Mr. Mark Fields reports

DISCOVERY HARBOUR ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Discovery Harbour Resources Corp. has completed a first tranche of its previously announced non-brokered private placement, as described in its news release dated Jan. 17, 2024, pursuant to which it has issued an aggregate of three million units at a price of five cents per unit raising gross proceeds of $150,000. The company has received an extension from the TSX Venture Exchange until March 1, 2024, to close a second tranche.

Each unit comprised one common share of the company and one common share purchase warrant, with each warrant entitling the holder to purchase one share at a price of seven cents per share for a period of two years following the closing date of the offering. The aggregate gross proceeds from the sale of the offering will be used for possible property acquisitions and general working capital. No finders' fees were paid in connection with the offering.

All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the respective tranche of the offering. Completion of the offering is subject to the approval of the exchange.

An insider of the company subscribed for a total of 500,000 units under the offering, which is a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuances to the insider is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(b) of MI 61-101 in that the fair market value of the securities distributed in the offering is not more than $2.5-million.

About Discovery Harbour Resources Corp.

Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions.

We seek Safe Harbor.