Mr. Michael Williams reports

VENDETTA MINING CLOSES SECOND AND FINAL TRANCHE OF OVER-SUBSCRIBED PRIVATE PLACEMENT

Vendetta Mining Corp. has closed the second and final tranche of its oversubscribed private placement previously announced on Aug. 30, 2018, and Sept. 21, 2018. In the second tranche, the company issued a total of 2,370,233 units at a price of 18 cents per unit for gross proceeds of $426,641.94. The total raised in both the first and second tranches is 12,099,121 units for a gross total of $2,177,841.78. Each unit comprises one common share and one-half of one common share purchase warrant exercisable for two years at a price of 30 cents, subject to certain acceleration terms.

Net proceeds from the financing will be used to advance the development of the Pegmont lead-zinc project and general working capital.

In consideration for introducing certain subscribers to the private placement, the company paid cash finders' fees of 6 per cent of the amount raised under the private placement to arm's-length finders, representing 6 per cent of the total number of units sold to subscribers introduced to the company by the finders.

Securities issued to the placees under the private placement will be subject to a four-month hold expiring on Feb. 18, 2019. The company intends to use the proceeds of the private placement for general working capital purposes.

Elysium Mining Ltd., a private company controlled by Peter Voulgaris, a director of the company, acquired 100,000 units pursuant to the final tranche of the private placement. Elysium's participation is considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the private placement nor the consideration to be received for those securities, in so far as the private placement involves Mr. Voulgaris, exceeds 25 per cent of the company's market capitalization.

The company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the company were not settled until shortly prior to closing and the company wished to close on an expedited basis for sound business reasons and in a time frame consistent with usual market practices for transactions of this nature.

About Pegmont

Pegmont is a stratiform, Broken Hill-type deposit that outcrops with an overall shallow dip to the southeast and is hosted in a magnetite-rich banded iron formation within high-grade metamorphic rocks. The project consists of three granted mining leases and one exploration permit that cover an area of approximately 8,290 hectares.

Pegmont is situated in the Mount Isa-McArthur mineral province, which hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several world-class lead-zinc-silver mines.

Pegmont is located 25 kilometres west of South 32's Cannington silver-lead-zinc operation, one of the world's largest producers of lead and silver and 28 kilometres north of Chinova Resources' Osborne copper-gold operations. Pegmont is proximal to existing infrastructure, including public roads, mine haul roads rail, and a natural gas pipe line for power generation.

The company is progressing a preliminary economic assessment of the Pegmont project, which is contemplating a stand-alone operation, processing ore at a rate of one million tonnes per year, producing separate lead and zinc concentrates.

About Vendetta Mining Corp.

Vendetta Mining is a Canadian junior exploration company focused on advanced-stage exploration and development at the Pegmont lead-zinc project in Australia. Vendetta has an option to acquire a 100-per-cent interest by completing certain work requirements and making option and advance royalty payments.

Qualified person

Peter Voulgaris, MAIG, MAusIMM, a director of Vendetta, is a non-independent qualified person as defined by National Instrument 43-101. Mr. Voulgaris has reviewed the technical content of this press release and consents to the information provided in the form and context in which it appears.

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