Mr. Tim Daniels reports

BORON ONE ANNOUNCES UPDATE TO EARLY WARRANT EXERCISE INCENTIVE PROGRAM

Boron One Holdings Inc. is providing an update to its press release dated Feb. 7, 2024, announcing the warrant exercise incentive program. The program is intended to encourage the exercise of up to 12,201,837 unlisted common share purchase warrants of the company, which were issued as part of the company's private placements, which closed on March 25, 2019, and May 25, 2023. The 4,273,263 tranche 1 warrants issued on March 25, 2019, had an exercise price of 15 cents in the first year and 30 cents from the second to the fifth year, and the 7,928,574 tranche 2 warrants issued on May 25, 2023, had an exercise price of 15 cents. The board of directors of the company has determined it to be in the best interests of the corporation to reprice the tranche 1 and tranche 2 warrants from the current exercise price of 30 cents and 15 cents, respectively, per share of common stock to nine cents per warrant share.

Each eligible warrant is exercisable for one common share of the company at a price of nine cents per common share, subject to the approval of the TSX Venture Exchange to the proposed warrant repricing. The tranche 1 warrants expire on March 25, 2024, and the tranche 2 warrants expire on May 25, 2025, both at 5 p.m. Vancouver time.

To the extent that holders of eligible warrants take advantage of the opportunity to exercise their eligible warrants early, this will finance working capital purposes. Eligible warrants that remain unexercised following the completion of the early exercise period (defined below) will continue to be exercisable for common shares on the original terms as they existed prior to the program.

The early exercise period will commence on Feb. 16, 2024, and terminate on March 1, 2024.

The program and the warrant repricing are subject to approval from the TSX Venture Exchange and are subject to the receipt of all final regulatory approvals, including final approval of the exchange. The number of eligible warrants to be exercised by insiders of the company is limited to no more than 10 per cent of the total eligible warrants, being 12,201,837 eligible warrants, and the company will issue no more than 1,220,183 incentive warrants to insiders under the program. Insiders currently hold 0.41 per cent of the eligible warrants.

About Boron One Holdings Inc.

Boron One is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Boron One has shares traded on the TSX Venture Exchange under the symbol BONE.