Mr. David Tafel reports

CENTURION FINALIZES CASA BERARDI WEST GOLD PROPERTY AGREEMENT AND COMPLETES PRIVATE PLACEMENT FINANCING

Centurion Minerals Ltd. has closed the previously announced transaction related to the Casa Berardi West gold property option agreement.

The project consists of three claim groups (Noseworthy, Newman and Hepburn) comprising approximately 5,100 hectares, strategically located northeast of Cochrane, Ont., in the metal-endowed north-central Abitibi greenstone belt.

Highlights:

• Historical exploration includes more than 70 RC (reverse circulation) drill holes returning encouraging results that include 18 samples greater than 1,000 parts per billion (one gram per tonne) gold and the highest returning 38,000 parts per billion (38 grams per tonne) gold;
• Situated along structural corridors hosting world-class discoveries, operating mines and significant past-producing operations;
• Located near historical production from Normetal Mines as well as currently active Amex Exploration Inc., which is undertaking one of the largest drilling programs in Canada on its Perron project and recently raised $26-million;
• Excellent access and infrastructure.

An amended National Instrument 43-101 technical report outlining the project's historical activities has been completed and filed on SEDAR+ and can be found on the company's website.

Immediate exploration efforts will be focused on: (i) compilation of all historical data; (ii) ground geophysics over priority targets; and (iii) identification of near-term drill targets.

David Tafel, chief executive officer of the company commented: "With the finalization of the Casa Berardi transaction now complete, we are anxious to commence initial exploration activities. As the project is located within a region of current and historical gold and polymetallic production and is in close proximity to recent discoveries, we believe we have an excellent opportunity for value creation."

Transaction summary

The option agreement enables Centurion to acquire a 100-per-cent interest in the project for cash consideration over three years totalling $114,000 ($20,000 in the first year) and the issuance of 600,000 common shares (400,000 upon exchange approval and 200,000 one year following approval). The company has also agreed to reimburse the optionors for out-of-pocket staking costs.

The optionors will retain a 2-per-cent net smelter return royalty but Centurion has the right to acquire 50 per cent of the NSR for $1-million.

Private placement

Additionally, the company has closed on its previously announced financing and raised gross proceeds of $540,700; of which $444,500 consists of a unit offering comprising one common share and one-half share purchase warrant priced at two cents per unit. Each full warrant shall have a term of 24 months commencing on the closing date and entitles the holder to purchase one common share at a price of five cents during the first year and 10 cents during the second year. In addition, the company raised $96,200 in flow-through funds priced at two cents per share.

Fifty per cent of financing proceeds are allocated for property payments and furthering exploration activities on the Casa Berardi West project, up to 12 per cent for non-arm's-length payments and up to 10 per cent for corporate communications. The balance shall be used for working capital and general corporate activities.

The company is paying finders' fees of $7,850 and 336,250 finder warrants, which have the same terms as the subscribers. A total of 27,035,000 shares are being issued and all will be subject to a four-month hold period expiring in July, 2024.

Qualified person

Mike Kilbourne, PGeo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the company.

About Centurion Minerals Ltd.

Centurion Minerals is a Canadian-based company with a focus on mineral asset exploration and development in the Americas. Centurion can earn a 100-per-cent interest in the Casa Berardi West gold project, which is located in the prolific gold-producing greenstone belt of the central Abitibi subprovince of Northeastern Ontario.

We seek Safe Harbor.