Mr. Evan Jones reports

ALTAN NEVADA ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Altan Nevada Minerals Ltd. has closed its non-brokered private placement of 20 million common shares of the company at a price of five cents per common share for aggregate gross proceeds of $1-million, previously announced on April 13, 2023. There were no finders' fees payable in connection with the offering. The company intends to use the net proceeds from the offering to advance the company's mineral properties and for working capital purposes.

The company is also pleased to announce that the TSX Venture Exchange has conditionally accepted for listing 20 million common shares issuable pursuant to the offering. The offering remains subject to the final acceptance of the TSX-V.

The common shares issued pursuant to the offering are subject to a statutory hold period of four months and a day from the date of issuance and, as applicable, hold periods under United States securities laws.

Certain insiders of the company, namely Christian Jon Grainger, a director and the president and chief executive officer of the company, Evan Jones, a director and the chairman of the company, and Kerry Francis Griffin, the former interim chief executive officer of the company, participated in the offering. Mr. Grainger participated in the offering for 6,085,580 common shares for $304,279. Mr. Jones participated in the offering for a total of three thousand common shares (one million shares of which were subscribed for personally, and two million shares of which were subscribed for by Synacy Inc., a private company which is indirectly owned by a trust of which Mr. Jones is a beneficiary) for a total of $150,000. Mr. Griffin participated in the offering for a total of 600,000 common shares for $30,000. The participation of each of the insiders in the offering constitutes related party transactions within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The company is relying upon exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 in respect of the related party transactions, in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the participation in the offering by each insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the participation of the insiders in the offering at least 21 days before closing of the offering as the participation of the insiders was not determined at that time. The insider participation was approved by the members of the board of directors of the company who are independent for purposes of the related party transactions. No special committee was established in connection with the insider participation, and no materially contrary view or abstention was expressed or made by any director of the company in relation thereto.

About Altan Nevada Minerals Ltd.

Altan Nevada is a leading exploration innovator focused on the discovery of large-scale ore systems in underexplored districts of Nevada, United States. The company's holdings in Nevada currently total approximately 8,350 hectares. Projects include two potential district-scale extensions to the north Carlin gold trend, three Yerington district copper-gold targets and three large-scale gold alteration systems along the Walker Lane lineament in central Nevada.

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