Key Permitting Milestone With Granting Of Certificate

TORONTO - Adventus Mining Corporation reported that the El Domo – Curipamba copper-gold project has been issued a favourable Certificate of No Affect of Water by the Ministry of  Environment and Water of the Government of Ecuador (MAATE). This important certificate and milestone allows the Participants to construct the planned and designed project infrastructure in an area with the presence of surface and ground water sources.

As the country's third modern metals and mining project to have secured a production focused investment contract with the Government of Ecuador, the Participants are continuing to advance all permitting and licensing approvals required for the start of El Domo construction – currently targeted for the second quarter of 2024.

El Domo has received authorization from the local municipality and design approval from the local municipal fire department for the installation of the project's explosives storage related infrastructure. The authorization and approval granted are prerequisites for the final authorization from the Joint Command of the Armed Forces of Ecuador. The first step of this process was successfully completed with the design review and favourable technical report from the Ministry of Energy and Mines of the Government of Ecuador. The design is now under review by the Government's Agency of Regulation and Control. A favourable technical report from the Agency of Regulation and Control is the second and final step prerequisite for the issuance of the Tailings Dam Construction Permit. Request for water usage permits for El Domo construction have been submitted and admitted for processing by MAATE and are currently under review.

As previously reported by the Participants (see new releases dated August 2 and September 11, 2023) the Constitutional Court of Ecuador is reviewing a claim of unconstitionality of the Presidential Decree 754 which regulates the process for the environmental consultation processes across all public and private sectors and industries – not limited to the metals and mining sector. Completion of the environmental consultation is the final step required for the issuance of the environmental license for El Domo which will allow for construction to commence. On September 7, 2023, the Constitutional Court declared the case a priority and the public hearing occurred on September 18, 2023. The Constitutional Court is now in the process of formulating its decision, and while there is no established timeline, the Participants expect that a ruling could be issued within 45 days of the hearing. A supportive ruling would provide a clear path forward for El Domo to complete the environmental consultation and receive the environmental license, which would allow for the ramp-up of employment and training plans in support of construction and future operations.