Mr. Jack Stoch reports

TERMINATION OF TOMAGOLD'S OPTION FOR THE ACQUISITION OF CHIBOUGAMAU'S EAST BLOCK

Chibougamau Independent Mines Inc. is informing shareholders that TomaGold Corp. and Chibougamau have mutually agreed today to terminate the letter of intent dated Aug. 11, 2023, pursuant to which TomaGold had an option to acquire Chibougamau's East block, composed of 127 mining claims in McKenzie, Obalski, Roy and Lemoine townships, Quebec, as announced on Aug. 14, 2023, and extended as announced in press releases dated Feb. 8, 2024, and April 12, 2024. The parties were unable to reach agreement on final terms that were commercially acceptable to each of them to move forward with the East block option.

During the periods of extension of the option, Chibougamau undertook two drill holes on its C3 copper-gold discovery. The deepest hole BJ-23-31 was abandoned at 576 metres, 50 metres short of the target, due to severe ground conditions. Hole BJ-23-32A was successful in intersecting the zone grading 4.03 per cent copper, 1.40 grams per tonne gold, 16.01 g/t silver and 0.015 per cent cobalt over a core length of seven m, at a vertical depth of 230 m.

Chibougamau remains owner of significant advanced assets within the Chibougamau mining camp and the surrounding area. TomaGold intends to proceed with the West block option as previously reported, Chibougamau having agreed to a two-month extension to complete the initial exploration expenditures. All other terms of the West block option remain the same.

This press release was written by Jack Stoch, PGeo, president and chief executive officer of Chibougamau, in his capacity as a qualified person under National Instrument 43-101.

We seek Safe Harbor.