Minera IRL Provides Bi-Weekly Default Status Report

LIMA, Peru, May 03, 2023 (GLOBE NEWSWIRE) -- Minera IRL Limited ("Minera", the "Company" or "we") (BVL:MIRL) (CSE:MIRL) (FWB:DZX) (OTCQB:MRLLF) is providing this default status report in accordance with National Policy 12-203 ? Management Cease Trade Orders ("NP 12-203") and the terms of a Management Cease Trade Order ("MCTO") entered by the British Columbia Securities Commission (the "BCSC") on April 3, 2023.

The MCTO prohibits trading in the Company's securities by our Chief Executive Officer and Chief Financial Officer until we file our annual financial statements, management's discussion and analysis and the required certifications (the "Annual Filings") for the year ended December 31, 2022, as required by National Instrument 51-102, Continuous Disclosure Obligations, and National Instrument 52-109, Certification of Disclosure in Issuer's Annual and Interim Filings, respectively, and the Executive Director of the BCSC revokes the MCTO.

As we have previously announced, the audit of our two operating subsidiaries was completed and the report provided to our auditor. Our auditor is currently reviewing this report and consolidating the two subsidiaries with the parent company. We had originally anticipated completion by the 1^st of May but we now understand that we should not expect to receive our auditor's report until mid-May.

Pursuant to NP 12-203, we are required to file bi-weekly default status reports in the form of news releases until the MCTO is revoked. Accordingly, we confirm that since the Default Announcement:

• There have been no changes to the information contained in the Company's April 3, 2023, press release announcing the default (the "Default Announcement") other than the revised date for the Annual Filings to be submitted.
• There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203;
• There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
• There have been no material changes in respect of the Company's affairs that have not been generally disclosed.

During the MCTO, the general investing public will continue to be able to trade in the Company's common shares listed on the Canadian Securities Exchange. However, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade in the Company's shares until the Annual Filings have been filed and the Executive Director of the BCSC revokes the MCTO.

On behalf of the Board of Directors of Minera IRL Limited   

Gerardo Pérez
Executive Chairman

Diego Benavides
CEO and Director

FOR FURTHER INFORMATION, PLEASE CONTACT:

Minera IRL Limited

Susan Gabbie
Manager, Communications
+51 1 418 - 1230

Pedro Valdez
Head of Investor Relations
+51 1 418 ? 1230

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

Cautionary Statement on Forward-Looking Information

Certain information in this news release, including information about the Company's expectation that it can file its Annual Filings by mid-May, 2023, and that the Executive Director of the BCSC will thereafter revoke the MCTO, constitute "forward-looking statements". Forward-looking statements are based upon assumptions, including the Company's assumption that its Auditor will complete its review of our financial statements as and when expected. While management believes these assumptions and statements are reasonable in context, forward-looking statements are inherently subject to political, legal, regulatory, business and economic risks and competitive uncertainties and contingencies. The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Minera IRL's actual results and future performance to be materially different than those expected or estimated future results, performance or achievements and that forward-looking statements are not guarantees of future performance, results or achievements.

Minera IRL assumes no obligation, except as may be required by law, to update or revise them to reflect new events or circumstances.