Mr. Negar Adam reports

JINHUA PROVIDES UPDATE ON PROPOSED QUALIFYING TRANSACTION WITH MUSK METALS CORP.

Jinhua Capital Corp. has provided the following update to supplement the disclosure related to the company's previously announced and conditionally approved qualifying transaction, as defined under the exchange Policy 2.4, with Musk Metals Corp.

The Company and Musk (together, the "Parties") continue to work towards the closing of the Transaction (the "Closing") and, in connection therewith, anticipate closing within the next 30 days.

The Company also announces that, further to its news releases dated October 27, 2021, January 25, 2022, May 11, 2022 and May 13, 2022, the Company is proceeding with its previously announced Concurrent Financing (the "Concurrent Financing") of approximately $500,000 in gross proceeds.

The Closing remains subject to the satisfaction of various conditions standard for a transaction of this nature, including but not limited to: (i) receipt of all necessary regulatory, shareholder and third party consents, waivers and approvals, including final Exchange approval; (ii) the absence of any material adverse change in the business, affairs or operations of the Company or Musk, as applicable; and (iii) completion of the Concurrent Financing.

All capitalized terms use but otherwise not defined herein shall have the meanings ascribed thereto in the Company's filing statement dated effective May 13, 2022 (the "Filing Statement") prepared in accordance with the policies of the Exchange. A copy of the Filing Statement is available under the Company's profile on SEDAR. The Company is updating the Filing Statement and intends to file the update on SEDAR prior to the Closing in accordance with Exchange policies.

About Jinhua Capital Corporation

Jinhua Capital Corporation is a CPC as defined by the policies of the Exchange. The Company's principal business activity is to identify and evaluate opportunities for acquisition of assets or business. The Company is headquartered in Vancouver, British Columbia.

About Musk Metals Corporation

Musk is a publicly traded exploration company focused on the development of prospective, discovery-stage mineral properties located in some of Canada's top mining jurisdictions. The growing portfolio of mineral properties exhibit favorable geological characteristics in underexplored areas within the "Electric Avenue" pegmatite field of northwestern Ontario, the "Abitibi Lithium Camp" of southwestern Quebec, the "Golden Triangle" district of British Columbia, the Mineral Rich "Red Lake" mining camp of Northwestern Ontario and the "ChapaisChibougamau" mining camp, the second largest mining camp in Quebec, Canada.

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