Latin Metals Reports Partner-Funded Phase II Drilling Underway at Cerro Bayo and Initial Drilling at La Flora

VANCOUVER, British Columbia, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS and OTCQB: LMSQF) is pleased to report that its option partner, Daura Gold Corp. (“Daura”), has commenced Phase II diamond drilling at the Cerro Bayo and La Flora gold-silver projects in Santa Cruz Province, Argentina.

The approximately 1,600-metre, 20-hole Phase II program is planned across four targets. Drilling has commenced at La Flora with approximately 900 metres in 12 holes, representing the first-ever drilling at the project. Drilling is then planned to move to Cerro Bayo for follow-up drilling at Elena and Ingrid and first-pass drilling at Gabriela.

Daura is funding exploration under an option agreement pursuant to which it may earn up to an 80% interest in the Projects.

Highlights Include

• La Flora: approximately 900 metres in 12 holes, representing the first drill test of the previously undrilled La Flora vein system.
• Historical sampling at La Flora returned up to 82.19 g/t gold and 1,239.28 g/t silver. Sampling completed in 2026 returned 63.88 g/t gold and 175.34 g/t silver, with visible gold observed.
• Cerro Bayo: follow-up drilling is planned at Elena and Ingrid, with first-pass drilling at Gabriela.
  

Keith Henderson, President and CEO of Latin Metals, commented:
“Phase II drilling is an important next step for Cerro Bayo and La Flora. Phase I drilling at Cerro Bayo identified gold and silver mineralization across multiple target areas, and the current program is designed to follow up the Elena and Ingrid targets while also testing Gabriela for the first time.

“La Flora represents a significant milestone for the program because the project has never previously been drilled. Latin Metals advanced the target through surface exploration, and Daura is now testing the vein system below surface for the first time. The program is fully funded by our partner under the option agreement, providing Latin Metals with continued exposure to exploration at both projects.”

Phase II Drilling
At La Flora, surface exploration has defined two mineralized veins within an approximately one-kilometre outcropping vein system. The current drill program will test both veins, including the main La Flora vein, which hosts the highest-grade historical samples. Paired drill holes are designed to establish vein geometry and test continuity of mineralization below surface.

Latin Metals previously reported the 2026 La Flora sampling results on June 29, 2026, when the Company identified La Flora as a priority target for Phase II drilling.

Surface samples are selective in nature and are not necessarily representative of the overall grade or mineralization of the La Flora vein system.

Following La Flora, drilling is planned to move to Cerro Bayo:

• Elena: two holes totaling approximately 200 metres are planned to test the extent of near-surface gold mineralization identified during Phase I.
• Ingrid: four step-out holes totaling approximately 350 metres are planned to test continuity of silver-gold mineralization intersected during Phase I.
• Gabriela: two holes totaling approximately 150 metres are planned to provide the first drill test of a northwest-trending structure traced for more than 600 metres.
  

Latin Metals reported the initial Phase I drill results from Cerro Bayo on May 21, 2026, including multiple zones of gold and silver mineralization and high-grade intervals at Elena and Ingrid.

Cerro Bayo and La Flora are located within the Deseado Massif. At Cerro Bayo, exploration has outlined an approximately 8 km-wide structural corridor hosting multiple low-sulphidation epithermal vein targets, while La Flora comprises an approximately one-kilometre vein system that had not previously been drill tested.

Agreement with Daura
Under the terms of the option agreement, Daura may earn an initial 75% interest in the Cerro Bayo and La Flora projects, with a right to increase its interest to 80%, by completing staged cash payments and exploration commitments.

To earn its initial interest, Daura is required to make aggregate payments of US$1.7 million to Latin Metals, assume US$400,000 in payments to the underlying vendor, complete 28,000 metres of drilling, and prepare and deliver an NI 43-101 technical report containing a mineral resource estimate.

To date, Daura has paid US$300,000 to Latin Metals, US$250,000 to the underlying vendor, and completed approximately 1,850 metres of Phase I drilling, with Phase II drilling now underway.

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 scientific and technical disclosure herein. Mr. Leon is not independent of the Company, as he is an employee of the Company and holds securities of the Company.

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. The company secures option agreements with partners 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.

Upcoming Events
Latin Metals is pleased to announce its participation in several industry conferences, providing a platform to connect with investors, industry leaders, and potential partners:

• New Orleans Investment Conference – New Orleans, Louisiana, USA, October 28-31, 2026
• 121 London – London, UK, November 23-24, 2026

These events offer valuable opportunities to share Latin Metals' exploration progress in Argentina and Peru, highlight the advantages of its low-dilution prospect generator model, and explore strategic investment and partnership opportunities across its gold, copper, and silver-focused portfolio.

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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

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, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the negotiation of the Option Agreements and exercise of the Option for the Properties, the anticipated content, commencement, timing and cost of exploration programs in respect of the Properties and otherwise, anticipated exploration program results from exploration activities, and the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves on the Properties, 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, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’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, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Properties, including the geological mapping, prospecting and sampling programs being proposed for the Properties (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 to obtain any necessary permits, consents or authorizations required, including TSX-V acceptance for filing of the Option Agreements, 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 latest Management 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.com.

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.

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