Mr. Glenn Mullan reports

CLEGHORN MINERALS ANNOUNCES CLOSING OF $524,400 PRIVATE PLACEMENT FINANCING

Further to its news releases of June 4 and June 25, 2026, Cleghorn Minerals Ltd. completed on July 17, 2026, a non-brokered private placement offering for gross proceeds of $524,400.

Cleghorn issued 8.74 million units under the offering at a per-unit price of six cents, with each unit comprising one common share in the capital of the company and one non-transferable common share purchase warrant, with each warrant entitling the holder to purchase one common share of the company at a per-share price of 10 cents until July 17, 2029.

The offering was oversubscribed by 2,073,333 units for additional gross proceeds of $124,399.98 from the amount previously announced by the company on June 4, 2026.

Two insiders participated in the private placement offering for aggregate cash consideration to Cleghorn of $149,500.02, which constitutes a related party transaction under TSX Venture Exchange Policy 5.9. Cleghorn availed itself of the exemptions contained in Section 5.5(c) of Multilateral Instrument 61-101 (distribution of securities for cash) for an exemption from the formal valuation requirement and Section 5.7(1)(b) of Multilateral Instrument 61-101 for an exemption from the minority shareholder approval requirement of Multilateral Instrument 61-101 as the fair market value of the securities distributed in the transaction and the consideration received by the company for those securities, insofar as the transaction involved interested parties, did not exceed $2.5-million.

The gross proceeds raised from the offering will be used by Cleghorn for general corporate purposes. No finders' fees were paid in connection with the offering.

All securities issued under the offering, including common shares underlying the warrants, are subject to a hold period until Nov. 18, 2026, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.

About Cleghorn Minerals Ltd.

Cleghorn is a junior mineral exploration company with a 100-per-cent interest in the Meech Lake-Matachewan prospect, a property located in Northeastern Ontario, subject to an aggregate 3.5-per-cent net smelter return royalty.

We seek Safe Harbor.