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JOSEMARIA Josemaria Resources Inc. 2000 885 West Georgia Street Vancouver BC V6C 3E8 Canada T +1 604 689 7842 F +1 604 689 4250 info@josemariaresources.com josemariaresources.com News Release Josemaria Reports Second Quarter 2021 Results August 12 , 2021 : Josemaria Resources Inc. ( TSX : JOSE ) ( OMX : JOSE ) ( OTCQB : JOSMF ) ( " Josemaria Resources " or the " Company " ) , is pleased to announce its results for the three and six months ended June 30 , 2021 . Adam Lundin , Josemaria Resources ' Chief Executive Officer , comments : " We are very pleased with the progress being made on the Josemaria Project , where we continue to work with all stakeholders with the goal of obtaining approval of the ESIA and agreeing commercial and fiscal terms applicable to the project . We remain of the view that commodity prices suggest a tightening copper market , where there are a limited number of readily developable projects of significance . " SECOND QUARTER 2021 HIGHLIGHTS • On April 19 , 2021 , the Company successfully closed a private placement of 58,708,900 common shares of the Company at a price ( the " Offering Price ” ) of $ 0.69 per common share for gross proceeds of $ 40.5 million . Concurrently , the Company also closed a public offering ( the " Offering ” ) pursuant to which a syndicate of underwriters purchased , on a bought deal basis , 14,500,000 common shares at the Offering Price for gross proceeds of $ 10.0 million , plus an over - allotment option at the Offering Price of an additional 2,175,000 common shares for gross proceeds of $ 1.5 million , for total combined gross proceeds of $ 52.0 million . The Company incurred related share issuance costs of $ 1.4 million for net proceeds of $ 50.6 million . FINANCIAL RESULTS Three months ended June 30 , Six months ended June 30 , ( in thousands , except per share amounts ) 2021 2020 2021 2020 Exploration and project investigation expenses 6,324 $ 4,447 $ 11,547 $ 23,802 General and administration ( " G & A " ) 1,408 879 4,481 2,945 Foreign exchange and trading gains realized on equity investments ( 866 ) Net loss 7,121 Basic and diluted loss per share 0.02 ( 2,296 ) 2,319 0.01 ( 1,697 ) ( 4,333 ) 15,071 0.05 25,277 0.10 The Company's net loss for the three and six months ended June 30 , 2021 was $ 7.1 million and $ 15.1 million , respectively , compared to $ 2.3 million and $ 25.3 million , respectively , for the same periods in 2020. The decrease in net loss mainly reflects the Company not having conducted a comprehensive field program in 2020/2021 as it did in the prior comparative period . During Q4 2019 and Q1 2020 , the Company conducted a field program which included reserve definition drilling and advanced ongoing environmental studies in support of the Feasibility Study for the Josemaria Project , which was published in October 2020. These work programs resulted in exploration and project investigation expenses of $ 23.8 million during the six months ended June 30 , 2020 , as compared to $ 11.5 million