Mr. Ian Gendall reports

DLP RESOURCES ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF OVER-SUBSCRIBED PRIVATE PLACEMENT OF UNITS

Further to the news releases dated Aug. 22, 2023, and Sept. 28, 2023, DLP Resources Inc. has closed the second and final tranche of its previously announced non-brokered private placement. Under the second tranche, the company issued 2,622,000 units at a price of 50 cents per unit for gross proceeds of $1,311,000. In aggregate under the private placement, the company issued 6,622,250 units at a price of 50 cents per unit for gross proceeds of $3,311,125, exceeding the company's initial announcement by $311,125. The company received an extension from the TSX Venture Exchange to closing of the private placement until Nov. 3, 2023.

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 share 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 private placement, the company paid certain finders, including Haywood Securities Inc., Canaccord Genuity Corp., Vanhart Capital Corp. and Wendy Thompson, the following finders' fees: (i) a cash commission in the aggregate amount of $44,389, being up to 7.0 per cent of the gross proceeds raised under the private placement from investors introduced to the company by such finders; and (ii) 88,778 non-transferable common share purchase warrants of the company, being equal to 7.0 per cent of the units sold under the private placement from investors introduced to the company by such finders. Each finder's warrant entitles the holder thereof to purchase one share of the company at a price of 50 cents per share for a period of two years from the date of issuance.

The securities offered in the second tranche are subject to a four-month-and-a-day transfer restriction from the date of issuance expiring on March 2, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

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

Ian Gendall, president and chief executive officer, commented: "With the closing of the second tranche of the private placement, we can continue drilling on the Aurora porphyry molybdenum-copper project and commence the metallurgical study. Currently, we are drilling A23-013 to a depth of 1,000 metres, which is located approximately 300 metres northwest of A23-009. Results for drill hole A23-012, drilled 550 metres southeast of drill hole A23-013, are expected to be released in mid-November."

Multilateral Instrument 61-101

Under the second tranche, Donald Njegovan, a director of the company, purchased 50,000 units for gross proceeds of $25,000. The placement to the interested party constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Notwithstanding the foregoing, the directors of the company have determined that the interested party's participation in the private placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(c) and 5.7(1)(b) of MI 61-101. The company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the company were not settled until shortly prior to closing, and the company wished to close on an expedited basis for sound business reasons.

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 Venture Exchange under the trading symbol DLP.

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