Mr. Jonathon Deluce reports

MELKIOR CLOSES PRIVATE PLACEMENT

Melkior Resources Inc. has, subject to the final approval of the TSX Venture Exchange, closed its non-brokered private placement of $466,360 through the issuance of 2,914,750 flow-through units at 16 cents per FT unit.

Each unit consists of one flow-through common share of the company and one-half of a common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one additional common share of the company at a price of 25 cents per warrant share until Dec. 22, 2025.

Each FT unit was issued as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada) and as defined in Section 359.1 of the Quebec Tax Act with respect to purchasers in Quebec.

Proceeds of the private placement will be used to conduct further exploration on the company's mineral properties. The company issued 140,000 finders' warrants exercisable for a period of 24 months at an exercise price of 18 cents and paid finders' fees of $22,400 in respect of the private placement as permitted by the policies of the TSX Venture Exchange and applicable securities laws.

All securities issued under the private placement will have a hold period of four months and a day from closing.

About Melkior Resources Inc.

Melkior Resources is an exploration stage resource company in world-class mining jurisdictions with a strong partner. Melkior's flagship Carscallen project is being advanced by Agnico Eagle Mines Ltd. through an option agreement pursuant to which Agnico Eagle has the option (but not the obligation) to acquire up to a 75-per-cent interest to the Carscallen project by spending $110-million on the Carscallen project over a 10-year period. See the company's news release dated Sept. 28, 2020, for more information. Melkior, under 100-per-cent ownership, is focused on advancing its Genex, Val D'Or, White Lake and Maseres projects. Agnico Eagle also owns approximately 6 per cent of the issued and outstanding common shares of company.