Mr. Evan Cranston of Benz Mining reports

BENZ MINING CORP EXERCISES OPTION TO ACQUIRE 75 per cent INTEREST IN EASTMAIN GOLD PROJECT

Benz Mining Corp. has made the final payment of $1,725,000, of which $1.35-million was paid in cash and the balance by the issuance of 1,237,216 shares, to Fury Gold Mines Ltd., to acquire a 75-per-cent interest in the Eastmain gold project and a 75-per-cent interest in both the Ruby Hill West and Ruby Hill East properties.

This payment is in accordance with the terms of the option agreement dated Aug. 7, 2019, as amended on April 30, 2020, between Benz Mining and Eastmain Resources Inc. (renamed Fury Gold Mines). The shares will be subject to a four-month hold period and acceptance of the TSX Venture Exchange. The issue of shares will fall within the company's 15-per-cent placement capacity under the Australian Securities Exchange listing Rule 7.1.

Under the option agreements, Benz Mining also has an option to acquire the remaining 25 per cent (for a total interest of 100 per cent) in the Eastmain gold project and the Ruby Hill West and Ruby Hill East properties located in the James Bay district, Quebec. For additional information on the option agreements, please see Benz Mining's news releases dated Aug. 8, 2019, and April 30, 2020.

About Benz Mining Corp.

Benz Mining (TSX-V: BZ) (ASX: BNZ) brings together an experienced team of geoscientists and finance professionals with a focused strategy to unlock the immense mineral potential of the Upper Eastmain greenstone belt in Northern Quebec, which is prospective for gold, lithium, nickel, copper and other high-value minerals. Benz Mining is earning a 100-per-cent interest in the former-producing high-grade Eastmain gold mine, Ruby Hill West and Ruby Hill East projects in Quebec, and owns 100 per cent of the Windy Mountain project.

At the Eastmain gold project, Benz Mining has identified a combination of over 380 modelled in-hole and off-hole DHEM conductors over a strike length of six kilometres, which are open in all directions (final interpretation of some of the conductors still pending).

In 2021, Benz Mining confirmed the presence of visible spodumene in a pegmatite at the Ruby Hill West project, indicating lithium mineralization which Benz Mining intends to further explore in 2022.

About Eastmain gold project

The Eastmain gold project, situated on the Upper Eastmain greenstone belt in Quebec, Canada, currently hosts a National Instrument 43-101 and Joint Ore Reserves Committee (2012) compliant resource of one million ounces at 6.1 grams per tonne gold (indicated: 384,000 ounces at 9.0 grams per tonne gold and inferred: 621,000 oz at 5.1 g/t gold). The existing gold mineralization is associated with 15 to 20 per cent semi-massive to massive pyrrhotite, pyrite and chalcopyrite in highly deformed and altered rocks, making it amenable to detection using electromagnetic techniques. Multiple gold occurrences have been identified by previous explorers over a 12-kilometre-long zone along strike from the Eastmain mine with very limited but highly encouraging testing outside of the existing resource area.

About Ruby Hill West lithium project

The Ruby Hill West lithium project is a surface occurrence of spodumene-bearing pegmatite within the Ruby Hill West project, located 50 km due west of the Eastmain exploration camp. The occurrence was first sampled in 2016 by Eastmain Resources and then by Quebec government geologists in 2018. Only limited sampling was conducted by both groups.

In March, 2022, Benz Mining conducted a drilling program at the Ruby Hill West lithium pegmatite prospect and reported a 31.2 metres at 0.9 per cent Li2O interval of visible spodumene-rich pegmatite in the drilling (ASX and TSX-V releases dated April 29, 2022, "Multiple spodumene pegmatites intersected at Ruby Hill West").

Competent person statement

The information in this announcement that relates to historical exploration results was first reported to the ASX in accordance with ASX listing Rule 5.7. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements.

The mineral resource estimate in this announcement was reported by the company in accordance with ASX listing Rule 5.8 on May 24, 2023. The company confirms it is not aware of any new information or data that materially affect the information included in the previous announcement and that all material and technical assumptions underpinning the estimates in the previous announcement continue to apply and have not materially changed.

We seek Safe Harbor.