Lara Proposes to Extend the Expiry Date of Warrants

January 27, 2021 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara”), proposes to extend the expiry date of 2,000,000 common share purchase warrants (the "Warrants") that were issued pursuant to the Company’s March 26, 2019 private placement. The Warrants are exercisable into common shares of the Company at an exercise price of $0.70 per common share and due to expire on March 26, 2021. The Company will seek acceptance from the TSX Venture Exchange to extend the term of the Warrants for an additional twelve months to March 26, 2022. All other terms of the Warrants will remain the same.

About Lara

Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. Lara’s common shares trade on the TSX Venture Exchange under the symbol "LRA".

For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada

accepts responsibility for the adequacy or accuracy of this release.

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