Mr. Frank Candido reports

DELTA RESOURCES ANNOUNCES UPSIZE IN BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH UNITS AND UNITS TO C$8.0 MILLION

In connection with its previously announced bought deal private placement financing, Delta Resources Ltd. and Cormark Securities Inc. as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters have agreed to increase the size of the previously announced financing. The company will now issue: (i) 7,143,000 flow-through units of the company at a price of 63 cents per flow-through unit for gross proceeds of $4,500,090; and (ii) 7,778,000 hard-dollar units of the company at a price of 45 cents per hard-dollar unit for gross proceeds of $3,500,100 for aggregate gross proceeds to the company of approximately $8-million.

Each flow-through unit will comprise one common share of the company and one-half of one common share purchase warrant, each of which will qualify as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)). Each hard-dollar unit will comprise one common share of the company and one-half of one warrant. Each warrant will entitle the holder thereof to purchase one common share of the company at an exercise price of 63 cents for a period of two years following the closing of the offering. For greater certainty, the proceeds from the exercise of the warrants will not be flow-through eligible.

The underwriters will have the option, exercisable in whole or in part at any time up to 48 hours prior to the closing of the offering, to arrange for the purchase of up to that number of additional hard-dollar units at the hard-dollar issue price and/or flow-through units at the flow-through issue price for gross proceeds of up to $2-million.

The net proceeds from the issue of the hard-dollar units will be used for working capital and general corporate purposes. The company will use an amount equal to the gross proceeds received by the company from the sale of the flow-through units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada) and eligible Ontario exploration expenditures as defined in Subsection 103(4) of the Taxation Act, 2007 (Ontario), related to the company's projects in Ontario, on or before Dec. 31, 2024, and to renounce all the qualifying expenditures in favour of the subscribers of the flow-through units effective Dec. 31, 2023.

The offering is expected to close on or about May 17, 2023, or such other date as the company and the underwriters may agree and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the TSX Venture Exchange.

The offering will be made way of private placement pursuant to applicable exemptions from the prospectus requirements in each of the provinces of Canada and, in the case of the hard-dollar units, such other jurisdictions, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

About Delta Resources Ltd.

Delta Resources is a Canadian mineral exploration company focused on growing shareholder value through the exploration of two very high-potential gold and base metal projects in Canada. Delta-1 covers 58.3 square kilometres located 50 kilometres west of Thunder Bay, Ont., where a gold-mineralized zone 1,500 metres long was outlined through drilling in a multikilometre-scale intense alteration halo. Delta-2 VMS and Delta-2 Gold cover 194 square kilometres in the prolific Chibougamau district of Quebec.

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