Candelaria Announces Adoption of New Stock Option Plan and Amended Restricted Share Unit Plan

Candelaria Mining Corp. (TSX-V: CAND, OTC PINK: CDELF) (the "Company") announces that the Company has adopted a new 10% rolling stock option plan (the "New Plan"). The New Plan received conditional TSX Venture Exchange ("TSXV") approval and shareholders approved the New Plan at the Company's Annual General Meeting held on January 20, 2023.

The New Plan, which replaced the Company's 2012 stock option plan, was adopted in order to reflect amendments to the TSXV's Policy 4.4 Security Based Compensation ("Policy 4.4") and current best practices. The New Plan provides that the number of common shares of the Company ("Common Shares") issuable under the New Plan, together with all of the Company's other previously established or proposed share compensation arrangements, may not exceed 10% of the total number of the Company's issued and outstanding Common Shares. The New Plan allows the Company to grant stock options to directors, officers, employees and consultants of the Company, as additional compensation, and creates an opportunity for them to participate in the success of the Company. All outstanding options granted under the 2012 stock option plan have been rolled into the New Plan.

TSXV Policy 4.4 require that shareholders of the Company ratify and approve the New Plan annually to allow for continuation of the New Plan.

Also, the Company's board of directors have made amendments to its fixed restricted share unit plan (the "Amended and Restated RSU Plan") to increase the number of Common Shares issuable pursuant to the Amended and Restated RSU Plan to 5,000,000 Common Shares and to conform with the requirements of the new TSXV Policy 4.4. The Amended and Restated RSU Plan received TSXV conditional approval and shareholders approved the Amended and Restated RSU Plan at the Company's Annual General Meeting held on January 20, 2023.

Additional details regarding the New Plan and the Amended and Restated RSU Plan are contained in the Company's information circular dated December 15, 2022 which has been filed on SEDAR under the Company's profile.

ON BEHALF OF THE BOARD

Mike Struthers

CEO

+1 604 349 5992

For further information, please contact:

Candelaria Mining Corp.

Investor Relations

+1 604 349 5992

info@candelariamining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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