Mr. Robert Brown reports

FINLAY MINERALS ANNOUNCES $500,000 PRIVATE PLACEMENT FINANCING

Finlay Minerals Ltd. plans to complete a non-brokered private placement financing to raise aggregate gross proceeds of up to $500,000.

The private placement will consist of the issuance of: (i) up to 3,333,333 flow-through units at a price of six cents per flow-through unit, with each flow-through unit comprising one common share of the company which qualifies as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of a non-flow-through warrant; and (ii) up to six million non-flow-through units at a price of five cents per non-flow-through unit, with each non-flow-through unit comprising one non-flow-through common share of the company and one-half of a unit warrant.

Each whole unit warrant will entitle the holder thereof to acquire one additional non-flow-through common share of the company at an exercise price of 10 cents per warrant share for a period of 24 months from the closing of the private placement. The private placement is expected to close on or about May 26, 2023.

The company also advises that a director of the company has agreed to subscribe for and purchase from the company all of the flow-through and non-flow-through units under the private placement that are not acquired by other investors. The private placement issuance to this director will constitute a related party transaction within the meaning of Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as a result of the subscriber being a director of the company.

Related party transactions require a formal valuation and minority shareholder approval unless exemptions from these requirements are available. The company is relying on the exemption from the formal valuation requirement in Section 5.5(b) of MI 61-101 (as a result of its common shares being listed on the TSX-V) and the exemption from the minority approval requirement in Section 5.7(1)(b) of MI 61-101 (as neither the fair market value of the flow-through and non-flow-through units to be distributed to nor the consideration to be paid by the director will exceed $2.5-million). The private placement has been unanimously approved by the independent directors of the company, with the subscribing director abstaining from voting.

The private placement is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the TSX-V. No finders' fees will be paid in respect of the portion of the financing purchased by any of the directors of the company. However, the company may pay finders' fees in cash on portions of the private placement purchased by arm's-length investors, in accordance with the rules and policies of the TSX-V. All securities issued in the private placement will be subject to a hold period pursuant to applicable Canadian securities laws ending four months and one day after issuance.

The net proceeds from the private placement will be used to finance continued targeting and exploration work on the company's Silver Hope and Atty properties as well as for working capital purposes. The planned work on the Silver Hope will include the retention of ALS Goldspot Discoveries for geoscience and data science review of existing and coming data on the property. The review will be conducted on a regional property scale outside and including the Main zone and the West Horizon copper-molybdenum porphyry. ALS Goldspot Discoveries is a technology consultancy that leverages machine learning in developing exploration targets.

Finlay's 100-per-cent-owned Silver Hope property covers 213.11 square kilometres of ground surrounding the past-producing Equity silver mine in the prospective Skeena Arch region of central British Columbia. Silver Hope contains the Main trend, which is a greater-than-two-kilometre copper-silver-gold mineralized trend with mineralization starting at surface. Next to the Main trend is the West Horizon copper-molybdenum porphyry target, which is mineralized starting from surface. The property hosts a network of forestry roads and trails and has year-round access from Houston, B.C.

Finlay's 100-per-cent-owned Atty property covers 44.98 square kilometres of subalpine terrain in the southern Toodoggone region. The Toodoggone region is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry copper-gold-plus-or-minus-silver and associated epithermal gold-copper deposits. The Atty property is situated in between Centerra Gold's Kemess property and the Amarc/Freeport McMoRan joint ventured Joy property. The Atty property hosts the KEM target, which has similarities to the Kemess North trend, which hosts the Kemess Underground and Kemess East deposits.

Qualified person

Wade Barnes, PGeo, vice-president, exploration, for Finlay and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About Finlay Minerals Ltd.

Finlay is a TSX-V company focused on exploration for base metal and precious metal deposits in Northern British Columbia.

Finlay trades under the symbol FYL on the TSX-V and under the symbol FYMNF on the OTCQB.

We seek Safe Harbor.