An anonymous representative of Metalloinvest Holding reports

EARLY WARNING PRESS RELEASE

This press release is being disseminated by Nautilus Minerals Inc. shareholder Metalloinvest Holding (Cyprus) Ltd. (Metallo), an investment company incorporated under the laws of Cyprus, as required by National Instrument 62-103 -- the early warning system and related takeover bids and insider reporting issues.

Metallo has acquired an aggregate of 14,364,080 common shares of Nautilus. The common shares were purchased under the issuer's subscription agreement with Metallo and Mawarid Offshore Mining Ltd. (the purchasers) dated Aug. 21, 2016, as amended, pursuant to which common shares of the issuer will be purchased by the purchasers on a private placement basis and will close in tranches, on a monthly basis, during the period from Dec. 1, 2016, through Nov. 30, 2017, at the election of the issuer. The issuer will determine the amount of funds to be raised under each tranche during each month of the financing period, subject to the limitations of receiving maximum subscription proceeds of $2-million (U.S.) per month and an aggregate maximum total of $20-million (U.S.) during the entire financing period.

The issuer issued an aggregate of 16,221,118 common shares to the purchasers on March 9, 2017, at an issue price of 16.1 cents per share and 12,507,042 common shares to the purchasers on April 10, 2017, at an issue price of 21.3 cents per share for aggregate proceeds to the issuer of $4-million (U.S.). The private placements were allocated equally between the purchasers.

Metallo currently owns 112,802,145 common shares of the issuer, representing approximately 16.8 per cent of the outstanding shares of the issuer.

An early warning report in respect of the above transactions will be filed with the relevant Canadian securities regulatory authorities. Copies of such reports may be obtained on SEDAR or by contacting Kyriakos Attikouris at 357-25-206-000.