Mr. Charles MaLette reports

NINE MILE METALS ANNOUNCES PRIVATE PLACEMENT FINANCING

Nine Mile Metals Ltd. has released the terms of a new flow-through (FT) and non-flow-through (NFT) private placement.

The FT private placement will consist of the sale of up to 4,545,454 FT units at 11 cents each, for gross proceeds of up to $500,000. Each FT unit will be composed of one common share, issued on a flow-through basis and one-half common share purchase warrant, issued on a non-flow-through basis. Each full FT warrant will entitle the holder thereof to acquire one common share in the capital of the company at a price of 13 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 8 per cent cash and 8 per cent common share purchase warrants, exercisable to purchase one common share at a price of 13 cents for a period of 24 months.

The NFT private placement will consist of the sale of up to 1,333,333 NFT units at 7.5 cents each, for gross proceeds of up to $100,000. Each NFT unit will be composed of one common share, and one-half common share purchase warrant, issued on a non-flow-through basis. Each full NFT warrant will entitle the holder thereof to acquire one common share in the capital of the company at a price of 11 cents per common share for a period of 24 months from date of issuance.

In consideration for their services in introducing subscribers to the company under the NFT private placement, 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 11 cents for a period of 24 months.

No related parties intend to participate in and no new control persons will be created by the FT or NFT private placement.

The company intends to use the net proceeds of the FT private placement to carry out the current and intended work programs on its Wedge and California Lake properties, respectively. 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). The net proceeds of the NFT private placement will be used for general working capital.

All securities issued in the FT and NFT 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 VMS (volcanogenic massive sulphide) (copper (Cu), lead (Pb), zinc (Zn), silver (Ag) and gold (Au)) exploration in the renowned Bathurst mining camp (BMC), located in New Brunswick, Canada. The company's primary business objective is to explore its four VMS projects: the Nine Mile Brook VMS project, the California Lake VMS project, the Canoe Landing Lake (east-west) VMS project and the Wedge mine project. The company is focused on critical minerals exploration, positioning itself for the boom in electric vehicles and green technologies requiring copper, silver, lead and zinc with a hedge on gold.

We seek Safe Harbor.