Mr. Matthew Wood reports

ARANJIN RESOURCES LTD. ANNOUNCES PRIVATE PLACEMENT

Aranjin Resources Ltd. has arranged a non-brokered private placement of up to $1-million through the sale of units of the company at a price of two cents per unit. Each unit comprises one common share of the company and one common share purchase warrant, with each warrant exercisable for one common share at a price of five cents for a period of 24 months from closing.

The proceeds of the private placement will primarily be used to finance the continuing exploration program at the Victory nickel discovery, where an active exploration program is currently under way. The company also plans to complete a deep drill hole on the Bayan Undur copper project mining licences.

The private placement is anticipated to close on or about June 22, 2023, or such later date as the company may determine. The closing is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

The securities issued in connection with the private placement will be subject to a hold period of four months and one day from the date of issuance, pursuant to applicable securities laws.

The company also plans to pursue a dual listing of its common shares on the Australian Securities Exchange. The company's focus is on Mongolia, and it believes that a listing of its common shares on the ASX will assist with historical liquidity and valuation issues. It will also serve as a better venue for trading for its Asia-based shareholders.

Ali Haji will be stepping down as chief executive officer of the company as it looks to trim its executive team and board. The board wishes to thank him for his contributions. Matthew Wood will continue in his role as executive chairman of the company.

Exploration work at the Sharga copper project is on hold, pending resolution of the licence dispute with the Mineral Resources and Petroleum Authority of Mongolia. A notice of intent to submit a claim to arbitration was filed with the government of Mongolia on May 25, 2023.

Matthew Wood, executive chairman of Aranjin Resources, commented: "We are excited to announce this private placement, and we look forward to an active summer of exploration in Mongolia at our nickel and copper projects. With approximately 50 per cent of our shareholders now based in Asian time zones, the company has decided to pursue a dual listing on the ASX in 2023."