Mr. John Gomez reports

INOMIN CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT

Inomin Mines Inc. has closed an oversubscribed non-brokered private placement. Further to announcements dated May 2 and May 4, 2023, the company has completed the issuance of 3,992,142 units at a price of seven cents per unit and 3,275,000 flow-through units at a price of 10 cents per FT unit for gross proceeds of $606,950.

Each unit consists of one common share in the capital of the company and one share purchase warrant of the company. Each non-flow-through warrant is exercisable by the holder to acquire one share for a period of 36 months from the date of closing of the private placement at a price of 13 cents per share.

Each FT unit consists of one share that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one share purchase warrant the company. Each FT warrant is exercisable by the holder to acquire one share for a period of 24 months from the date of closing of the private placement at a price of 15 cents per share.

In connection with the private placement, the company issued an aggregate of 256,550 non-transferable finders' warrants and paid finders' commissions of an aggregate of $24,574. A total of 36,050 finders' warrants were issued on the same terms as the NFT warrants, and 220,500 finders' warrants were issued on the same terms as the FT warrants.

All securities issued pursuant to the private placement, including the shares issuable upon exercise of the finders' warrants, are subject to hold period expiring on Sept. 30, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

The company intends to use the proceeds of the private placement for exploration and related programs on the company's mineral properties, including drilling at the Beaver-Lynx project in south-central British Columbia, where the company has made a significant critical mineral discovery. The proceeds from the issue and sale of the NFT units will also be used for general working capital purposes.

Inomin president John Gomez said: "With our financing completed, we look forward to drilling testing new targets at Beaver and maiden drilling at the adjoining Lynx area. The upcoming summer drilling program seeks to build on our major discovery announced last spring."

The entire gross proceeds from the issue and sale of the FT units will be used for Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act and flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures and B.C. flow-through mining expenditures as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2024, and renounced with an effective date no later than Dec. 31, 2023, to the initial purchasers of FT units.

About Inomin Mines Inc.

Inomin is focused on the identification, acquisition and exploration of mineral properties with strong potential to host significant resources, especially critical minerals, as well as gold and silver projects. Inomin trades on the TSX Venture Exchange under the symbol MINE.

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