Mr. Adrian Smith reports

AVANTE MINING PROVIDES FIELD WORK UPDATE ON PIPESTONE PROJECT AND ANNOUNCES OPTION AGREEMENT FOR PIPESTONE SOUTH PROPERTY

Avante Mining Corp. has provided an update on fieldwork at the company's Pipestone nickel project and has entered into an option agreement dated Jan. 6, 2024, with Darrin Hicks, an arm's-length party to the company (the optionor), whereby the optionor has granted the company the right to acquire a 100-per-cent undivided legal and beneficial interest in five mapped staked claims comprising 18 cells (the Pipestone South property) adjoining the Pipestone project. The property is ideally located in central Newfoundland, with road access to the north and south; it also has access to a hydroelectric power station 15 kilometres south of the property.

Adrian Smith, chief executive officer of Avante, commented: "We are pleased to grow our land position in the prospective nickeliferous pipestone belt on the back of a successful initial winter field program at the Pipestone project. This acquisition ties up an additional piece of the plus-30-kilometre-long belt where we have seen highly elevated nickel, up to 4,242 ppm [parts per million] Ni [nickel] in soils, and greater than 50 per cent chromium oxide from historical sampling. As we continue to build on the company's nickel focus, in addition to the high-grade nickel Voisey's West project, we are excited by the significant size and scale potential of the targets we are developing at the Pipestone project, and see similar potential and mineralization styles to FPX Nickel's Decar project and Canada Nickel's Crawford project."

Project highlights:

• Avante is the first company to target awaruite (nickel-iron alloy) in this region since 2012;
• Successful initial winter sampling program confirms year-round access on property -- company geologists collected 96 large representative rock samples from outcrop, primarily targeting nickel-bearing ultramafic;
• Increased project size, covers approximately 45 square kilometres of mineralized belt;
• Newly acquired claims cover extension of soil grid on existing Pipestone property that returned up to 4,242 ppm Ni, with six samples being higher than 3,000 ppm Ni (report 12A/08/1763), including rock samples returning greater than 50 per cent chromium oxide (Cr2O3);
• Historical drilling in the north property area reassayed up to 0.27 per cent Ni and 0.22 per cent Ni over the entire hole of 87.15 metres, and remains open in all directions (NFLD/3284);
• Good infrastructure with existing road access extending onto the property and a hydroelectric generating station located approximately 15 km south of the property;
• Avante to accelerate through early-stage exploration on the property.

To date, the company has collected 96 large representative samples over an 18.5 km stretch through the central portion of the property area. Samples have been sent for detailed analysis and magnetic separation testing. This program successfully identified ultramafic rocks with alteration known to be associated with awaruite (a naturally occurring nickel-iron alloy) mineralization, as well as aided in understanding the correlation between field observations and historic geophysics.

Awaruite formation is dependent on the degree of alteration of ultramafic rocks and field observations are encouraging with this regard. Awaruite mineralization represent an opportunity for a "green" nickel source. Awaruite deposits such as FPX Nickel's PFS (prefeasibility study)-level Baptiste project have been validated by investment from the Canadian government, Finish steel producer Outokumpu, Japanese JOGMEC, Toyota Motor Company and Panasonic Corp.

Samples have been catalogued and shipped to Activation Laboratories Ltd. (Actlabs) in Ancaster, Ont., an ISO 17025 accredited laboratory. All samples will undergo Davis Tube testing to separate a magnetic fraction containing awaruite. The whole rock pulp will be analyzed by ICP-OES (inductively coupled plasma optical emission spectrometry), and the magnetic fraction by XRF (X-ray fluorescence) for major oxide and selected trace element chemistry.

The Pipestone South agreement

To earn a 100-per-cent interest in and to the Pipestone South property, Avante must pay to the optionor a total of $55,000 and issue to the optionor 800,000 common shares over a period of three years, in accordance with the schedule shown in the associated table.

The Pipestone South property is subject to a 2-per-cent NSR (net smelter return) royalty. Avante retains the right to buy back half the royalty, equal to 1.5-per-cent NSR, for $1-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 finder's fees were paid on this arm's-length option agreement.

Disclosure

The company has not independently verified the historic samples reported in this release, but has received data from the previous property owners, and from the government of Newfoundland and Labrador's on-line database.

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 and the Pipestone project. 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.

We seek Safe Harbor.