Mr. Patrick Cruickshank reports

NINE MILE METALS ANNOUNCES PRIVATE PLACEMENT FINANCING

Nine Mile Metals Ltd. intends to complete a new flow-through (FT) and non-flow-through (NFT) private placement for proceeds of up to $400,000.

The FT private placement will consist of the sale of up to 12.5 million units at a price of two cents per unit for gross proceeds up to $250,000. Each unit will comprise one common share and one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share in the capital of the company at a price of five cents per common share for a period of 36 months from the date of issuance.

In consideration for their services in introducing subscribers to the company under the FT private placement, finders may receive 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 five cents for a period of 36 months.

The company intends to use the proceeds of the FT private placement for drilling at the Wedge project and the recently announced NBJMAP Grant project on California Lake East VMS (volcanic massive sulphide) trend, specifically target No. 6. The company will also use the FT proceeds for other exploration related expenditures.

The NFT private placement will consist of the sale of up to 10 million NFT units at 1.5 cents each, for gross proceeds of up to $150,000. Each NFT unit will comprise 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 five cents per common share for a period of 36 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 in cash and 8 per cent in common share purchase warrants, exercisable to purchase one common share at a price of five cents for a period of 24 months.

The company intends to use the proceeds of the NFT private placement for operating expenses and general working capital.

All securities issued in the private placement will be subject to a four-month-and-one-day hold period.

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on VMS (copper (Cu), lead (Pb), zinc (Zn), copper (Cu), 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, 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 EV (electric vehicle) and green technologies requiring copper, silver, lead and zinc, with a hedge on gold.

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