Mr. Patrick Cruickshank reports

NINE MILE METALS ACTIVATES THE WEDGE PROJECT DRILL PROGRAM, AND PROVIDES CALIFORNIA LAKE DRILL TARGET No.10 UPDATE, BATHURST MINING CAMP, NEW BRUNSWICK

Nine Mile Metals Ltd. has received all necessary drill permits on its Wedge project southwest of the Brunswick No. 12 mine and has mobilized the drill rig onsite for its high-priority drill program on targets No. 1 and No. 2.

Drilling at California Lake target No.10 stopped on Dec. 17, 2023, above target depth due to inclement weather. The drill target is located in rolling hills west of Bathurst and the roads (20 kilometres (km) plus) are not maintained by the N.B. Department of Highways making access for both crew and fuel trucks extremely hazardous.

The drill hole has been capped and will be re-entered when weather permits. Once shut down, the drill was relocated to the Wedge to avoid having equipment stuck deep in the bush over the winter months. Meanwhile, drill core is being cut and submitted to ALS Certified Labs in Vancouver for assay. Downhole geophysics (BHEM) is also being evaluated since this can be done in the winter months prior to resuming the drill program, through snowmobile access. The company is obtaining quotes and recommendations for implementation.

Drill targeting will focus on target areas No. 1 and No. 2. Located approximately four kilometres west of Highway 430, the Wedge target areas No. 1 and No. 2 are the only accessible targets in the western portfolio due to heavy snowstorms and the New Brunswick Snowmobile Federation (NBSF), which has taken over road responsibilities for grooming until April. Arrangements have been made with the NBSF allowing us to clear a portion of the road to facilitate access to the Wedge for fuel deliveries. Drilling is expected to commence immediately targeting the Wedge mine (target No. 1) at depth and defined targets to both the southeast and to the northwest.

"Drilling will target the historic Wedge mine area (target No. 1) including the mineralized horizon and geophysical trends along strike to the northwest (target No. 2) that Cominco identifies but never drill tested. Additional drill holes are planned to the southeast of the mine in a new area identified by EarthEx and their late time conductive response analysis, portrayed by the red axis line on figure 1, where no drilling has been reported," stated Gary Lohman, BSc, PGO, Nine Mile Metals vice-president of exploration and director.

Patrick J. Cruickshank, MBA , chief executive officer and director, stated: "Both the California Lake target 10 area and the Wedge projects are very high priority and important for Nine Mile Metals. We are fortunate to have been able to relocate the rig in these conditions and keep our overall program moving forward. We are extremely optimistic for our Wedge targets area and look forward to announcing positive results from this program until end of March. We look forward to returning to California Lake at the soonest time possible. The rig and the crew are in Bathurst and preparing the site for this weekend start."

Discovered in 1956, the Wedge mine is located at the northern terminus of a strong magnetic linear. Between 1962 and 1968, operated by Cominco and later purchase by Teck Resources, the mine produced 1,503,000 million tonnes grading (2.88 per cent copper (Cu), 0.65 per cent lead (Pb), 1.81 per cent zinc (Zn), 20.6 grams per tonne (g/t) silver (Ag)). McCutcheon et. al (2005) stated a historical measured resource of 545,200 tonnes (1.75 per cent Cu, 1.71 per cent Pb and 5.21 per cent Zn) to a depth of 274 metres.

The company has also closed its $1.5-million flow-through private placement announced in December (refer news releases Dec. 13, 2023, and Dec. 19, 2023). Total proceeds raised was $1,125,000 which will be used toward exploration programs on the company's New Brunswick VMS (volcanic massive sulphide) properties.

The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Gary Lohman, BSc, PGeo, director, who acts as the company's qualified person and is not independent of the company.

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on critical minerals exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst mining camp, New Brunswick, Canada.

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