Mr. Dragos Tanase reports

GABRIEL RESOURCES LTD. EXERCISE OF WARRANTS

Gabriel Resources Ltd . has provided an update on the exercise for cash of 7,418,800 outstanding warrants to purchase common shares at a price of 39 cents per share. The company has received an aggregate consideration of $2,893,332 in respect of those 2020 Warrants exercised.

In addition, 2,823,987 of the 2020 Warrants have been exercised on a "Net Exercise" basis (as such term is defined in Policy 4.4 of the TSXV Corporate Finance Manual).

As a result of the exercise of 2020 Warrants, Gabriel has issued 7,586,148 common shares to holders of the respective 2020 Warrants.

A further 1,549,299 of the 2020 Warrants are no longer capable of exercise and will duly expire. The 871,400 balance of 2020 Warrants in issue will, if not exercised, expire on December 23, 2023.

As a result of the receipt of proceeds from the 2020 Warrants exercised for cash, the Company has significantly improved its treasury position and will assess the timing, quantum and structure of its further financing needs early in 2024.

Gabriel has the following securities outstanding:

• 1,035,105,440 common shares;
• 80,702,475 warrants which are exercisable at a price of $0.49 and expire on December 21, 2023;
• 871,400 warrants which are exercisable at a price of $0.39 and expire on December 23, 2023;
• 25,723,372 warrants which are exercisable at a price of $0.49 and expire on January 15, 2024;
• 76,504,263 warrants which are exercisable at a price of $0.645 and expire on August 23, 2024; and
• 5,225,970 warrants which are exercisable at a price of $0.645 and expire on September 13,2024.

About Gabriel Resources Ltd.

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.