Mr. Ian Gendall reports

DLP RESOURCES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT OF UNITS

DLP Resources Inc. has closed the first tranche of its previously announced non-brokered private placement, whereby the company has completed the issuance of 4,000,250 units at a price of 50 cents per unit for gross proceeds of $2,000,125.

Each unit consists of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant entitles the holder to purchase one common share in the capital of the company for a period of 24 months from the date of issue at an exercise price of 80 cents per warrant share, subject to an acceleration clause in the event the trading price of the shares equals or exceeds $1.10 for a period of 20 consecutive days.

In connection with the first tranche, the company issued 88,778 finders' warrants and paid commissions of $44,389. Each finder's warrant will entitle the holder, on exercise thereof, to acquire one share at a price of 50 cents per share for a period of two years from the date of issuance.

The securities offered in the first tranche are subject to a four-month-and-one-day transfer restriction from the date of issuance expiring on Jan. 29, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The company intends to use the proceeds of the first tranche for financing the company's Peru projects and for general office and administration requirements.

Ian Gendall, president and chief executive officer, commented: "With the closing of the first tranche of the private placement, we can continue drilling on the Aurora porphyry molybdenum-copper project, with another 3,000 metres planned to December, 2023. Encouraging results received from the first 10 holes have extended mineralization over a length of 900 metres and a width of at least 700 metres. Currently, we are drilling A23-012 to a depth of 1,000 metres and results for drill hole A23-011, drilled 249 metres southwest of drill hole A23-010, are expected to be released in early October."

Extension of the private placement

The company is also pleased to announce that, further to the company's news release dated Aug. 22, 2023, the TSX Venture Exchange has granted the company an extension for the closing of the private placement until Oct. 20, 2023.

About DLP Resources Inc.

DLP Resources is a mineral exploration company operating in southern Peru and southeastern British Columbia, exploring for copper, base metals and cobalt. DLP Resources is listed on the TSX-V, trading symbol DLP, and on the OTCQB, trading symbol DLPRF.

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