Mr. Killian Charles reports

BRUNSWICK EXPLORATION ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Brunswick Exploration Inc. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $5.7-million consisting of the issuance of 1,519,057 Quebec flow-through shares of the corporation at a price of $1.15 per share and 3,593,714 national flow-through shares of the corporation at a price of $1.10 per share.

The corporation expects to use the gross proceeds from the offering for phase 2 drilling at the Mirage project and to drill test advanced targets starting with the Arwen discovery at the Elrond project in first quarter 2024.

In connection to this offering, the corporation paid cash finders' fees of $260,756 to arm's-length third parties.

The offering was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. All securities issuable pursuant to the offering are subject to a statutory four-month-and-one-day hold period expiring on March 18, 2024, in accordance with applicable securities legislation.

Insiders of the corporation have participated in the offering and subscribed to an aggregate of 232,218 flow-through shares. Such participation in the offering is a related-party transaction as defined in Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions. The offering is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of the securities issued to insiders, nor the consideration for such securities by insiders exceeds 25 per cent of the corporation's market capitalization.

About Brunswick Exploration Inc.

The corporation is a Montreal-based mineral exploration venture company listed on the TSX Venture Exchange under the symbol BRW. The corporation is focused on grassroots exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium. The corporation is rapidly advancing the most extensive grassroots lithium project portfolio in North America with holdings in Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.

We seek Safe Harbor.