Mr. James Lumley reports

MOONBOUND MINING INCREASES PRIVATE PLACEMENT DUE TO INVESTOR DEMAND AND ANNOUNCES CHANGE OF CFO

Further to Moonbound Mining Ltd.'s news release dated Dec. 19, 2023, Jan. 18, 2024, Jan. 29, 2024, and March 18, 2024, the company intends to increase the size of its previously announced non-brokered private placement, which is now expected to consist of the issuance of up to 30 million common shares at a price of 30 cents per share for gross proceeds of up to $9-million.

The initial tranche of the offering closed on Jan. 29, 2024, and included the issuance of an aggregate of seven million shares at a price of 30 cents per share for gross proceeds of $2.1-million as well as an aggregate of seven million subscription receipts at a price of 30 cents per subscription receipt for gross proceeds of $2.1-million. Each subscription receipt was converted into one share, at no additional cost, upon completion of the company's acquisition of 1442160 B.C. Ltd., an arm's-length private British Columbia corporation, on Jan. 29, 2024.

The second tranche of the offering closed on March 15, 2024, and included the issuance of an aggregate 4,493,334 shares at a price of 30 cents per share for gross proceeds of $1,348,000. In connection with the closing of the second tranche, the company issued 196,700 share purchase warrants and paid cash finders' fees totalling $59,010 to certain finders. Each finder's warrant entitles the holder thereof to purchase one share at a price of 30 cents per share for a period of 24 months from the date of issuance.

Announcement of new chief financial officer

The company also announces the resignation of Yulia McCutcheon as the company's chief financial officer (CFO) and secretary. The company thanks Ms. McCutcheon for all her hard work and wishes her the very best in her future endeavours. Taking on the roles of CFO and secretary of the company will be Herrick Lau.

Herrick Lau

Mr. Herrick Lau has over 25 years of experience as an investment banking professional for initial public offerings, reverse takeovers, mergers and acquisitions, divestitures, and various financial advisory services. He is currently managing director of Baron Global Financial Canada Ltd., providing continuing consulting and governance support services to public companies. Mr. Lau has experience as chief financial officer and director for various publicly listed companies. Mr. Lau obtained his bachelor's and master's degrees in business and economics from Simon Fraser University. He is also a charter holder of the chartered financial analyst designation. Mr. Lau is currently a member of the local advisory committee of the TSX Venture Exchange.

There were no other changes to the existing management or board of directors of the company.

About Moonbound Mining Ltd.

Moonbound Mining 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.