Mr. Mark Ferguson reports

ARBOR METALS PROVIDES UPDATE ON PRIVATE PLACEMENTS

Arbor Metals Corp. has closed its previous announced (Oct. 4, 2023) continuing non-brokered private under the listed issuer financing exemption (as defined below), pursuant to which the company offered units at a price of $1.25 per unit. Each unit consisted of one common share of the company and one-half of one share purchase warrant. Each warrant entitled the holder to purchase one additional share at a price of $2 at any time on or before the date which is 12 months following issuance. Further to the company's news releases on Oct. 13 and 20, 2023, the company issued a total of 1.87 million units for gross proceeds of $2,805,000 under the $1.50 unit offering.

Following closing of the $1.50 unit offering, the company has elected to proceed with additional concurrent non-brokered private placements (as announced on Oct. 24, 2023):

• A further unit offering under the listed issuer financing exemption, pursuant to which the company will offer up to 1,756,000 units at a price of $1.25 per unit for gross proceeds of up to $2,195,000. Each unit will continue to consist of one share and one-half of one warrant. Each warrant will entitle the holder to purchase one additional share at a price of $2 at any time on or before the date which is 12 months following issuance.
• A flow-through share offering, pursuant to which the company will offer up to 789,474 flow-through shares at a price of $1.90 per FT share for gross proceeds of up to $1.5-million. Proceeds from the sale of FT shares will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act which will qualify as flow-through critical mineral mining expenditures as defined in the Income Tax Act.

The units under the $1.25 unit offering will be issued and sold pursuant to the listed issuer financing exemption (as defined below) under Part 5A of National Instrument 45-106 -- Prospectus Exemptions. An amended and restated offering document under the listed issuer financing exemption dated Oct. 24, 2023, is available electronically on SEDAR+ under the company's issuer profile and the company's website. Prospective investors should read the offering document before making an investment decision. The units issued pursuant to the listed issuer financing exemption will not be subject to resale restrictions in Canada in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. The FT shares issued pursuant to the FT offering will be subject to resale restrictions for a period of four months and one day from the date of issuance. The company may pay finders' fees to eligible parties who have assisted in introducing subscribers to the offerings. Completion of further tranches of the $1.25 unit offering and FT offering remains subject to the approval of the exchange.

About Arbor Metals Corp.

Arbor Metals is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes. Arbor currently oversees three outstanding mineral projects. The Jarnet lithium project, located in the James Bay region of Quebec, comprises 47 map-designated claims, covering an area of approximately 3,759 hectares. The Jarnet project is contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization, representing one of the highest-profile lithium exploration projects in the sector.

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