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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 Third Quarter 2021 Results November 15 , 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 nine months ended September 30 , 2021 . Adam Lundin , Josemaria Resources ' Chief Executive Officer , comments : " We continue to push the Josemaria Project forward on all fronts . Basic Engineering has commenced and is ongoing , and preparations are in place , with the expansion of our exploration camp facilities , to commence a multi - faceted 65,000 - metre drill program during the fourth quarter . We are successfully recruiting personnel with considerable experience in constructing and commissioning large scale mines . Active engagement continues with federal and San Juan provincial authorities in Argentina , including discussions aimed at finalizing and securing commercial and fiscal terms applicable to the project and ESIA approval . We continue to progress the Josemaria Project as we believe copper is the key to a low carbon future , and a new supply of responsibly mined copper is critical as the world shifts to clean energy and new technologies . Current commodity prices support our view of a tightening copper market , where there are a limited number of readily developable projects due to under investment in the sector over the last decade . " THIRD QUARTER 2021 HIGHLIGHTS The Company continues to advance toward sanctioning construction of the Josemaria Project . Highlights during 2021 include : о Project Engineering has made significant advancements to de - risk and optimize the process flowsheet with improvements in the crushing / conveying , grinding and flotation circuits and tailings facilities . An area of significant progress is the grinding circuit , where the size of the SAG mills has been reduced from 42 to 40 feet in diameter , achieved through the implementation of a 2 - stage pebble crushing circuit while maintaining the 150 kilo - tonnes per day design throughput . The Project has commenced Basic Engineering with the goal of completion during the first half of 2022 ; о The Company is actively preparing to execute a 65,000 - metre drill program aimed primarily at providing development / infill geo - metallurgical data and acquiring additional site geotechnical information for key Project infrastructure and detailed mine planning . Life of mine hydrogeology and aquifer modelling will be updated with additional water well and piezometer drilling . It is anticipated that up to 8 rigs will be active at the peak of the drilling program . Management has a high degree of confidence that drilling will lead to an expansion of Indicated resources , and potentially reserves , as Inferred material is better defined and reclassified . At the Project site , camp expansion activities are ahead of schedule , and drilling is expected to commence in Q4 2021. Regional exploration program plans are being finalized to test targets outside the current resource but adjacent to the Project ; Following the submission of the ESIA in February 2021 , the Company continues to engage with the San Juan authorities in their evaluation process ;