Mr. Mark Ferguson reports

ARBOR METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENTS

Arbor Metals Corp. has closed concurrent non-brokered private placements, pursuant to which the company closed an initial tranche of its unit offering, issuing 950,000 units of the company at a price of $1.25 per unit for gross proceeds of $1,187,500, and issued 789,474 flow-through (FT) common shares at a price of $1.90 per FT share for gross proceeds of $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. Each unit consists of one common share of the company and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one share at a price of $2 at any time on or before Oct. 27, 2024.

The net proceeds raised from the $1.25 unit offering will be used to advance further exploration at the Jarnet lithium project, to retire existing payables and for general working capital purposes. The gross proceeds from the FT offering will be used to advance further exploration at the Jarnet lithium project. The company may complete a further tranche of the $1.25 unit offering and will provide further details once finalized.

The units were issued and sold pursuant to the listed issuer financing exemption (as defined below) under Part 5A of National Instrument 45-106 -- Prospectus Exemptions. A copy of the offering document under the listed issuer financing exemption dated Oct. 24, 2023, is available electronically on SEDAR+ under the company's issuer profile.

The units issued pursuant to the listed issuer financing exemption are not 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 are subject to a four-month-and-a-day hold period expiring on Feb. 28, 2024, in accordance with applicable Canadian securities laws.

In connection with closing of the $1.25 unit offering and FT offering, the company paid a finder's fee to an arm's-length brokerage firm of $150,000 and issued 95,368 non-transferable share purchase warrants. Each broker warrant entitles the holder to purchase one share at a price of $2 at any time on or before Oct. 27, 2024. The broker warrants, and any shares issued on exercise, are subject to a four-month-and-a-day hold period expiring on Feb. 28, 2024, in accordance with applicable Canadian securities laws.

Closing of $1.50 unit offering

The company also announces that it has closed its previously announced (Oct. 4, 2023) continuing non-brokered private under the listed issuer financing exemption, pursuant to which the company offered units at a price of $1.50 per unit. Each unit consisted of one share and one-half of one warrant. Each whole 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 Oct. 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.

About Arbor Metals Corp.

Arbor Metals is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor Metals 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 Metals 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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