Mr. Robert Brown reports

FINLAY MINERALS ANNOUNCES THE CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT FINANCING

Further to the company's news release dated May 8, 2023, Finlay Minerals Ltd. has closed, subject to receipt of final approval from the TSX Venture Exchange, its private placement financing for total proceeds of $550,000.

The private placement consisted of the issuance of: (i) 3,333,333 flow-through units at a price of six cents per FT unit, with each FT 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) seven million non-flow-through units at a price of five cents per NFT unit, with each NFT unit comprising one non-flow-through common share of the company and one-half of a unit warrant.

Each whole unit warrant entitles 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.

All securities issued under the private placement are subject to a four-month hold period expiring on Sept. 30, 2023. The company paid no finders' fees.

The company expects to use the proceeds raised from the private placement to continue its work on its Silver Hope and ATTY properties and for working capital.

In connection with the private placement, Ilona B. Lindsay, a director and officer of the company, purchased a total of 3,333,333 FT units and six million NFT units. The issuance of such FT and NFT units to Ms. Lindsay constitutes 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 Ms. Lindsay being a director, officer and an insider (as defined under applicable securities laws) of the company. 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 total FT and NFT units distributed to Ms. Lindsay pursuant to the private placement, nor the consideration paid by Ms. Lindsay, exceeded $2.5-million).

About Finlay Minerals Ltd.

Finlay is a TSX-V company focused on exploration for base 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.