Toronto, Ontario--(Newsfile Corp. - March 28, 2024) - This news release is issued pursuant to the early warning requirements of National Instrument 62-103 with respect to the common shares ("Common Shares") and options to purchase Common Shares of Lavras Gold Corp. ("Lavras").

On March 25, 2024, EMA SMA LLC ("EMA SMA") acquired 10,000 Common Shares (the "Acquired Shares") at a price of $1.45 per Common Share through the facilities of the TSXV (the "Transaction"), representing less than one percent of the issued and outstanding Common Shares. In connection with the Transaction, this news release is issued, and a related early warning report has been filed, by Lawrence W. Lepard, Equity Management Associates, LLC ("EMA"), EMA GARP Fund, LP (the "Fund"), EMA GARP GP, LLC (the "GP"), Sea View Investments, LLC ("Sea View"), and EMA SMA (Mr. Lepard, EMA, the Fund, the GP, Sea View, and EMA SMA are collectively referred to herein as the "Filer"), with respect to the Common Shares and options to purchase Common Shares of Lavras held, or deemed to be held, by the Filer, as applicable.

Prior to and following the Transaction, Mr. Lepard, a director of Lavras, had sole beneficial ownership or control or direction over 770,600 Common Shares. He also then held options to purchase an aggregate of 200,000 Common Shares, 100,000 of which can be purchased at a price of C$0.50 per share until April 4, 2027, and 100,000 of which can be purchased at a price of C$0.50 per share until July 13, 2027. Mr. Lepard is the sole member and manager of the GP, which is the general partner of the Fund, and as such is deemed to indirectly beneficially own the 4,233,482 Common Shares that are beneficially owned by the Fund. In addition, Mr. Lepard is deemed to indirectly beneficially own the 10,000 Acquired Shares, 1,001,400 Common Shares held by Sea View Investments, LLC and 25,000 Common Shares held by EMA SMA in his capacity as a managing partner of EMA, which manages their accounts. As a result, Mr. Lepard directly and indirectly beneficially owned or had control or direction over an aggregate of (i) 6,230,482, representing 12.08% prior to the Transaction, and (ii) 6,240,482, representing 12.1% of the Common Shares after the Transaction, in each case, calculated on a partially diluted basis.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated March 27, 2024, by the Filers. The early warning report respecting the Transaction has been filed on SEDAR+ (www.sedarplus.ca) under Lavras' issuer profile.