Mr. Steve Roebuck reports

HIGH TIDE RESOURCES ANNOUNCES CLOSING OF CONCURRENT NON-BROKERED PRIVATE PLACEMENTS FOR GROSS PROCEEDS OF $8.3 MILLION

High Tide Resources Corp. has closed its previously announced concurrent non-brokered private placements for aggregate gross proceeds of $8,327,000.

The offerings comprised the sale of (i) 7.5 million units of the company (the LIFE HD units) at a price of 20 cents per LIFE HD unit, (ii) 22.5 million charity flow-through units of the company (the CFT units, and together with the LIFE HD units, the LIFE offered securities) at a price of 27 cents per CFT unit for aggregate gross proceeds of $7,575,000 (the sale of the LIFE HD units and CFT units, is referred to as the LIFE offering), and (iii) 3.76 million units of the company (the non-LIFE units, together with the LIFE HD units, the CFT units, the units) at a price of 20 cents per non-LIFE unit for gross proceeds of $752,000.

Each LIFE HD unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of 30 cents per warrant share for a period of 24 months from the date of issuance. Each CFT unit consists of one common share to be issued as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one-half of one warrant. Each non-LIFE unit consists of one common share and one-half of one warrant.

The LIFE offered securities were offered pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions, as modified by Coordinated Blanket Order 45-935 -- Exemptions From Certain Conditions of the Listed Issuer Financing Exemption, in certain other jurisdictions outside of Canada in accordance with applicable securities laws and OSC Rule 72-503 -- Distributions Outside Canada. The non-LIFE units were offered pursuant to the prospectus exemptions under NI 45-106 other than the LIFE. The common shares comprising part of the LIFE HD units and the CFT shares will not be subject to a hold period under applicable Canadian securities laws. The common shares, warrants and warrant shares underlying the non-LIFE units will be subject to a four-month-and-one-day hold period. The warrants underlying the LIFE offered securities may not be exercised for a period of four months from the date of issuance.

The company will use an amount equal to the gross proceeds of the sale of the CFT units to incur Canadian exploration expenses prior to Dec. 31, 2027, and shall renounce the qualifying expenditures so incurred to the purchasers of the CFT units effective on or before Dec. 31, 2026. Such proceeds are expected to be used to conduct a drill program, and advance metallurgical testwork and complete an environmental base line study at the company's Labrador West iron project. The net proceeds for the sale of the LIFE HD units and the non-LIFE units shall be used for general corporate and working capital purposes.

The company paid eligible finders an aggregate cash commission of $508,250 and issued an aggregate of 1,991,500 finder warrants. Each finder warrant entitles the holder to acquire one non-LIFE unit at a price of 20 cents for a period of 24 months from the date of issuance. The offerings are subject to the final acceptance of the Canadian securities Exchange. PowerOne Capital Markets Ltd., among others, acted as a finder in connection with a portion of the offerings.

Certain director and insiders of the company subscribed to the offering for an aggregate of 2.47 million units. This issuance of units to the insider constitutes a related party transaction as such term is defined under Multilateral Instrument 61-101 -- Protection of Minority security Holders in Special Transactions. The company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) of MI 61-101, on the basis that the participation in the offering by insiders does not exceed 25 per cent of the fair market value of the company's market capitalization.

About High Tide Resources Corp.

High Tide is focused on and committed to the development of mineral projects critical to infrastructure development using industry-best practices combined with a strong social licence from local communities. High Tide owns a 100-per-cent interest in the Labrador West iron project, which hosts a National Instrument 43-101 inferred iron resource of 654.9 Mt (million tonnes) at 28.84 per cent Fe and is located adjacent to IOCC's Carol Lake mine in Labrador City, Nfld. This resource is exposed at surface and was pit constrained for an open-pit mining scenario. The technical report was filed on SEDAR+ on April 6, 2023, and was authored by Ryan Kressall, MSc, PGeo, Matthew Herrington, MSc, PGeo, Catharine Pelletier, PEng, and Jeffrey Cassoff, PEng.

The company also owns a 100-per-cent interest in the Lac Pegma copper-nickel-cobalt deposit located 50 kilometres southeast of Fermont, Que.

Qualified person

The technical information contained in this news release has been approved by Steve Roebuck, PGeo, chief executive officer and director of High Tide, who is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.