HPM Halcones Precious Metals Corp

Halcones Precious Metals Corp. (TSX – V: HPM) (the “Company” or “Halcones”) is pleased to announce the commencement of drilling at the Carachapampa project (“Carachapampa” or the “Project”) in the prolific Maricunga Belt, Chile (Figure 1). This campaign is designed to follow-up on recent drill successes at the Northwest and Central targets. The exploration camp and diamond drill were mobilized during the final two weeks of September, and the first hole was collared on October 2, 2023.

Highlights of the previous drill campaign (please see the Company’s April 27, 2023 press release), which will be followed up, includes:

Hole CAR23-008 returned 1.09 g/t Au and 17.35 g/t Ag over 11 m from 81 m down hole at the Central Target, including 1.53g/t Au and 27.82 g/t Ag over 6 m.

Hole CAR23-012 returned 2.75 g/t Au and 20.94 g/t Ag over 10 m from 79 m down hole at the Northwest Target. This is part of a broader mineralized interval of 1.3 g/t Au and 11.73 g/t Ag over 24 m from 73 m down hole.

Since the completion of the previous drill campaign in March of 2023, the Halcones exploration team and contractors have completed 180 colluvial sediment samples over a 100m x 100m grid over the two priority target areas (Figure 2). Additionally, 16-line km of induced polarization (“IP”) geophysical surveying was completed over the two target areas.

The Company intends to initially focus on the Northwest target in the upcoming campaign before moving to the Central target. Important pathfinder elements have been identified in soils in the vicinity of hole CAR23-012 with elevated antimony and arsenic levels. The elevated pathfinder element concentrations coincide with a recently expanded resistivity high in the same location. The colluvial sediment sampling program and the increased IP coverage along with the excellent initial drill results refined the targeting for the upcoming drill program.

Halcones initially intends to drill three holes on the Northwest target and two at the Central target. Target hole depth ranges between 200 and 300 metres. The program may be modified and expanded based on success.

Figure 1. Carachapampa Location

Figure 2. Colluvial sediment sampling results Northwest Target

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators.

About Halcones Precious Metals Corp.

Halcones is focused on exploring for and developing gold-silver projects in the Maricunga Belt, Chile, the premiere gold mining district in South America. The Company has a team with a strong background of exploration success in the region.

For further information, please contact:

Vincent Chen Investor Relations vincent.chen@halconespm.com www.halconespreciousmetals.com

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the prospectivity of the Project, the mineralization of the Project, the Company’s exploration program, the Company’s ability to explore and develop the Project and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halcones, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Halcones has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Halcones does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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