MINSUR S.A. FILES EARLY WARNING REPORT IN RESPECT OF PACIFIC RIDGE EXPLORATION LTD.

LIMA, Peru, July 2, 2026 /CNW/ - Minsur S.A. ("Minsur") announces that it has filed an early warning report in respect of its holdings in Pacific Ridge Exploration Ltd. ("Pacific Ridge"). On July 2, 2026, Minsur, through its subsidiary, Cumbres del Sur S.A.C. ("Cumbres"), acquired 13,400,000 common shares of Pacific Ridge ("Common Shares") pursuant to a private agreement, representing approximately 13.8% of the issued and outstanding Common Shares, for aggregate consideration of $2,680,000 (or $0.20 per Common Share) (the "Transaction").

The Common Shares were acquired by Cumbres on the back-end of a charitable flow-through financing of Pacific Ridge, which formed part of a larger, multi-tranche non-brokered private placement financing of Pacific Ridge with closings on June 26, 2026 and July 2, 2026 (the "Private Placement"). Prior to the Transaction, Minsur did not own or exercise control or direction, directly or indirectly (whether through Cumbres or otherwise), over any securities of Pacific Ridge. Immediately after giving effect to the Transaction, Minsur, through Cumbres, has beneficial ownership of, or control or direction over, an aggregate of 13,400,000 Common Shares, representing approximately 13.8% of the issued and outstanding Common Shares on an undiluted basis, based on there being 97,275,424 Common Shares issued and outstanding (after giving effect to the Private Placement).

In connection with the Transaction, Cumbres and Pacific Ridge have entered into a right of first refusal agreement (the "ROFR Agreement") relating to Pacific Ridge's RDP copper-gold project located in British Columbia, Canada (the "RDP Project"), pursuant to which the parties have agreed to engage in good faith negotiations regarding a potential strategic transaction with respect to the RDP Project, and Cumbres has been granted, for a period of nine months, a right of first refusal to acquire the RDP Project.

Cumbres and Pacific Ridge have also entered into an investor rights agreement (the "Investor Rights Agreement") pursuant to which, for so long as Cumbres and its affiliates hold at least 5.0% of the issued and outstanding Common Shares, Pacific Ridge has granted Cumbres: (a) a participation right to maintain its proportionate shareholding in Pacific Ridge in connection with future equity financings and non-cash transactions; (b) a top-up right to subscribe for additional Common Shares following dilutive issuances; (c) the right to receive participation rights substantially equivalent to those granted to any third party in connection with the purchase of Pacific Ridge's equity securities; and (d) access to technical information regarding the RDP Project. The Investor Rights Agreement will terminate when Cumbres' ownership falls below 5.0% of the issued and outstanding Common Shares.

The Common Shares were acquired by Cumbres for investment purposes. Depending on market conditions and other factors, Minsur may increase or decrease its position in Pacific Ridge as future circumstances may dictate, including through open market purchases, private acquisitions, or the exercise of participation or top-up rights under the investor rights agreement.

This press release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated July 2, 2026. The early warning report respecting the Transaction has been filed on SEDAR+ (www.sedarplus.ca) under Pacific Ridge's issuer profile. To obtain a copy of the early warning report filed by Minsur, please contact José Vizquerra, Chief Strategy and Growth Officer of Minsur, at +51 1 215 8330 or refer to SEDAR+ (www.sedarplus.ca) under Pacific Ridge's issuer profile.

Minsur's head office is located at Jirón Bernini 149, Int. 501-A, San Borja, Lima, Perú.

SOURCE Minsur S.A.

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