Mr. Tim Daniels reports

BORON ONE ANNOUNCES SUCCESSFUL CLOSING OF EARLY WARRANT EXERCISE INCENTIVE PROGRAM

Boron One Holdings Inc. has closed its previously announced (Feb. 7, 2024, and Feb. 15, 2024) warrant exercise incentive program. The program was designed 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 (tranche 1) and May 25, 2023 (tranche 2). The 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 tranche 2 warrants issued on May 25, 2023, had an exercise price of 15 cents. The board of directors of the company 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.

Eligible warrants that remain unexercised continue to be exercisable for common shares on the original terms as they existed prior to the program.

Pursuant to the program, the holders exercised 3,933,363 eligible warrants for proceeds of $354,002.67, which will be used for general working capital. Participating holders were issued 3,933,363 additional common share purchase warrants. Each incentive warrant entitles the holder to purchase one additional common share until 5 p.m. Vancouver time March 11, 2026. Each incentive warrant is exercisable at 15 cents subject to the right of the corporation to accelerate expiry upon 30 days notice if the shares of the corporation trade on the TSX Venture Exchange at or above 25 cents for a period of 10 days.

The incentive warrants and any common shares issuable on the exercise thereof will be subject to a four-month hold period from the date of issuance of the incentive warrants pursuant to applicable Canadian securities laws.

The company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.

The program is subject to approval from the TSX Venture Exchange and is subject to the receipt of all final regulatory approvals, including final approval of the exchange. The number of eligible warrants exercised by insiders of the company was 0.94 per cent of the total 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.