Mr. Adrian Smith reports

AVANTE MINING ANNOUNCES OPTION AGREEMENT TO ACQUIRE PIPESTONE AWARUITE PROPERTY

Avante Mining Corp. has entered into an option agreement dated Nov. 7, 2023, with SSAF Collective, an arm's-length optionor group to the company, whereby the optionor has granted the company the right to acquire a 100-per-cent undivided legal and beneficial interest in nine mineral licences consisting of 161 mineral claims located in central Newfoundland (the Pipestone project).

Project highlights:

• The Pipestone project consists of 161 claims encompassing 40.25 square kilometres of ground;
• Outcropping awaruite (Ni3Fe) is an environmentally friendly, low-sulphide, nickel-iron alloy that can be direct smelted in the stainless-steel making process;
• Awaruite is a green metal for a low-carbon world;
• Good infrastructure with existing road access extending onto the property and a hydroelectric generating station located 20 kilometres south of the property;
• Exploration work at the property will start this fall/winter.

Pipestone project history

Awaruite was first discovered and delineated on the Pipestone project between 2009 and 2012, in during which it was positively identified within the ultramafic rocks during industry efforts and academic research. The original discovery claims were dropped in 2012 during a period of low nickel prices and tough financing conditions in exploration business. Since then, little work has been completed until recently when the NL Minerals Collective consolidated the property area with multiple independent claim owners and has further refined the understanding of the distribution of awaruite at the property, which will allow for a quick resumption of exploration by the company this fall/winter 2023.

Awaruite presents Avante with the opportunity to explore a bulk-tonnage "green" nickel source within the extensive Newfoundland ophiolitic rocks. While awaruite is a relatively new nickel exploration target, awaruite deposits have been legitimized by technical work on FPX's PFS level Baptiste project. The Baptiste project has been validated by investment from the Canadian government, Finish steel producer, Outokumpu and Japanese JOGMEC. These FPX partners validate awaruite exploration and development as part of the green metals revolution and a focus for investment.

Adrian Smith, chief executive officer of Avante, commented: "We are pleased to have secured this exciting new opportunity to expand Avante's nickel portfolio. The project is located in Newfoundland, which is a great jurisdiction to be working in. The large-scale bulk-tonnage target on the Pipestone project provides a balance to the company's Voisey's West high-grade nickel project and will allow the company to develop its projects and produce exploration results on a year-round basis. We are making plans to start work on the Pipestone project this year."

"We are thrilled to join forces with Avante, an innovative and forward-thinking exploration company, on this distinctive ophiolite-associated ultramafic-hosted nickel project, rich with awaruite potential. We are impressed with Avante's strategic approach and comprehensive understanding of the project's geology and mineral promise and are eager to pursue further prospects with Avante down the road," said Angie Stockley, chief commercial officer of SSAF Inc., president of the NL Minerals Collective.

The agreement

To earn a 100-per-cent interest in and to the property, Avante must pay to the optionor a total of $380,000 and issue to the optionor four million common shares over a period of four years in accordance with the schedule shown in the attached table.

The company must also incur an aggregate of $1.5-million in expenditures or the expenditures required to keep the property in good standing on or before the fourth anniversary of the Effective date of the option agreement.

The property is subject to a 2-per-cent net smelter return (NSR) royalty. Avante retains the right to buy back half the royalty equal to a 1.0-per-cent NSR royalty for $3.5-million at any time prior to the commencement of commercial production at the property. The option agreement and proposed share issuances remain subject to approval by the TSX Venture Exchange. All security issuances will be subject to a statutory hold period of four months and one day from issuance in accordance with Canadian securities laws. No finders' fees were paid on this arm's-length option agreement.

Disclosure

Adrian Smith, PGeo, is a qualified person as defined by National Instrument 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.

About Avante Mining Corp.

Avante is a mining exploration company focused on developing high-value geographically significant projects, including the Voisey's West. Avante is paving the way by combining quality projects with proven exploration strategies and a dedicated team to achieve exceptional outcomes.

The company's Voisey's West project is located in the same intrusive complex as the world-class Voisey's Bay nickel mine, where reported remaining proven and probable reserves include 32.4 million tonnes of 2.13 per cent nickel, 0.96 per cent copper and 0.13 per cent cobalt, and additional measured and indicated 10.3 million tonnes of 0.87 per cent nickel, 0.65 per cent copper 0.04 per cent cobalt. It represents one of the most competitive nickel operations globally.

The Pipestone project represents one of the rare awaruite projects globally, which are a focus in the development of large-scale bulk tonnage nickel targets that have low-carbon emission profiles and are very attractive to steel produces looking to reduce their carbon output.

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