Mr. Michael Mulberry reports

MEDARO MINING ANNOUNCES SHARE CONSOLIDATION

Further to its news release of April 2, 2024, Medaro Mining Corp. will consolidate its issued and outstanding common shares on the basis of one new common share for every 10 currently outstanding common shares.

On a preconsolidation basis, the company has 94,514,572 issued and outstanding common shares and, following the consolidation, the company expects to have 9,451,457 common shares issued and outstanding. No fractional postconsolidation shares will be issued. If, as a result of the consolidation, a shareholder would otherwise be entitled to a fraction of a postconsolidation share, each fractional share following conversion that is at least one-half of a postconsolidation share will be rounded up to the nearest whole number and each fractional share that is less than one-half of a postconsolidation share will be cancelled. No cash consideration will be paid in respect of fractional shares.

Subject to final acceptance of the consolidation by the Canadian Securities Exchange, the company's common shares will commence trading on the exchange on a postconsolidation basis effective market open on April 18, 2024. The company's name and trading symbol will remain unchanged.

On the effective date, the company's new Cusip number for its postconsolidation shares will be 58404N208 and the new ISIN (international securities identification number) will be CA58404N2086. Letters of transmittal describing the process by which shareholders may obtain new share certificates or direct registration system (DRS) advices representing their postconsolidation shares will be mailed shortly to registered shareholders. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not be required to complete a letter of transmittal. The letter of transmittal will also be filed under the company's profile on SEDAR+.

The exercise price and number of postconsolidation shares of the company, issuable upon the exercise of outstanding securities convertible into postconsolidation shares will be proportionally adjusted upon the effective date of the consolidation in accordance with the terms thereof.

Pursuant to the provisions of the Business Corporations Act (British Columbia) and the articles of the company, the consolidation was approved by way of resolutions passed by the board of directors of the company.

About Medaro Mining Corp.

Medaro Mining is a lithium exploration company based in Vancouver, B.C., which owns or holds options over the Superb Lake, Lac La Motte, Darlin, Rapide, Pontax and Cyr lithium properties located in Quebec and the Yurchison uranium property located in Northern Saskatchewan. The company is also involved in the development and commercialization of a new process to extract lithium from spodumene concentrate through its Global Lithium Extraction Technologies joint venture.

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