Mr. Richard Barnett reports

ICONIC MINERALS ANNOUNCES CLOSING OF GROSS PROCEEDS OF $3,127,156 DEBT SETTLEMENT

On June 30, 2023, Iconic Minerals Ltd. received acceptance from the TSX Venture Exchange to close its debt settlement announced in its news release dated April 24, 2023.

In accordance with the provisions of debt settlement agreements signed on April 24, 2023, the company has issued a total of 17,263,273 common shares at a deemed price between 17.92 cents and 18.18 cents per share to settle $3,127,156.50 of outstanding debt.

All of these shares are subject to a hold period under applicable Canadian securities laws expiring on Oct. 30, 2023, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

One insider will directly and/or indirectly acquire an aggregate of 3,802,017 shares from the debt settlement, which will increase those related parties' pro rata shareholdings in the company. All of the independent directors of the company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid are reasonable, and are exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101.

We seek Safe Harbor.