Mr. Mark Ferguson reports

ARBOR METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND DEBT SETTLEMENT

Arbor Metals Corp. has closed a further tranche of its non-brokered private placement under the listed issuer financing exemption (as defined below), pursuant to which the company issued 800,000 units of the company at a price of $1.25 per unit for aggregate gross proceeds of $1-million. 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. 17, 2024.

The net proceeds raised from the offering will be used to advance further exploration at the Jarnet lithium project and for general working capital purposes.

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. A copy of the offering document under the listed issuer financing exemption dated Nov. 3, 2023, is available electronically on SEDAR+ under the company's issuer profile.

In connection with closing of the offering, the company paid a finder's fee to an arm's-length brokerage firm of $60,000 and issued 48,000 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. 17, 2024. The broker warrants, and any shares issued on exercise, are subject to a four-month-and-a-day hold period expiring on March 18, 2024, in accordance with applicable Canadian securities laws.

Debt settlement

The company is also pleased to announce that it has entered into a debt settlement agreement with Prime Media Finance AG, an arm's-length party, to settle the outstanding debt owed by the company to the creditor of $692,144.77 pursuant to the terms of a credit facility agreement between the company and the creditor. The company has agreed to repay the debt through the issuance of 512,677 shares at a deemed issue price of $1.35 per share to the creditor.

The debt settlement is subject to the approval of the exchange. The shares to be issued to the creditor will be subject to a hold period expiring on the date that is four months and one day after the date of issuance in accordance with applicable securities laws and the policies of the exchange.

About Arbor Metals Corp.

Arbor 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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