Ms. Catalin Kilofliski

EUROPACIFIC CLOSES FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Europacific Metals Inc., subject to regulatory acceptance, has completed the third and final tranche of the non-brokered private placement announced on Oct. 17, 2023.

In the third tranche, the company raised total gross proceeds of $110,500 by issuing 4.42 million units of the company at a purchase price of 2.5 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the company at an exercise price of five cents per share for a term of two years from the date of issuance. The shares issued pursuant to the private placement will be subject to a statutory hold period of four months plus one day from the date of issuance in Canada and will also be subject to United States resale restrictions under U.S. securities laws.

Catalin Kilofliski, executive director, and Mark Luchinski, director, participated in the third tranche of the private placement by subscribing for an aggregate of 800,000 units, which constitute related-party transactions pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. There has not been a material change in the percentage of the outstanding securities of the company that are owned by the insiders as a result of their participation in the private placement. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the insiders in the private placement in reliance of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the insider participation does not exceed 25 per cent of the company's market capitalization as determined in accordance with MI 61-101. The company obtained approval by the board of directors of the company to the private placement, with the directors participating in the private placement declaring and abstaining from voting on the resolutions approving the private placement with respect to each of their participation in the private placement. No materially contrary view or abstention was expressed or made by any director of the company in relation thereto.

In connection with the private placement, the company issued an aggregate of 15.34 million units for total gross proceeds of $383,500 (oversubscribed from the initially announced 13 million units for $325,000). No finder's fees were paid in connection with this private placement. The proceeds from this financing will be used for initial project reconnaissance by the new chief executive officer and general working capital purposes.

About Europacific Metals Inc.

Europacific Metals is a Canadian public company listed on the TSX Venture Exchange and in the United States on the OTCQB. The company holds brownfield gold and copper-gold projects located in Portugal. The company is focused on exploration in highly prospective geological settings in Europe.

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