Mr. Jordan Potts reports

GITENNES CLOSES FIRST $1.315 MILLION OF $1.5 MILLION PRIVATE PLACEMENT

Gitennes Exploration Inc., further to its news release of Dec. 4, 2024, has completed the first tranche of its non-brokered private placement. The company has issued 4,383,462 units at a price of 30 cents per unit for gross proceeds of $1,315,039.

Each unit consists of one common share and one-half of a share purchase warrant, with each full warrant exercisable into one common share at an exercise price of 40 cents for a period of 12 months from closing.

If, at any time after the date of issuance of the warrants, the closing price of the company's common shares on the TSX Venture Exchange (or such other stock exchange on which the common shares may be traded from time to time) is at or above 55 cents per share for a period of 10 consecutive trading days, the company may, within five days of the triggering event, accelerate the expiry date of the warrants by giving notice thereof to the holders of the warrants, by way of news release, and in such case the warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the company announcing the triggering event and all rights of holders of such warrants shall be terminated without any compensation to such holder.

Under the first tranche of the financing, the company paid $44,100 in cash and issued a total of 130,666 finders' warrants as finders' fees in consideration for introducing subscribers to the financing. Finders' fees and commissions are paid in accordance with the policies of the TSX Venture Exchange. None of the proceeds raised will be used to pay non-arm's-length parties (as defined in the policies of the TSX-V). The finders' warrants are non-transferable and are subject to the same terms as the warrants noted above.

Pursuant to applicable Canadian securities laws, all securities issued under the private placement are subject to a hold period of four months and one day. Closing remains subject to several prescribed conditions, including, without limitation, final approval of the TSX-V. The company anticipates closing the second and final tranche of the financing, for a full $1.5-million, on or about Jan. 3, 2024.

The company intends to use the net proceeds of this financing for exploration, evaluation of potential new resource projects, general and administrative expenses, which will include funds for marketing and investor relations, and cash for working capital.

Completion of the second and final tranche of the financing remains subject to approval from the TSX-V. Securities issued under the second tranche will be subject to a four-month-plus-one-day hold period calculated from their date of closing.

About Gitennes Exploration Inc.

The company currently has two properties in the Sept-Iles region of Quebec, where it is exploring for nickel, niobium and tantalum, and three gold properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell. All properties are 100 per cent owned by Gitennes, except for New Mosher, which is under an option agreement, whereby Gitennes can earn an initial 70-per-cent and has the right to increase its ownership to 85 per cent.