Mr. Warren Stanyer reports

NEVADA SUNRISE CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Nevada Sunrise Metals Corp. has closed the first tranche of the previously reported non-brokered private placement (see Nevada Sunrise news release dated Aug. 16, 2023) consisting of 3,562,500 units at a price of eight cents per unit for gross proceeds of $285,000.

Each unit consists of one common share and one common share purchase warrant of the company. One warrant entitles the holder to purchase one share of the company at a price of 12 cents for a period expiring 24 months following the closing date of the offering.

Finders' fees consisting of a total of $5,320 in cash and 66,500 finders' units were paid to: (1) Haywood Securities Inc.: $2,520 in cash and 31,500 finder units; and (2) Glores Securities Inc.: $2,800 in cash and 35,000 finder units. Finders' units are exercisable at the price of a unit placed (eight cents) for one share of the company and one warrant, with each warrant entitling the finder to purchase one share of the company at a price of 12 cents for a period expiring 24 months following the closing date of the offering.

All the securities issued in the first tranche of the offering are subject to a hold period of four months plus one day from the closing date, expiring Jan. 16, 2024.

Proceeds of the offering will be used for:

• Completion of a National Instrument 43-101-compliant mineral resource estimate for the Gemini lithium project located in Esmeralda county, Nevada;
• Completion of a preliminary economic assessment in conjunction with the release of a maiden mineral resource estimate for Gemini;
• Exploration work on the company's mineral properties;
• Other lithium property investigations and general working capital.

The company anticipates closing additional tranches of the private placement in the coming weeks. Closing of additional tranches of the offering is subject to acceptance of the TSX Venture Exchange.

Participation of insiders in the offering

Three insiders of the company subscribed for a total of 230,180 units in the first tranche of the offering. Participation by the insiders constitutes a related-party transaction as defined under Multilateral Instrument 61-101. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation by insiders in the first tranche of the offering does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

Marketing agreements

Nevada Sunrise has entered into advertising and marketing agreements to raise awareness of the company's Nevada exploration and development activities with: (1) CEO.ca Technologies Ltd. for a period of 12 months, effective Sept. 8, 2023, at a cost of $90,000 before taxes; and (2) Investing News Network for a period of 12 months, effective Aug. 24, 2023, at a cost of $20,000 before taxes. Each of CEO.ca and INN participated as subscribers in the first tranche of the offering.

About Nevada Sunrise Metals Corp.

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, B.C., Canada, that holds interests in lithium, gold and copper exploration projects located in the state of Nevada, United States.

Nevada Sunrise owns 100-per-cent interests in the Gemini, Jackson Wash and Badlands lithium projects, with no applicable royalties, all of which are located in the Lida Valley basin in Esmeralda county, Nevada, located just east of the Clayton Valley basin, which hosts the only producing lithium mine in the United States operated by Albemarle Corp. at Silver Peak, Nev. The company owns Nevada water right permit 86863, also located in the Lida Valley basin, near Lida, Nev.

The company's key gold asset is a 20.01-per-cent interest in a joint venture at the Kinsley Mountain gold project near Wendover, Nev., with Copaur Minerals Inc. Kinsley Mountain is a Carlin-style gold project hosting a National Instrument 43-101-compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 grams per tonne Au (4.95 million tonnes) and 117,000 inferred ounces of gold averaging 1.51 g/t Au (2.44 million tonnes) at cut-off grades ranging from 0.2 to 2.0 g/t Au (1). The company has elected not to contribute to the 2023 exploration program at Kinsley Mountain and expects to incur dilution of its participating interest in the joint venture to an approximate 19.0-per-cent interest.

(1) Technical report on the Kinsley project, Elko county, Nevada, United States, dated June 21, 2021, with an effective date of May 5, 2021, prepared by Michael M. Gustin, PhD, and Gary L. Simmons, MMSA, and filed under New Placer Dome Gold Corp.'s issuer profile on SEDAR+.

Nevada Sunrise has the right to earn a 100-per-cent interest in the Coronado volcanogenic massive sulphide project, located approximately 48 kilometres (30 miles) southeast of Winnemucca, Nev.

We seek Safe Harbor.