Mr. Charles MaLette reports

NINE MILE METALS UPDATES LOAN FINANCING TO CONVERTIBLE LOAN

Nine Mile Metals Ltd. will update the proposed unsecured loan financing for proceeds of up to $500,000 that it announced in the company's news release on Nov. 21, 2023, to an unsecured convertible loan financing.

The convertible loan financing will be for proceeds of up to $500,000. The convertible loans will have a term of 12 months from the closing and bear interest at 15 per cent per annum, calculated and payable on the maturity date. Convertible loan proceeds will be used for advancing the bulk sample program on the Nine Mile Brook project and general working capital.

No bonus shares will be offered in connection with the convertible loan, but the company may choose to convert the amount owing on the maturity date into units at a price of 10 cents per unit. Each unit will be composed of one common share and one common share purchase warrant. Each warrant will be exercisable at 10 cents per share for a period of 24 months.

In consideration for their services in introducing subscribers to the company under the convertible loan, finders may receive a commission of 8 per cent in cash and 8 per cent in common share purchase warrants, exercisable to purchase one common share at a price of 10 cents for a period of 24 months. The terms of the convertible loan are subject to acceptance by the Canadian Securities Exchange.

About Nine Mile Metals Ltd.

Nine Mile is a Canadian public mineral exploration company focused on critical mineral exploration, 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 four VMS projects: Nine Mile Brook VMS, California Lake VMS, Canoe Landing Lake (East-West) VMS and new Wedge VMS projects. The company is focused on critical mineral exploration, positioning for the boom in electric vehicle and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

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