Eco Oro Minerals Corp. announced that it has entered into a credit agreement dated September 19, 2023 (the "Credit Agreement") with Graywolfe Capital SEZC (the "Lender") pursuant to which the Company may borrow up to USD 6 million from the Lender (the "Facility"). The outstanding principal amount of the Facility will bear interest at a rate of 16.5% per annum and all obligations under the Facility will be secured by a general security interest over certain assets and properties of the Company.

The funds provided from the Facility will be used to fund the Company's working capital requirements and for general corporate purposes, including funding the costs relating to the Company's ongoing arbitration under the auspices of the World Bank's International Centre for Settlement of Investment Disputes in relation to its claims against the Republic of Colombia ("Colombia"). On September 9, 2021, the arbitral tribunal issued a Decision on Jurisdiction, Liability and Directions on Quantum in which it found that Colombia's treatment of Eco Oro's investment in the Angostura gold and silver mining project located in northeastern Colombia breached Article 805 of the Free Trade Agreement between Canada and Colombia. The tribunal's final award is pending.