Vancouver, British Columbia--(Newsfile Corp. - April 27, 2026) - Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX0) (the "Company" or "Chakana"), is pleased to announce that it has entered into an agreement dated April 24, 2026 to acquire the Libelula concessions from Minera Barrick Peru S.A. (Barrick) that constitutes the majority of the La Joya Project located in Ancash, Peru (the "Acquisition"). Chakana has held the concessions under option from Barrick since July 2018 (see news release dated July 16, 2018, and October 12, 2021).

"The acquisition of the Libelula concessions is an exciting milestone for the company. Our exploration to date has demonstrated exceptional exploration potential for copper and precious metals in three separate target areas, with La Joya (HSE) and Mega-Gold being fully permitted for additional drilling. We are also excited to welcome Barrick as a shareholder in the company, joining Gold Fields and EMR Capital," stated President and CEO David Kelley.

Consideration to be paid for the Acquisition consists of the issue of 4,130,312 common shares to Barrick, representing 8% of the issued and outstanding common shares in the Company post-issuance. In addition, a 2% Net Smelter Royalty will be registered in favour of Barrick over the concessions.

The 4,130,312 common shares to be issued to Barrick will be subject to a 12-month contractual restriction on resale, in addition to a concurrent hold period under applicable securities laws in Canada expiring four months and one day from the date of their issuance. The completion of the Acquisition remains subject to TSX Venture Exchange acceptance.

La Joya Project

The La Joya project is located in the Ancash Province of Peru within the Cordillera Negra, 35 km south of the world-class Pierina gold mine. The project is part of the Aija-Ticapampa district with several mines and a processing plant operated by Minera Lincuna.

The project includes three principal target areas (Figure 1), the results from which were announced by the Company in news releases dated August 24, 2024; February 11, 2025; and June 2, 2025:

• the La Joya high-sulfidation epithermal (HSE) system, where minimal 2024 drilling confirmed high-grade silver mineralization including 1,005.0 gpt silver and 0.45 gpt gold over 0.75m within an alteration zone measuring 700m by 200m; and
• the Mega-Gold intrusive center, where 2024 scout drilling confirmed a high-level porphyry environment with two yet to be tested discrete porphyry targets; and
• the Compañero gold breccia zone, where hydrothermal breccia is exposed at surface in several outcrops over an area of 250m diameter with channel sample assays up to 14.25 gpt gold.

The La Joya (HSE) and Mega-Gold prospects (discussed below) are fully permitted for drilling. At La Joya (HSE), detailed mapping and a ground geophysical survey will be completed prior to drilling. The target is a stratigraphically hosted bulk tonnage precious metals deposit beneath the alteration zone mapped at surface. Approximately 1,900m of drilling is anticipated. At Mega-Gold, a definitive drill test of the PT-1 porphyry target is planned with an anticipated depth of 500m. The final stage of permitting allowing drilling at the Compañero gold breccia zone will be completed. The environmental permit has been awarded with the initiation of activities remaining to be completed.

La Joya High-Sulfidation Epithermal Prospect

The La Joya (HSE) target area is associated with high-sulfidation advanced argillic alteration consisting of vuggy silica, alunite, dickite, zunyite, diaspore, and pyrophyllite. The zone of alteration extends 700m by 200m at an elevation of approximately 4,500m (Figures 1 and 2). Surface rock samples collected from the alteration zone have silver and gold values up to 1,300 gpt and 0.36 gpt, respectively (see news release dated June 2, 2025).

Three shallow holes were completed at La Joya in 2024 for a total of 465.5 m. The holes were planned to drill beneath strongly silicified volcanic rocks where zones of vuggy silica alteration returned strongly anomalous values in silver and gold. The strongest mineralization was observed in hole LJDH24-002 with 323.6 gpt silver and 0.25 gpt gold over 4.5 m from 58.0m depth. Within this interval vuggy silica is present over a 0.75m interval with 1,005.0 gpt silver and 0.45 gpt gold (see news release dated August 29, 2024). The mineralized interval is hosted within andesite tuff that shows evidence of advanced argillic alteration. Shallow drilling confirmed high-grade precious metal mineralization hosted in prospective volcanic stratigraphy and warrants additional drilling.

