Ms. Erika Racicot reports

DRAGANFLY ANNOUNCES CLOSING OF US$2.0 MILLION REGISTERED DIRECT OFFERING

Draganfly Inc. has closed its previously announced offering of 16,666,666 units of the company, with each unit consisting of one common share (or one prefinanced warrant to purchase one common share in lieu thereof) and one warrant to purchase one common share. Each unit was sold at a public offering price of 12 U.S. cents, for gross proceeds of approximately $2.0-million (U.S.), before deducting underwriting discounts and offering expenses. The warrants have an exercise price of 15 U.S. cents (20.48 cents) per share, are exercisable immediately and will expire five years following the date of issuance and the exercise price is in Canadian currency.

Maxim Group LLC acted as sole placement agent for the offering.

Draganfly currently intends to use the net proceeds from the offering for general corporate purposes, including to finance its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements, including the continuing development and marketing of the company's core products, potential acquisitions, and research and development.

The offering was made pursuant to an effective shelf registration statement on Form F-10, as amended (file No. 333-271498), previously filed with and subsequently declared effective by the United States Securities and Exchange Commission (SEC) on July 5, 2023, and the company's Canadian short-form base shelf prospectus dated June 30, 2023 (the base shelf prospectus). Draganfly sold the securities in the United States only. No securities were offered or sold to Canadian purchasers.

A prospectus supplement and accompanying Base Shelf Prospectus relating to the offering and describing the terms thereof has been filed with the applicable securities commissions in each of the Canadian provinces of British Columbia, Saskatchewan and Ontario, and with the SEC in the United States and is available for free by visiting the company's profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at SEDAR+ or the SEC's website, as applicable. Copies of the prospectus supplement and accompanying base shelf prospectus relating to the offering may be obtained by contacting Maxim Group LLC, at 300 Park Ave., 16th floor, New York, N.Y., 10022, attention: syndicate department, or by telephone at 212-895-3745 or by e-mail at syndicate@maximgrp.com.

About Draganfly Inc.

Draganfly is the creator of drone solutions, software and AI (artificial intelligence) systems.

We seek Safe Harbor.