Mr. Patrick Cruickshank reports

NINE MILE METALS EXERCISES OPTION EARLY TO ACQUIRE 100% OF CALIFORNIA LAKE, CANOE LANDING LAKE EAST AND NINE MILE BROOK EAST PROPERTIES

Nine Mile Metals Ltd. has exercised its option early to purchase 100 per cent of California Lake, Canoe Landing Lake East and Nine Mile Brook East mineral projects, dated April 25, 2022. The option and payments were previously announced on April 26, 2022.

The company will own 100-per-cent right, title and interest in and to 12 mineral claims: California Lake (six claims), Canoe Landing Lake East (four claims); and Nine Mile Brook area (two claims), totalling 38.94 square kilometres, subject to a 2-per-cent net smelter royalty.

The company will issue a total of 333,332 common shares at a deemed price of 7.5 cents per share, in accordance with the option. The optionors and the company have also agreed to convert the final $30,000 cash payment owing under the option for 333,334 common shares at a deemed price nine cents per share.

All securities issued will be subject to a four-month-and-a-day hold period.

California Lake VMS project

The California Lake VMS project covers 35.83 square kilometres immediately north of the Canoe Landing Lake project and includes a large section of the highly prospective Spruce Lake formation. Included in the land package are four known base metal (Cu, Pb, Zn) (copper, lead, zinc) mineral occurrences: South Branch Forty Mile Brook; California Lake 32 South; California Lake 68 South; and California Lake -- Murray Brook.

Canoe Landing Lake VMS project:

To the southeast of California Lake, the acquired Canoe Landing Lake East VMS property covers 5.5 square kilometers along the east flank of the Canoe Landing Lake VMS Deposit. Hosted within the Boucher Brook Formation near the contact with the Canoe Landing Lake Formation, the deposit consists of 22.8 million tons grading 0.64 per cent Pb, 1.82 per cent Zn, 0.56 per cent Cu, 0.94 oz/ton Ag and 0.034 oz/t Au.

Nine Mile Brook VMS project

The Upper Pabineau River and Nine Mile Brook properties on the eastern flank of the company's existing Flagship Nine Mile Brook VMS project, adds 9.02 square km of prospective stratigraphy along the Boucher Brook formation, host of the Nine Mile Brook VMS occurrence and the Canoe Landing Lake deposit to the west.

Patrick J. Cruickshank, MBA, chief executive officer and director, stated: "We are excited to announce the completion of a strategic milestone: the early exercise for 100-per-cent ownership of the California Lake, Canoe Landing Lake East and the Nine Mile Brook East (Upper Pabineau) projects. This acquisition, coupled with the immense success of our 2022 California Lake East Drill program -- a key component of the target No. 8 trend in our 2024 western portfolio road map -- firmly positions Nine Mile Metals for significant shareholder value enhancement. The complete ownership of the source target (target No. 6) secured last fall further solidifies our western portfolio priority target trends. Now, with all claims owned and consolidated under Nine Mile Metals, we are poised to maximize economies of scale and operational efficiencies in land management. We share the optimism of our partners and look forward to a transformative 2024 as we advance our exploration initiatives."

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, PGO, vice-president of exploration and 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 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: Nine Mile Brook VMS project, California Lake VMS project, the Canoe Landing Lake (East-West) VMS project, and the Wedge VMS 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.

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