Mr. Peter Schloo reports

HERITAGE MINING LTD. ANNOUNCES CLOSING OF THE THIRD TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT OF UNITS AND FLOW-THROUGH UNITS

Heritage Mining Ltd. has closed the third and final tranche of its non-brokered private placement financing previously announced on Aug. 2, 2023, and March 31, 2023.

The company raised an aggregate of $472,399.69 pursuant to tranche 3, of which $432,399.69 was raised on the issuance of 4,804,441 units and $40,000 was raised on the issuance of 400,000 flow-through units. Each unit was issued at a price per unit of nine cents and comprises one common share in the capital of the company and one common share purchase warrant entitling the holder to acquire one common share for a period of 36 months from issuance at an exercise price of 15 cents. Each FT unit was issued at a price per FT unit of 10 cents and comprises one common share which will qualify as a flow-through share, as defined in Subsection 66(15) of the Income Tax Act (Canada), and one warrant.

The company paid an aggregate $6,840 in cash commissions and issued an aggregate of 76,000 compensation options in connection with tranche 3. Each compensation option entitles the holder to acquire one compensation option unit for a period of 36 months from issuance at an exercise price of nine cents. Each compensation option unit consists of one common share and one warrant.

Proceeds of tranche 3 will be used to finance the company's previously announced exploration and drilling program on its flagship Drayton-Black Lake project, in addition to general working capital. All securities issued pursuant to the tranche 3 are subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation. The company looks forward to continuing to advance its planned exploration program on the Drayton-Black Lake project on schedule.

About Heritage Mining Ltd.

The company is a Canadian mineral exploration company advancing its two high-grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou greenstone belt. Both projects benefit from a wealth of historical data, excellent site access and logistical support from the local community. The company is well capitalized, with a tight capital structure.

We seek Safe Harbor.