Ms. Ann Fehr reports

MOONBOUND MINING INCREASES NON-BROKERED PRIVATE PLACEMENT

Further to the press release of Dec. 19, 2023, Moonbound Mining Ltd. intends to increase the size of its non-brokered private placement to a maximum of $6.5-million, which will consist of the issuance of up to 21,666,667 common shares of the company at a price of 30 cents per share. A portion of the offering may consist of the issuance of subscription receipts at a price of 30 cents per subscription receipt. Each subscription receipt will be converted into one share, at no additional cost, at the time of the completion of the acquisition of the securities of 1442160 B.C. Ltd. (NumberCo), which the company announced in its press release of Jan. 5, 2024.

All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Finders' fees may be paid in connection with the offering in accordance with applicable laws. Any participation by insiders in the offering will constitute a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the offering are expected to be used for the payment of costs related to the advancement of the company's mineral projects, to pay for costs in connection with completion of the acquisition, for working capital and to repay the loan announced in the press release dated Jan. 16, 2024.

About Moonbound Mining Ltd.

Moonbound is a mineral exploration company which currently has two exploration projects and is seeking to acquire additional mineral exploration properties. The current projects include the Yak property, located in northwestern British Columbia, Canada, and the Strathmore property, which includes seven mining licences located in Namibia, South Africa.

We seek Safe Harbor.