Mr. Jeffrey Stevens reports

ARGYLE ANNOUNCES CLOSING OF LIFE OFFERING AND PRIVATE PLACEMENT

Argyle Resources Corp. has closed its previously announced offering of units of the company pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106, Prospectus Exemptions, and concurrent non-brokered private placement of units of the company for aggregate gross proceeds of $1,209,800.

Pursuant to the offerings:

1. A total of 2,565,000 LIFE units were issued at a price of 23 cents per LIFE unit for gross proceeds of $589,950. Each LIFE unit consists of one common share in the capital of the company and one common share purchase warrant. Each LIFE warrant entitles the holder to purchase one common share at an exercise price of 31 cents for a period of 24 months from the date of issuance. The LIFE warrants will not be exercisable until 60 days after the closing date of the LIFE offering.
2. A total of 2,695,000 units were issued at a price of 23 cents per unit for gross proceeds of $619,850. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 31 cents for a period of 24 months from the date of issuance.

The units issued under the LIFE offering are not subject to resale restrictions pursuant to applicable securities laws. All securities issued in connection with the private placement are subject to a statutory hold period of four months and one day and an exchange hold period of four months from the date of issuance.

As consideration for services rendered by certain finders, the company paid, in aggregate, a cash fee of $120,980 and issued 526,000 common share purchase warrants. Each finder's warrant is exercisable for one common share at a price of 31 cents for a period of 24 months.

The net proceeds of the offerings will be used for mineral property exploration activities and expenditures, general working capital purposes, and legal and accounting expenses.

In addition, the company has granted 1.6 million stock options to certain directors and officers, pursuant to its omnibus incentive plan, at an exercise price of 23 cents per share. The options will be exercisable for a period of five years and will vest four months and a day from issuance.

About Argyle Resources Corp.

Argyle Resources is a junior mineral exploration company engaged in the acquisition, exploration, staking and evaluation of natural resource properties in North America. The company holds a 100-per-cent interest in the Pilgrim Islands, Matapedia, Lac Comporte and Saint Gabriel quartzite-silica projects in Quebec, Canada, and has entered into an option agreement to acquire a 100-per-cent interest in the McKay Hill silver-gold property in Yukon, Canada. The company was incorporated in 2023 and its head office is located in Calgary, Alta., Canada.

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