CORE BUSINESS – Q3 2020 UPDATE

Josemaria Resources is committed to responsible and sustainable mining development in the jurisdictions within which it works and operates, and to create meaningful value for our shareholders and stakeholders, alike.  All aspects of the Company's operations and engagements are founded on a core set of environmental, social and governance commitments.

Adam Lundin, CEO, comments: "With the recent announcement of the positive results of our Feasibility Study on the Josemaria Project and the completion of a net $29.9 million equity financing during the quarter, we are excited to continue towards the development of the Josemaria Copper-Gold Project. We are now focused on bridging-phase engineering activities, progression of the Environmental and Social Impact Assessment for planned submission to the relevant authorities in early 2021 and finalizing commercial and fiscal terms with the San Juan and Federal authorities in Argentina."

HIGHLIGHTS

• On October 19, 2020, the Company announced the results of an independent feasibility study (the "Feasibility Study") of its 100% owned copper-gold Josemaria Project located in San Juan Province, Argentina (the "Josemaria Project"). The Feasibility Study was prepared by a team of engineering and consulting service providers led by Fluor Canada Ltd. with key sections prepared by SRK Consulting (Canada) Inc., and Knight Piésold Ltd. with input from a variety of independent consultants and qualified persons, and in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101"). The Feasibility Study demonstrates a robust, rapid pay-back, low risk project, with an open pit operation feeding a conventional process plant at 152,000 tonnes per day over a 19 year mine life, yielding average annual metal production of 136,000 tonnes of copper ("Cu"), 231,000 ounces of gold ("Au") and 1,164,000 ounces of silver ("Ag"). The economic analysis contained in the Feasibility Study highlights a USD$1.53 after-tax Net Present Value (8% discount rate) and 15.4% after-tax Internal Rate of Return at assumed metal prices of USD$3.00 per pound Cu, USD$1,500 per ounce Au and USD$ 18 per ounce Ag. The Technical Report summarizing the results of the Feasibility Study is available under the Company's website and profile on SEDAR.

• On August 18, 2020, the Company closed a private placement and concurrent public offering of 46,652,986 common shares of the Company at a price of $0.67 per common share for gross proceeds of $31.3 million, less issuance costs of $1.4 million, for net proceeds of $29.9 million.