Mr. Adrian Smith reports

AVANTE CLOSES ACQUISITION OF MINERAL LICENSES ADJOINING ITS PIPESTONE PROJECT

Avante Mining Corp. has closed the previously announced acquisition of 100 per cent of the issued and outstanding shares of 1446199 B.C. Ltd. pursuant to a share purchase agreement dated March 4, 2024, with the target and all of the shareholders of the target. The target holds a 100-per-cent interest in 13 mining licences totalling 17,375 hectares, which adjoin the company's Pipestone project in central Newfoundland.

Project highlights:

• Increased project size, covers approximately 210 square kilometres of mineralized belt;
• Avante is the first company to target awaruite (nickel-iron alloy) in this region since 2012;
• Increased size secures the majority of the nickeliferous Pipestone ultramafic complex;
• Historical drilling in the north property area reassayed up to 0.27 per cent nickel and 0.22 per cent nickel over the entire hole of 87.15 metres (bottomed in mineralization) 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 kilometres south of the property;
• Major expanded regional compilation under way to allow acceleration through early-stage exploration on the property.

Adrian Smith, chief executive officer, commented: "We are excited to be moving the Pipestone project forward at an accelerated pace where we now control the majority of the nickeliferous Pipestone ultramafic complex in central Newfoundland. We believe this project is located in a top-tier jurisdiction to develop mining projects and are now well into the process of compiling the significant amount of work that has been completed within the property area, including the sampling from Cliffs Natural Resources Inc. Cliffs previously identified the Pipestone belt as a top-priority project with the potential to define an awaruite deposit similar to the Decar property owned by FPX Nickel."

The Pipestone project now covers over 40 kilometres of strike effectively securing the majority of the nickeliferous Pipestone ophiolite ultramafic complex. The project is ideally located in central Newfoundland with road access to the north and south; it also has access to a hydroelectric power station within 15 kilometres south of the property.

Target mineralization within this belt includes bulk-tonnage-style, near-surface nickel mineralization within the ultramafic rocks containing a high primary nickel content. The company is working to define areas within the property where these rocks have been altered to convert the primary nickel into either a nickel-iron alloy (awaruite) or a nickel sulphide.

Areas of awaruite mineralization represent an opportunity for a green nickel source. Awaruite deposits such as FPX Nickel's prefeasibility-study-level Baptiste project have been validated by investment from the Canadian government, Outokumpu (a Finnish steel producer) and JOGMEC (Japan Organization for Metals and Energy Security).

Upon completion of the transaction and pursuant to the agreement, the company purchased all of the issued and outstanding shares of the target from the vendors in consideration for 15,690,001 common shares of the company issued at a price of seven cents per share on the basis of one payment share for each one target share. In accordance with the terms of the agreement, each vendor entered into a contractual lock-up agreement, whereby the payment shares are subject to a three-year lock-up period. Ten per cent of the payment shares were released to the vendors on closing and 15 per cent of the payment shares will be released every six months thereafter. Certain vendors will retain a royalty on the property equal to 2 per cent of net smelter return.

The company intends to continue to provide updates in regard to its winter fieldwork and major regional compilation work as results become available.

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 Mining is a mining exploration company focused on developing high-value, geographically significant projects, including the Voisey's West project 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 resources include 10.3 million tonnes of 0.87 per cent nickel, 0.65 per cent copper and 0.04 per cent cobalt. The Voisey's Bay nickel mine represents one of the most competitive nickel operations globally.

The Pipestone project represents one of the rare awaruite projects globally that 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 producers looking to reduce their carbon output.

We seek Safe Harbor.