Three Valley Copper Corp. provides an update on its 95.1% owned Minera Tres Valles SpA (“MTV”) property near Salamanca, Region de Coquimbo, Chile. Since the Judicial Restructuring Procedure (“JRP”) was filed in Chile on June 13, 2022, the Chilean courts have neither confirmed nor denied the application for creditors protection.

If granted, it will be similar to being granted creditor protection under the Companies' Creditors Arrangement Act in Canada. Since the filing on June 13, 2022, MTV has progressed with the termination of over half of its work force and the underground contractor for the Papomono mine has demobilized. Further planned terminations are expected to occur during the fourth quarter.

The infrastructure of Papomono built to date is expected to remain stable for the next 6 to 12 months with minimal maintenance and MTV now expects to continue producing limited copper cathodes from the existing material on the heap leach until the end of December 2022, with MTV's cash resources expected to be exhausted shortly thereafter. Concessions from certain important suppliers together with unexpected benefits in the heap leach generated by the past months of above-average precipitation, have provided MTV the ability to generate additional copper cathodes from its current inventory. It is MTV's expectation that copper cathodes can be harvested for the remainder of 2022 at a marginal profit but cautions that certain assumptions are subject to change which could change this expectation.

The performance of the heap leach is critical and monitored closely in the event that circumstances change that would affect the copper cathode production projection. These recent developments have provided the Company and MTV additional time to attract long-term investment.