Mr. Rick Trotman reports

BARKSDALE RESOURCES CLOSES FINANCING

Barksdale Resources Corp. has now closed a first tranche of its private placement originally announced Dec. 20, 2023, with respect to its offering of common share units in the capital of the company at a price of 40 cents per unit. The units were offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The private placement took place on both a brokered basis through Cormark Securities Inc., as agent, and a non-brokered basis, with the participation of eligible finders.

Under the offering, the company issued a total of 9,775,970 units to raise gross proceeds of $3,910,388 in the first tranche. Each unit consisted of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder thereof to purchase one common share at 60 cents for a period of three years from the date of issuance.

The company paid a cash commission of $183,768 to the agent on the gross proceeds raised under the brokered offering and issued 459,420 compensation warrants to the agent based on the aggregate number of units sold pursuant to the brokered offering. Each compensation warrant is exercisable at 40 cents per compensation warrant for a period of three years from the date of issuance. In addition, the company paid a finder's fee of $27,455 and issued 68,638 finder warrants to Canaccord Genuity Corp. in accordance with applicable securities laws in connection with the non-brokered offering. Each finder warrant is exercisable at 60 cents per finder warrant for a term of three years.

Crescat Portfolio Management LLC, a 10-per-cent insider of the company and certain directors and officers of the company participated in the offering for an aggregate total of 1,325,000 units, which participation constitutes a related party transaction for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in completing the offering with the insiders on the basis that the fair market value of such participation is less than 25 per cent of Barksdale's current market capitalization.

The net proceeds from the offering will be used for continuing drilling at the company's Sunnyside property, property maintenance payments, trade payables and for general corporate purposes.

The company expects to close a second and final tranche of the non-brokered offering in the coming week.

Barksdale Resources, a 2023 OTCQX Best 50 company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver project and the San Antonio copper project, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.

We seek Safe Harbor.