Mr. Charles Malette reports

NINE MILE METALS UPDATES FLOW THROUGH FINANCING

Nine Mile Metals Ltd. has updated the terms of its flow-through (FT) private placement.

The FT private placement will consist of the sale of up to 2,666,667 FT units at 15 cents each, for gross proceeds of up to $400,000. Each FT unit will comprise one common share, issued on a flow-through basis, and one common share purchase warrant, issued on a non-flow-through basis. Each warrant will entitle the holder thereof to acquire one common share in the capital of the company at a price of 23 cents per common share for a period of 24 months from date of issuance. The FT shares are intended to qualify as "flow-through shares" within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

In consideration for their services in introducing subscribers to the company under the FT private placement, finders may receive commission of 7 per cent cash and 7 per cent common share purchase warrants, exercisable to purchase one common share at a price of 23 cents for a period of 24 months.

Since the company is already fully financed to complete its work program on its Nine Mile Brook property, it will use the net proceeds of the FT private placement to carry out the current recommended work programs on its other properties in New Brunswick, Canada. This will include exploration and drilling on its Wedge and Canoe Landing properties, and exploration on its California Lake property on or before Dec. 31, 2023. This work will be eligible as "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada).

All securities issued in the FT private placement will be subject to a four-month-and-a-day hold period.

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on volcanogenic massive sulphide (copper, lead, zinc, silver and gold) exploration in the world-famous Bathurst mining camp, New Brunswick, Canada. The company's primary business objective is to explore its three VMS projects: Nine Mile Brook VMS project, California Lake VMS project and the Canoe Landing Lake (East-West) VMS project. The company is focused on exploration of minerals for technology (MFT), positioning for the boom in electronic vehicles and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

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