Mr. John Barakso reports

REPORT OF ACQUISITION OF DIRECTION AND CONTROL OVER COMMON SHARES OF FINLAY MINERALS LTD.

Pursuant to a general power of attorney given by John Janos Barakso on March 28, 2024, in connection with estate planning matters, John Andrew Barakso acquired direction and control of an aggregate of 58,630,085 common shares of Finlay Minerals Ltd. and 13,093,750 common share purchase warrants, which are beneficially owned or controlled, directly or indirectly, by JJB.

Immediately prior to the execution of the power of attorney: (i) JAB had beneficial ownership of 1,965,846 common shares, representing approximately 1.42 per cent of the issued and outstanding common shares; (ii) assuming the exercise in full of all of the convertible securities of the company held beneficially by JAB, JAB would have held 4,019,692 common shares, representing approximately 2.87 per cent of the issued and outstanding common shares on a partially diluted basis; (iii) JAB, together with the 11,145,500 common shares held by a deemed joint actor under applicable securities legislation, had beneficial ownership or control, directly or indirectly, of 13,111,346 common shares, representing approximately 9.49 per cent of the total issued and outstanding common shares; and (iv) assuming the exercise in full of all of the convertible securities of the company held beneficially by JAB, JAB, together with the deemed joint actor, would have held 15,165,192 common shares, representing approximately 10.98 per cent of the issued and outstanding common shares on a partially diluted basis.

Immediately following the execution of the power of attorney: (i) JAB, in a personal capacity, together with the common shares held by the deemed joint actor and the common shares beneficially owned or controlled, directly or indirectly, by JJB over which JAB acquired direction and control pursuant to the power of attorney, had beneficial ownership or control, directly or indirectly, of 60,595,931 common shares, representing approximately 43.87 per cent of the issued and outstanding common shares; and (ii) assuming the exercise in full of the convertible securities of the company held by JAB and JJB over which JAB has acquired direction and control pursuant to the power of attorney, JAB would have had beneficial ownership or control, directly or indirectly, of 75,743,527 common shares, representing approximately 49.42 per cent of the issued and outstanding common shares on a partially diluted basis.

The transfer of control and direction over the controlled securities pursuant to the power of attorney was effected solely for estate planning purposes.

A copy of the related early warning report filed under applicable securities laws is available under the company's profile on SEDAR+ or from the company at 604-684-3099.