Mega-Gold Intrusive Center

The Mega-Gold intrusive center is a very large area occupying 2.5 km² with anomalous gold in soil overlying pervasive tourmaline-quartz-white mica alteration, overprinted by localized advanced argillic alteration zones and tourmaline breccias. The target area is underlain by older andesitic tuff (Calipuy Formation) and a pre-mineral granodiorite, thought to be the first pulse of intrusive activity in the Aija-Ticapampa district. Within the gold anomaly is a distinct Offset (3D) induced polarization chargeability feature coincident with the soil anomaly. Beneath the strong chargeability zones are discrete zones of conductivity, believed to reflect mineralized intrusions.

An initial "proof-of-concept" drilling program was completed in 2024 to test the idea that the Mega-Gold intrusive center is part of a mineralized porphyry system. A total of eight scout drill holes were completed across a broad area totaling 2,425.20m. These holes display a variety of vein types (principally B and D veins); elevated gold, copper and molybdenum; and hydrothermal alteration zoning consistent with a high-level porphyry environment (see news release dated August 29, 2024). All holes encountered pyrite-chalcopyrite-molybdenite mineralization hosted in veins. Higher temperature alteration minerals suggesting proximity to a porphyry are most strongly developed in the three eastern-most holes drilled in the Mega-Gold target area (see news release dated July 2, 2024). These holes also exhibit narrow zones of strong mineralization in MGDH24-002 with 2.0 m of 1.8 gpt gold and 0.35% copper from 89.0m depth, and 1.5m of 11.05 gpt gold from 127.5m depth in MGDH24-003, confirming a mineralized fluid source at depth. The strong IP chargeability zones are interpreted to be two separate pyrite shells related to underlying porphyry intrusions. Strongly conductive rock beneath the pyrite shells are potential zones of porphyry mineralization (PT-1, Figure 2 and 3) and warrant additional drilling.

Compañero Gold Prospect

The Compañero gold zone is located in the southwest part of the La Joya project adjacent to a pre-mineral intrusion. Mineralized hydrothermal breccias are exposed at surface in several outcrops within an area of approximately 250m in diameter. The breccias are strongly anomalous in gold with up to 14.25 gpt in channel samples and secondary copper minerals are noted in several localities (see news release dated July 16, 2018). Three heavy mineral concentrate samples collected downstream and adjacent to the Compañero zone contain 19, 23, and 33 pristine gold grains. There has been no drilling in the Compañero area.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration Company that is currently advancing the La Joya project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. In addition, Chakana owns a 1% net smelter royalty over the Soledad property now owned by Minera Lincuna in the active Aija-Ticapampa mining district (see news release dated October 8, 2024). For more information on the La Joya project, please visit the website at www.chakanacopper.com or Chakana's profile at www.sedarplus.ca.

Qualified PersonDavid Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD(signed) "David Kelley"David KelleyPresident and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the La Joya Project , the potential to expand the mineralization, and to develop and grow a resource within the La Joya Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the La Joya Project. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Figure 1 - Map showing the 1,600 hectare La Joya Project located in Ancash, Peru. The currently known prospective areas are highlighted associated with anomalous gold in soil - La Joya (HSE), Mega-Gold, and Compañero. Principal structures, veins, and mantos in the western part of the Aija-Ticapampa mining district are also shown.

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2172/294333_b19d7e32d4a7e942_001full.jpg

Figure 2 - Photo looking south showing the three principal target areas that make up the La Joya Project - 1) La Joya (HSE), 2) Mega-Gold intrusive center, and 3) Compañero gold breccia zone. Black dots show location of initial scout holes drilled at Mega-Gold in 2024. Red dot shows approximate location of drill pad to test the PT-1 target at Mega-Gold.

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2172/294333_b19d7e32d4a7e942_002full.jpg

Figure 3 - Map showing high-priority discrete porphyry targets PT-1 and PT-2 with drill holes from 2024 drilling. Disc shapes on drill holes are >80 ppb gold. Section on right shows relation between induced polarization chargeability outlining pyrite shells (red) and underlying conductive features from the induced polarization resistivity model (blue).

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2172/294333_b19d7e32d4a7e942_003full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294333