File: Attachment Press Release - Financing Acq Cleghorn Jan2025.pdf

PRESS RELEASE

This press release is issued pursuant to National Instrument 62-104 Take-Over Bids and Issuer Bids and National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Val-d'Or, Quebec January 31, 2025 Glenn J. Mullan of Val-d'Or, Quebec, reports that he has acquired 2,000,000 units (the "Units") of Cleghorn Minerals Ltd. (the "Issuer"), having a head office at 152 chemin de la Mine Ecole, Val-d'Or, Quebec J9P 7B6, under a private placement offering by the Issuer (the "Offering") sold at a price of $0.05 per Unit, each Unit comprised of one common share in the capital of the Issuer and one non-transferable share purchase warrant, each warrant entitling the purchase of one common share in the capital of the Issuer at a per share price of $0.08 until January 31, 2028. The securities were issued by the Issuer from its treasury for total cash consideration of $100,000. As a result of the issuance to Mr. Mullan by the Issuer of the Units under the Offering, Mr. Mullan's securityholding percentage of common shares of the Issuer increased by approximately 2.23%; and increased Mr. Mullan's securityholding percentage on a post-conversion beneficial ownership basis by approximately 4.84%.

Immediately before the transaction that triggered the requirement to issue this release, Mr. Mullan owned, directly and indirectly, an aggregate 9,339,928 common shares of the Issuer representing approximately 27.07% of the Issuer's issued and outstanding common shares and owned options entitling the purchase of 795,000 common shares of the Issuer and owned warrants entitling the purchase of 1,250,000 common shares of the Issuer; or, assuming exercise of the options and conversion of the warrants, Mr. Mullan owned, directly and indirectly, a total of 11,384,928 common shares or approximately 31.15% of the Issuer's common shares on a post-conversion beneficial ownership basis.

Immediately after the transaction that triggered the requirement to issue this release, Mr. Mullan owns, directly and indirectly, an aggregate 11,339,928 common shares of the Issuer representing approximately 29.30% of the Issuer's issued and outstanding common shares and owns options entitling the purchase of 795,000 common shares of the Issuer and owns warrants entitling the purchase of 3,250,000 common shares of the Issuer; or, assuming exercise of the options and conversion of warrants, Mr. Mullan now owns, directly and indirectly, a total of 15,384,928 common shares or approximately 35.99% of the Issuer's common shares on a post-conversion beneficial ownership basis.

The securities were acquired for investment purposes by Mr. Mullan and he will evaluate his investment in the Issuer and will increase or decrease his investment by future acquisitions or dispositions of securities of the Issuer at his discretion, as circumstances warrant. As of the date hereof, Mr. Mullan has no immediate future intention to acquire additional securities of the Issuer, or dispose of securities of the Issuer that he owns. Mr. Mullan may, in the future, exercise options and warrants that he owns and, thus, acquire further common shares in the capital of the Issuer.

A report respecting this acquisition will be electronically filed with regulators in Alberta, British Columbia, Ontario and Quebec and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) under the Issuer's Issuer Profile at www.sedarplus.ca. To obtain a copy of the report, contact Mr. Mullan at (819) 824-2808.

"Glenn J. Mullan" Glenn J. Mullan