Cerro de Pasco provides an update on MCTO

MONTREAL, June 10, 2022 /CNW Telbec/ – Cerro de Pasco Resources Inc. (CSE: CDPR) (Frankfurt: N8HP) (“CDPR” or the “Company”) provides an update regarding its previously announced Management Cease Trade Order (“MCTO”) issued by the main regulator of the Company, the Autorité des marchés financiers (the “AMF”), on May 2, 2022. The OCTM was issued following the Company’s announcement on April 29, 2022 (the “Default Announcement”) that it has been unable to file its audited consolidated financial statements, MD&A and related certificates of officers for the year ended December 31, 2021 (collectively the “Required Documents”), before the prescribed deadline of May 2, 2022.

Following the defect announcement and subsequent updates provided by the Company on May 17, 2022 and May 27, 2022the Company reports that it continues to work diligently with its auditors to finalize the required documents and that, primarily due to delays in incorporating the annual results of its recently acquired subsidiary, Trevali Peru, into CDPR’s financial statements and their audit review, the Company now expects to file the required documents no later than June 23, 2022. Due to the delay in filing the required documents, the Company was unable to file its interim financial statements, MD&A and related management certificates for the three-month period ended March 31, 2022 (the “intermediate documents”) before the deadline for filing May 30, 2022. The Company expects to file the interim documents immediately after filing the required documents.

As previously announced, pursuant to the OCTM, the Chief Executive Officer, Chief Financial Officer and all directors of the Company may not trade in the securities of the Company until the Company has filed required and that the AMF has not revoked the OCTM. The MCTO does not affect shareholders’ ability to trade their securities.

The Company provides this default status report every two weeks in accordance with National Policy 12-203 respecting Management Cease Trade Orders (“PS 12-203”). Until the Company files the required documents and the OCTM has been revoked, the Company intends to follow the provisions of the Alternative Disclosure Guidelines set forth in PS 12-203, including the publication default status reports every two weeks in the form of press releases.

Pursuant to the provisions of the Alternative Disclosure Guidelines specified in PS 12-203, the Company confirms that as of the date of this press release and except as otherwise indicated above, (a) there has been no material change to information contained in the Notice of Default that could reasonably be expected to be material to an investor; (b) the Company has not failed in its stated intentions with respect to compliance with the provisions of the alternative disclosure guidelines under PS 12-203; (c) there has not been, and is not intended to be, any defect specified after the defect which is the subject of the Notice of Defect; and (d) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is a resource management company, founded in 2012 with the original purpose of developing the El Metalurgista mining concession comprising tailings and stockpile mined from the Cerro de Pasco open pit mine in central Peru. Our strategic strength lies in the vast experience of our team and in the knowledge of the opportunities and challenges in and around Cerro de Pasco. The company is based on clear objectives, to generate long-term economic sustainability and to benefit the local population, from an economic, social and health point of view. The company’s approach at El Metalurgista involves the reprocessing and environmental remediation of mining waste and the creation of many opportunities in a circular economy.

Forward-Looking Statements and Disclaimers

Certain information contained herein may constitute “forward-looking information” or “forward-looking statements” under Canadian securities laws. Generally, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “could”, “will”, “budget” , “planned”, “estimates”, “plans”, “intends”, “anticipates”, “believes”, or variations, including negative variations of these words and expressions which refer to certain actions, events or results that may occur or be taken or achieved. Such forward-looking statements, including, but not limited to, statements relating to the anticipated development and operations of the Company, statements regarding the timing, review, completion and filing of required documents and interim filings as well as the duration of the OCTM, involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements or information. These factors include, among others, risks associated with exploration, development and mining activities; the impacts of macroeconomic developments as well as the impact of the COVID-19 pandemic; and any material adverse effect on the business, properties and assets of the Company. There can be no assurance that such statements 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 statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.

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