Mr. Jack Stoch reports

LABYRINTH VENDS GLOBEX ROYALTY PROPERTY

Labyrinth Resources Ltd. has entered into a project acquisition agreement (PAA) with private company Gold Projects WA Pty. Ltd. (GPWA) wherein Labyrinth is selling the Labyrinth (formerly called Russian Kid mine or Rocmec gold mine) gold deposit to GPWA.

GPWA is a special purpose vehicle set up to facilitate the transaction. The shareholders of GPWA are Casey Group Holdings Pty. Ltd. (a first nation mining, civil and construction company) holding 51 per cent and Erasano DMCC, a precious metals trading company based in Dubai, holding 49 per cent.

Globex Mining Enterprises Inc. retains a 5-per-cent gross metal royalty on the first 25,000 ounces of all metals produced from the property, including gold and silver and a 3-per-cent net metals royalty thereafter. As reported by Labyrinth, GPWA will assume all royalties and physical gold payment obligations under the PAA.

The net metal royalty is paid in cash or in kind at Globex's exclusive option by a refinery and is not subject to deductions of any kind. The term net metal royalty is more commonly referred to as gross metal royalty in subsequent Globex press releases and dates back to the original agreement signed on April 12, 2005.

The Labyrinth gold mine project is located in Dasserat township, Quebec, 57 kilometres west-northwest of Rouyn-Noranda at the Quebec/Ontario border. Previous exploration outlined a historic NI 43-101 resource of 2.1 million tonnes grading 7.1 grams per tonne (g/t) gold (Au) for 479,000 ounces of gold (including 120,000 ounces Au in measured and indicated categories). Subsequently, Labyrinth announced in September, 2022, that a JORC-compliant inferred mineral resource of three million tonnes at five g/t Au for 500,000 oz Au was estimated at a three g/t Au cut-off. There was a notable high-grade component of 150,000 oz Au at 10 g/t Au (above six g/t Au cut-off) (per Rene Sterk Consulting). The orebody is accessible through an existing ramp and three levels.

Work by Labyrinth has indicated significant potential to increase the resource both along strike and to depth.

This press release was written by Jack Stoch, Geo, president and chief executive officer of Globex in his capacity as a qualified person under National Instrument 43-101.

We seek Safe Harbor.