Mr. Charles MaLette reports

NINE MILE METALS ANNOUNCES FURTHER UPDATES TO CONVERTIBLE LOAN FINANCING

Nine Mile Metals Ltd. will amend the proposed unsecured convertible loan financing that it announced in the company's news releases on Nov. 21 and Nov. 27, 2023.

The convertible loans will continue to 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. The loans continue to be convertible as of the maturity date at a price of 10 cents per unit. As previously announced on Nov. 27, 2023, each unit will comprise one common share and one common share purchase warrant, and each warrant will be exercisable at 10 cents per share for a period of 24 months.

The updates to the convertible loan financing are that proceeds will be up to $250,000, and it will be the choice of each lender whether to convert the amount owing on the maturity date into units.

As previously announced, in consideration for their services in introducing subscribers to the company under the convertible loan, finders may receive commission of 8 per cent cash and 8 per cent 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 Metals is a Canadian public mineral exploration company focused on critical minerals (CME) volganogenic 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 its new Wedge VMS projects. The company is focused on critical minerals exploration, positioning for the boom in electric vehicles and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

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