Mr. Andre Tessier reports

DELTA RESOURCES CLOSES C$10 MILLION BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH UNITS AND UNITS

Delta Resources Ltd. has closed its previously announced bought deal private placement of: (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) 12,222,400 hard-dollar units of the company at a price of 45 cents per hard-dollar unit for gross proceeds of $5,500,080, for aggregate gross proceeds to the company of $10,000,170, which includes the exercise in full of the underwriters option, pursuant to an underwriting agreement with Cormark Securities Inc., as lead underwriter, on behalf of a syndicate of underwriters, including Desjardins Securities Inc. and Haywood Securities Inc.

Each hard-dollar unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each flow-through unit consists of one common share in the capital of the company and one-half of one warrant, each of which will qualify as a flow-through share within the meaning of the Income Tax Act (Canada). Each warrant entitles the holder to purchase one common share in the capital of the company at a 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 hard-dollar shares, flow-through shares, warrants and warrant shares will be subject to a four-month hold period ending on Sept. 18, 2023.

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.

In consideration for the services rendered by the underwriters in connection with the offering, the underwriters received cash commissions of $570,010.20 and 1,095,256 compensation warrants, with each compensation warrant entitling the holder thereof to purchase one common share in the capital of the company at 45 cents per common share for a period of two years following the closing of the offering.

Management of the company subscribed for $286,000 of the offering. The issuances of hard-dollar units and flow-through units to such insiders are considered related party transactions under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(b) of MI 61-101, respectively, in respect of such insider participation. The offering remains subject to the final approval of the TSX Venture Exchange.

Andre Tessier, chief executive officer and president, commented: "This financing is truly a game changer for Delta. The funds will allow Delta to systematically and more aggressively explore the Delta-1 property. We look forward to proving up the true potential of the Delta-1 gold project. Working with Cormark to secure these funds was a pleasure. Cormark is truly a premier investment bank for mining in Canada."

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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