AUXICO ANNOUNCES DELAY IN FILING OF ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

MONTREAL, Jan. 28, 2022 /CNW Telbec/ - Auxico Resources Canada Inc. (CSE: AUAG) announces that its annual consolidated financial statements for the year ended September 30, 2021, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") will not be filed by the required filing deadline of January 28, 2022 (the "Filing Deadline").

The Annual Financial Filings will not be filed on or before the Filing Deadline due to the fact that there have been delays in receiving certain confirmations of the Company's assets in Latin America. These delays are due primarily to the impacts of the COVID pandemic locally. The Company's auditors, Guimond Lavallée, will not be able to complete their audit until such confirmations are received and to their satisfaction.

The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings on of before February 28, 2022. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.

The Company has applied to the applicable securities regulatory authorities and received a management cease trade order ("MCTO") imposed against the Chief Executive Officer, the Chief Financial Officer and the directors of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before February 28, 2022.

Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders.  The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About Auxico Resources Canada Inc.

Auxico Resources Canada Inc. ("Auxico") is a Canadian company that was founded in 2014 and based in Montreal.  Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico, Bolivia and the Democratic Republic of the Congo.

Additional information on Auxico can be found on the Company's website (www.auxicoresources.com) or on SEDAR (www.sedar.com) under "Auxico Resources Canada Inc."

ON BEHALF OF THE BOARD OF DIRECTORS

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

SOURCE Auxico Resources Canada Inc.

Pierre Gauthier, CEO, Auxico Resources Canada Inc., [email protected], Cell: [phone]; Mark Billings, President, Auxico Resources Canada Inc., [email protected], Cell: [phone]