Mr. Rana Vig reports

BLUE LAGOON BOOSTS TREASURY WITH COMPLETION OF SECOND CLOSING OF PRIVATE PLACEMENT

Blue Lagoon Resources Inc. has completed a second closing of its private placement offering by issuing an additional 1.25 million common shares of the company at a price of 14 cents per share, the majority of which was taken by Crescat Capital, an important strategic investor of the company.

Combined with the first tranche of the private placement (see Jan. 17, 2024, news release), the company raised a total of $1,275,100, all from four strategic and sophisticated investors who understand and appreciate the potential of the company's Dome Mountain high-grade gold/silver project.

"We are very pleased with this recent raise of over $1.2-million -- offered without any discount to the market -- in a challenging environment where capital has been difficult to raise for many exploration companies," said Rana Vig, president and chief executive officer of Blue Lagoon Resources. "These funds raised from strategic investors puts the company in a fantastic position to be able to focus on what we believe are the final steps of the permitting process," he added.

The securities issued in connection with the second tranche of the private placement will be subject to a four-month hold period ending on May 30, 2024, in accordance with securities laws and the policies of the Canadian Securities Exchange, as applicable.

We seek Safe Harbor.