Vancouver, British Columbia--(Newsfile Corp. - February 28, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") wishes to update its shareholders and investors on current corporate activities as related to its two drill-ready Argentina lithium brine projects.

Yergo Project, Catamarca Province

Management has been focused on securing funding to commence a drill program on its 100% owned Yergo Project, in Catamarca. Advanced discussions are moving forward positively, with interest from a variety of institutional groups pursuant to both direct investment into the Company as well as non-dilution possibilities related to project partnership financing. Details will be shared when available.

Additionally, lithium development in the northern region of Argentina, is continuing with major projects progressing and significant investments continuing to be announced. The Company is pleased to see ongoing progress with the Tres Quebradas Project ("3Q"), owned by Zijin Mining Group Co., Ltd. ("Zijin"), located within 9km of the Yergo Project. Phase 1 of the 3Q Project was expected to commence production by the end of 2023, with a production capacity of 20,000 tonnes of battery-grade lithium carbonate per annum (source: Zijin, 02-27-24) (see Figure 1). Construction at Zijin's Fiambalá Processing Lithium Carbonate Plant is also showing significant advancement (see Figure 2).