Mr. Dragos Tanase reports

GABRIEL RESOURCES LTD. CLOSING OF US$4.75 MILLION PRIVATE PLACEMENT

Gabriel Resources Ltd. has completed the closing of its non-brokered private placement of 24,782,212 common shares of the company at a price of 26 cents per common share for gross proceeds of $4.75-million (U.S.) (approximately $6.4-million (Canadian)), subject to stock exchange and other approvals as applicable.

In connection with the closing of the Private Placement, the Company has issued Common Shares, which represent approximately 2.5% of the Common Shares currently in issue and outstanding on a non-diluted basis prior to the Private Placement and are subject to a statutory 4-month hold period expiring on October 9, 2023.

The Company is progressing with its arbitration case against Romania before the World Bank's International Centre for Settlement of Investment Disputes ("ICSID Arbitration") and intends to use the proceeds of the Private Placement to finance the costs of the ongoing ICSID Arbitration and for general working capital requirements.

The Private Placement was conditionally approved by the TSX Venture Exchange (the "Exchange") on May 26, 2023. The Private Placement remains subject to final acceptance by the Exchange and the receipt of all other applicable approvals. The Company will not pay any finder's fee in connection with the Private Placement.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and accordingly may not be offered or sold within the United States or to "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons"), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account of benefit of, persons in the United States or U.S. Persons.

Further detail regarding the Private Placement, including the participation of insiders, can be found in the news release issued by the Company on May 23, 2023, which is available on the Company's website at www.gabrielresources.com and filed on SEDAR at www.sedar.com, and the material change report of the same date also filed on SEDAR.

For information on this press release, please contact:Dragos TanasePresident & CEOPhone: +40 730 399 019dt@gabrielresources.com Richard BrownChief Financial OfficerMobile: +44 7748 760276richard.brown@gabrielresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further Information

About Gabriel

Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal business had been the exploration and development of the Roșia Montană gold and silver project in Romania. The Rosia Montană Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation license for the Rosia Montană Project is held by Roșia Montană Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Roșia Montană S.A., a Romanian state-owned mining company.

Upon obtaining the License in June 1999, the Group focused substantially all of their management and financial resources on the exploration, feasibility and subsequent development of the Rosia Montană Project. Despite the Company's fulfilment of its legal obligations and its development of the Rosia Montană Project as a high-quality, sustainable and environmentally-responsible mining project, using best available techniques, Romania has unlawfully blocked and prevented implementation of the Rosia Montană Project without due process and without compensation. Accordingly, the Company's current core focus is the ICSID Arbitration. For more information please visit the Company's website at www.gabrielresources.com.

We seek Safe Harbor.