Mr. Patrick Cruickshank reports

NINE MILE METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Nine Mile Metals Ltd. has completed a non-brokered private placement financing for gross proceeds of $1,000,020 through the issuance of 7,143,000 units of the company at a price of 14 cents per unit.

Each unit comprises: (i) one common share of the company that qualifies as a flow-through share; and (ii) one common share purchase warrant of the company, with each warrant exercisable into one common share at a price of 30 cents for a period of two years, provided that if the daily volume-weighted average trading price of the common shares on the Canadian Securities Exchange equals or exceeds 50 cents for 10 consecutive trading days, the company may, at its discretion, accelerate the expiry date of the warrants by providing not less than 30 days of notice to warrantholders via news release.

In connection with the offering, the company paid finders' fees of $80,001.60 and issued 571,440 finders' warrants. Each finder's warrant will be exercisable for one additional common share at a price of 14 cents for a period of two years.

The company intends to use the proceeds of the offering for exploration activities on its critical minerals projects in the Bathurst mining camp.

The common shares, and any common shares to be issued on exercise of the warrants or finders' warrants, are subject to a hold period under applicable Canadian securities laws expiring four months and one day from the date of issuance.

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on VMS (volcanogenic massive sulphide) (Cu (copper), Pb (lead), Zn (zinc), Ag (silver) and Au (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: the Nine Mile Brook VMS project; the California Lake VMS project; the Canoe Landing Lake (East-West) project; and the Wedge VMS project. The company is focused on exploration of minerals for technology (MFT), positioning for the boom in EV (electric vehicle) and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

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