Mr. Kevin Brewer reports

CMC CLOSES PRIVATE PLACEMENT - RAISES $364,450

CMC Metals Ltd. has filed for TSX Venture Exchange approval to close the financing announced on Aug. 2, 2023, for aggregate gross proceeds (tranche 1 and 2) of $364,450. On receipt of the TSX Venture Exchange approval, the company will issue 1,330,833 flow-through units at 12 cents and 2,047,500 non-flow-through units at 10 cents. A total of 1,689,167 non-transferable warrants will be issued in association with this placement at an exercise price of 15 cents for a 24-month period from the date of issue.

In addition and subject to exchange approval, cash finders' fees in the amount of $5,055 will be paid, and 24,000 non-transferable broker warrants will be issued at an exercise price of 15 cents for a 24-month period from the date of issue.

The financing has participation from three insiders, subscribing for a total of $61,200, which portion of the financing is a related-party transaction as such term is defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and 5.5(b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25 per cent of the company's market capitalization.

All securities issued pursuant to the financing will be subject to a four-month hold.

The net proceeds from the sale of FT units will be used to finance the company's exploration program at its Silverknife and Silver Hart properties in the Rancheria silver district (Yukon/British Columbia). The net proceeds from the sale of NFT units will also be used for general working capital.

About CMC Metals Ltd.

CMC Metals is a growth-stage exploration company focused on opportunities for high-grade polymetallic deposits in Yukon, British Columbia and Newfoundland. Its polymetallic silver-lead-zinc carbonate replacement deposit prospects include the Silver Hart deposit and the Blue Heaven claims and the Amy and Silverknife claims in north-central British Columbia. Its polymetallic projects with potential for copper, silver, gold and other metals include Terra Nova and Rodney Pond (central Newfoundland) and Terra Nova, which has been optioned to Highbank Mining.

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