Mr. Matthew Wood reports

ARANJIN RESOURCES ANNOUNCES CORPORATE UPDATE: EXPLORATION UPDATE, DEBENTURE CONVERSIONS, DEBT SETTLEMENT AND BOARD CHANGES

Aranjin Resources Ltd. has provided an update on recent and coming developments at the company.

With the successful completion of the upsized recent private placement, the company has converted outstanding debentures and settled outstanding debt to simplify the balance sheet. This will reduce the debt burden and allow investment capital to be directed to its exciting exploration projects.

The company is also pleased to announce that it has restarted its exploration program at the Victory nickel project and plans for drilling at the Bayan Undur project. Further, it is actively negotiating for new licence acquisitions that will fit well with the battery metal focus of Aranjin Resources. The company expects to announce more details shortly.

Exploration update

At the Victory nickel project, the company completed a ground electromagnetic geophysical survey in June, 2023, with the aim of potentially highlighting zones of increased nickel and copper sulphides.

• A TEM survey was carried out through a total of 15 lines over approximately 60 kilometres.

Australian consulting firm Newexco, which has considerable experience in TEM and nickel sulphides, has been contracted to complete a review of the existing Victory project data set, including the recently collected TEM data. Recommendations and future work programs will be planned following this review.

The company intends to drill an approximately 500-metre deep diamond core drill hole on the Bayan Undur porphyry copper target. The drilling program is set to commence in mid- to late September and will target a zone of intense alteration and strong induced polarization chargeability.

Board changes and ASX dual listing plans

In conjunction with the company's recently announced plans to pursue a dual listing on the Australian Securities Exchange (ASX), it is pleased to announce the appointment of Peter Trow to the board as non-executive director.

Mr. Trow is an entrepreneur and highly experienced businessman, responsible for founding and operating a number of successful commercial agricultural businesses in Australia. He previously served for 22 years in the New South Wales Police Force where he was largely stationed in country New South Wales. Mr. Trow currently runs a beef breeding, trading and trucking operation in rural New South Wales where he is based. Mr. Trow has a deep understanding of the environment, social and governance issues and has considerable experience in compliance and occupational health and safety.

Matthew Wood, executive chairman of Aranjin Resources, stated: "We are extremely pleased to be able to welcome Mr. Trow to the board. As we advance and grow our highly prospective portfolio of nickel and copper projects we look forward to his contribution, in particular as we plan a move to dual list the shares on the ASX."

Max Jahn, Luis Azevedo and Ali Haji have resigned from the company's board of directors, effective Aug. 14, 2023. The board of directors and the company's management team would like to thank Mr. Jahn, Mr. Azevedo and Mr. Haji for their valuable contributions and wish them well with their future endeavours.

Plans are now under way for the planned dual listing of the shares on the ASX. The company has appointed advisers and is now working on a timeline for the next steps.

Debenture conversion and debt settlements

The company announces that the $1,814,400 principal amount of the outstanding convertible debenture held by Steppe Gold Ltd. will be converted at a price of 5.5 cents per common share resulting in the issuance of 32,989,090 common shares of the company. The company and Steppe have also agreed to convert accrued interest of $543,574 on the outstanding debentures at a price of 5.5 cents per common share, resulting in the issuance of an additional 9,883,163 common shares.

The company has also entered into an agreement with R&R Venture Partners to settle an aggregate amount of $885,863 of indebtedness consisting of an outstanding convertible debenture with a principal amount of $653,000 and $232,863 of accrued interest. The aggregate amount of indebtedness will be converted into 16,106,599 common shares of the company at a deemed issuance price of 5.5 cents per common share.

The company also announces that it has entered into agreements to settle an aggregate of $160,000 owing to certain directors, including a former director, through the issuance of an aggregate of approximately 2,909,090 common shares of the company at a deemed issuance price of 5.5 cents per common share.

The issuance of common shares to Steppe to settle accrued interest and issuance of common shares to R&R Venture Partners and directors (including a former director) to settle outstanding indebtedness remain subject to receipt of TSX Venture Exchange approval.

We seek Safe Harbor.