Mr. Pierre Leveille reports

DEEP-SOUTH CLOSED FIRST TRANCHE OF A NON-BROKERED PRIVATE PLACEMENT

Deep-South Resources Inc. has closed the first tranche of the recently announced non-brokered private placement. The first tranche closed for an amount of $265,447. The private placement is nearly fully subscribed and the second tranche will close on or about Sept. 20, 2023.

The first tranche will comprise 4,083,800 units at a price of 6.5 cents per unit. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at an exercise price of 10 cents for 24 months from the date of closing of the private placement. Each security issued has a mandatory four-month hold period from the date of closing of the placement.

The company paid finders fees totalling $18,559 and 285,340 broker warrants. Those warrants have an exercise price equal to the unit price.

The proceeds of the private placement will be used for further exploration on the projects in Namibia and Zambia and for general working capital.

About Deep-South Resources Inc.

Deep-South Resources is a mineral exploration and development company. Deep-South's growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. The company holds the Haib copper project in Namibia and holds an interest in three exploration licences in the Copperbelt in Zambia. In using and assessing environmentally friendly technologies in the development of its copper projects, Deep-South embraces the green revolution.