Mr. Michael Mulberry reports

MEDARO MINING ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Medaro Mining Corp. has arranged a non-brokered private placement of: (i) up to 16,666,666 units of the company (non-flow-through (NFT) units) at a price of six cents per NFT unit, for aggregate gross proceeds of up to $1-million; and (ii) up to 25 million units of the company (flow-through (FT) units) at a price of eight cents per FT unit, for aggregate gross proceeds of up to $2-million.

Each NFT unit will be composed of one common share in the capital of the company and one common share purchase warrant of the company. Each NFT warrant will entitle the holder thereof to acquire one additional NFT share at a price of 12 cents per NFT warrant share for a period of 24 months from the closing date of the NFT offering. The NFT offering is being completed pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106 -- Prospectus Exemptions and therefore the securities issued in the NFT offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to the NFT offering that can be accessed under the company's profile at SEDAR+ and at the company's website. Prospective investors should read this offering document before making an investment decision.

Each FT unit will be composed of one common share in the capital of the company, issued on a flow-through basis pursuant to the Income Tax Act (Canada), and one common share purchase warrant of the company. Each FT warrant will entitle the holder thereof to acquire one additional common share in the capital of the company at a price of 12 cents per FT warrant share for a period of 24 months from the closing date of the FT offering.

The offering may close in one or more tranches, the first of which is expected to close on or around Oct. 27, 2023. The offering is subject to certain conditions, including, but not limited to, receipt of all necessary approvals including the approval of the Canadian Securities Exchange.

The company intends to use the proceeds raised from the offering for property option payments, exploration activities and general working capital, and, in respect of funds raised through the NFT offering, as more particularly set forth in the offering document.

About Medaro Mining Corp.

The company is a lithium exploration company based in Vancouver, B.C., and holds options over the Darlin, Rapide, Pontax, Lac La Motte and CYR South lithium properties in Quebec, and the Yurchison uranium property in the Athabasca basin in Saskatchewan. The company is a party to a joint venture agreement that engages the company in the development and commercialization of a new process to extract lithium from spodumene concentrate.

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