Mr. Mark Ferguson reports

ARBOR METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENTS AND UPSIZE

Arbor Metals Corp. has closed concurrent non-brokered private placements pursuant to which the company closed a tranche of its unit offering issuing 806,000 units of the company at a price of $1.25 per unit for gross proceeds of $1,007,500, and issued 263,158 flow-through common shares at a price of $1.90 per FT share for gross proceeds of $500,000. 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 warrant entitles the holder to purchase one share at a price of $2 at any time on or before Nov. 3, 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 units were issued pursuant to the listed issuer financing exemption (as defined below) under Part 5A of National Instrument 45-106 -- Prospectus Exemptions and 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 March 4, 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 $82,500 and issued 57,789 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 Nov. 3, 2024. The broker warrants, and any shares issued on exercise, are subject to a four-month-and-a-day hold period expiring on March 4, 2024, in accordance with applicable Canadian securities laws.

$1.25 unit offering upsize

The company intends to issue up to a further two million units in connection with additional tranches of the $1.25 unit offering for total gross proceeds from the $1.25 unit offering of up to $2.5-million.

The units will continue to be issued and sold pursuant to the listed issuer financing exemption. An amended and restated offering document under the listed issuer financing exemption dated Nov. 3, 2023, will be 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 company may pay finders' fees to eligible parties who have assisted in introducing subscribers to the $1.25 unit offering. Completion of further tranches of the $1.25 unit 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.

We seek Safe Harbor.