Mr. Fiona Fitzmaurice reports

MACDONALD MINES ANNOUNCES CLOSING OF OFFERING

MacDonald Mines Exploration Ltd. has closed a non-brokered private placement financing. The company has issued six million flow-through units at a price of five cents per FT unit, with each FT unit comprising one Class A common share and one common share purchase warrant, each of which qualifies as a flow-through share as defined in the Income Tax Act (Canada) for proceeds of $300,000. Each warrant is exercisable to acquire one non-flow through common share at a price of seven cents per share for a period of 24 months following the closing date of the offering. In addition, the company issued a total of 3.1 million units at a price of five cents per unit, with each unit consisting of one non-flow-through common share and one warrant, for proceeds of $155,000. In total, in connection with the offering the company has issued an aggregate of 9.1 million common shares and 9.1 million warrants for total gross proceeds of $455,000.

Proceeds from the offering will be used to advance developments at the company's SPJ project and for general working purposes. The proceeds from the FT shares will be used for exploration purposes, and such proceeds will be used to incur Canadian exploration expenses (within the meaning of the Tax Act.

In addition, further to the company's press release of April 13, 2023, the company has issued a total of 178,572 common shares in connection with a shares-for-debt transaction to settle $12,500 of debt held by a former executive of the corporation.

All securities sold or issued in connection with the offering and the shares for debt transaction are subject to a hold period of four months and one day from the date of issuance thereof. The offering is subject to the final approval of the TSX Venture Exchange

About MacDonald Mines Exploration Ltd.

MacDonald Mines is a Canadian gold and base metal exploration company focused on exploring its 100-per-cent-owned, 19,720-hectare (197-square-kilometre) SPJ project, 20 km southeast of the prolific Sudbury mining camp in Northern Ontario. The company's focus is to locate what it theorizes to be large gold systems with high-grade gold surrounding the past-producing Scadding gold mine and potential large gold structures surrounding Alwyn, Glade, MacLeod and Norstar. The company is also focusing on key battery metal systems surrounding Candore and Jerome within the SPJ project to supply the renewable energy transition, particularly nickel, copper and platinum group elements. The demand and need for critical battery metals are at an all-time high, and MacDonald Mines feels the SPJ property area has the potential to be part of the solution.

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