Halcones Precious Provides Update on Option Agreement to Acquire Polaris Project

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TORONTO, Dec. 31, 2024 (GLOBE NEWSWIRE) — Halcones Precious Metals Corp. (TSXV: HPM) (the “Company” or “Halcones”) announces that further to its press release dated 28 October 2024, the Company has entered into a letter agreement dated 18 December 2024 (the “The New Covenant”) between the Company and Austral Exploraciones SpA (“in Australia“). The New Agreement replaces the original letter agreement dated October 25, 2024 (the “Original Agreement”) between the Company and the Austral shareholders and the Original Agreement has been terminated.

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Pursuant to the New Agreement, Austral and Halcones have agreed to reduce the number of Halcones shares issued upon closing and to issue Halcones shares over time.

50 million Halcones shares were originally scheduled to be issued upon closing of the option exercise (the “Polaris
Option Transaction”) to acquire the Polaris project (the “Project Polaris”) will now be edited as follows:

• 15 million Halcones shares at the closing of the Polaris Option Transaction;
• 20 million Halcones shares on that day which is 8 months from the closing of the Polaris Option Transaction; again
• 15 million shares of Halcones capital on that day which is 12 months from the closing of the Polaris Option Transaction.

Each class of Halcones shares will be subject to a statutory holding period of four months.

Ian Parkinson, CEO of Halcones, commented: “The option’s willingness to acquire Halcones shares within 12 months is a strong sign of belief and support for the Polaris Project. We have defined a number of very interesting objectives for the Polaris Project and are looking forward to closing the deal and starting our pilot program. “

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Pursuant to the Polaris Option Transaction, Halcones has agreed to complete a minimum of 2,000 meters of drilling on the Polaris project within 12 months subject to obtaining permits and approvals to do so.

All other commercial terms in the New Agreement remain unchanged from the Original Agreement. Please see the Company’s press release dated 28 October 2024 for further details.

The Company has filed a draft NI 43-101 technical report and a topic opinion for the Polaris Project on the TSX Venture Exchange (“The TSXV”) and is working to satisfy the conditions of the TSXV to close the transaction.

The Company’s common stock is expected to resume trading on the TSXV on or about January 6, 2025.

About the Halcones

Halcones Precious Metals Corp. focuses on exploration and development of gold and silver projects in the Maricunga Belt, Chile, which is the first gold mining region in South America. The company has a team with a strong background of successful exploration in the region.

For more information, please contact:

Vincent Chen
Investor relations
info@halconespreciousmetals.com
www.halconespreciousmetals.com

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Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the New Agreement, the Transaction Option and the timing of completion, the Company’s test plans, the Company’s ability to obtain TSXV approval and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking words such as “plans”, “anticipates” or “expects”, “expects”, “budget”, “planned”, “estimates”, “forecasts”, “intends”, “anticipates”. or “does not expect”, or “believes”, or variations of those words and phrases or implying that certain actions, events or Results “may”, “might happen”, “might happen” or “will be taken”, “will happen” or “earned”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the actual results, level of activity, performance or achievements of Halcones, as the case may be, to differ materially from those expressed or implied by the forward-looking information, including but not limited to: uncertainties in the normal course of business, economic, competitive, political and social; actual results of current assessment activities; hazards associated with working in outdoor areas; ability to successfully integrate purchased properties; risks of working abroad; and other risks inherent in the mining industry. Although the Halcones have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results to differ from those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information. Halcones undertakes no obligation to update any forward-looking information, except in accordance with applicable security laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS ADMINISTRATIVE SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE TSX VENTURE EXCHANGE TERMS) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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