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 news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the entering into of a Definitive Agreement in respect of the grant of the Option, the occurrence of the Commencement Date, the exercise of the Option, the Accelerated Acquisition right and royalty buy-back rights, the listing of the Listed Vehicle, future exploration on the Project, the potential value of the Election NSR Royalty or the Acceleration NSR Royalty, the anticipated content, commencement, timing and cost of exploration programs in respect of the Project and otherwise, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves on the Project, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that Latin Metals and Aumin will enter into a Definitive Agreement for the grant of the Option, Aumin shall be satisfied with the results of its due diligence, market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Project in a timely manner (including drill permits), the availability of financing on suitable terms for the development, construction and continued operation of the Project, Aumin's (or the Listed Vehicle's) ability to advance the Project, and the Company's (and Aumin or the Listed Vehicle's) ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, the expectations and beliefs of the Company that the Definitive Agreements in respect of the grant of the Option will be entered into, the Option will be exercised or the Accelerated Acquisition will occur, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project, including the geological mapping, prospecting and sampling programs being proposed for the Project (the "Programs"), actual results of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company (or Aumin or the Listed Vehicle, as applicable) to obtain any governmental approvals (including TSX Venture Exchange approval), permits, consents or authorizations required, risks related to epidemics or pandemics, including impact on the Company's business, financial condition and results of operations, any current or future property acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR+ website at www.sedarplus.ca .

Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.

GlobeNewswire

September 21, 2026 - 5:30 AM PDT

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