Mr. Balbir Johal reports

BRASCAN PROVIDES CORPORATE UPDATE

Brascan Resources Inc. has provided a corporate update respecting certain of its mineral exploration properties.

Brazil lithium assignments

Brascan is pleased to announce that it has assigned its options over two lithium properties located in Minas Gerais state.

Assignment 1

The company has assigned its interest in the option agreement among Brascan, BHBC Exploracao Mineral Ltda. and RTB Geologia E Mineracao Ltda. dated Feb. 13, 2023, with respect to a 2,956.2-hectare claim package located in Minas Gerais, to an arm's-length party, in exchange for: (i) assignee 1 assuming all of Brascan's rights and obligations under option 1; (ii) assignee 1 paying Brascan an aggregate of $98,500 in cash; and (iii) assignee 1 paying Brascan $100,000 in cash in the event surface sampling assays on property 1 yield a minimum of 1 per cent spodumene. Brascan has also agreed to issue an aggregate of 1.5 million common shares to BHBC and RTB, in satisfaction of the share issuance obligations under option 1.

Assignment 2

The company has assigned its interest in the option agreement among Brascan, BHBC and RTB dated March 6, 2023, with respect to a 2,963.7-hectare claim package adjacent to property 1, to an arm's-length party, in exchange for: (i) assignee 2 assuming all of Brascan's rights and obligations under option 2; (ii) assignee 2 paying Brascan an aggregate of $148,000 in cash; and (iii) assignee 2 paying Brascan $100,000 in cash in the event surface sampling assays on property 2 yield a minimum of 1 per cent spodumene. Brascan has also agreed to issue an aggregate of three million shares to BHBC and RTB, in satisfaction of the share issuance obligations under option 2.

Alegre termination

Brascan announces that it has terminated its option agreement with Chapada Brasil Mineracao Ltda. respecting the Alegre gold property located in Para state, northeastern Brazil.

Jo Shearer, acting chief executive officer of Brascan, stated: "Due to difficult market conditions, Brascan has decided to reduce the number of properties in its portfolio. Brascan's focus will be on its Quebec lithium claims and other critical minerals properties. We are also looking to monetize some of our portfolio properties, as we have done with the assignments."

About Brascan Resources Inc.

Brascan is a lithium and gold exploration issuer based in Vancouver, B.C. Brascan owns a 100-per-cent interest in the Quebec Li properties in Northern Quebec. The company also owns 100 per cent of the Albany Forks rare earth elements (REE) property in Northern Ontario and an option to earn 100 per cent of the Alegre gold project in Para state in northeastern Brazil.

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