Mr. Nabil Kassam reports

NOBLE IRON ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

Noble Iron Inc., further to its press release of June 19, 2023, has released the results of its annual and special meeting of shareholders held today. At the meeting, the shareholders appointed RSM Canada LLP as auditor of the company to hold office until the close of the next annual meeting of shareholders or until their successor is appointed, at such remuneration as may be fixed by the directors, and elected the following persons to the board of directors: Nabil Kassam, Paul Strachman, Aly G. Mawji and Mary Van Santvoort.

The shareholders also approved a special resolution authorizing the voluntary liquidation and dissolution of Noble Iron. Over 74 per cent of the outstanding shares were voted at the meeting, with 100 per cent of such shares being voted in favour of the winding up resolution. The winding up will commence immediately, and will proceed in accordance with the provisions of the Business Corporations Act (Ontario) and the plan of liquidation and dissolution approved at the meeting by the shareholders. The winding up will include the distribution of cash to shareholders in one or more instalments. An initial distribution of 30 cents per share by way of a return of capital is planned, which is expected to be completed in the third quarter of 2023. The details of the initial distribution will be announced as they become available. Further distribution(s) of cash, if any, will be made in one or more instalments following the satisfaction of all outstanding liabilities, including expenses of the winding up, and an assessment of available funds, if any, on a distribution date to be determined pursuant to the plan of liquidation and dissolution approved at the meeting. Important information about the meeting, the winding up and the anticipated distribution(s), including the plan of liquidation and dissolution, can be found in the management information circular prepared in connection with the meeting which is available on SEDAR under the company's profile.

In connection with the winding up, the shareholders also approved the delisting of its common shares from the TSX Venture Exchange and an application to the Ontario Securities Commission and other applicable securities regulators to cease being a reporting issuer, both in due course, as part of the winding up. In all cases, the winding up and related resolutions granted to the board of directors of the company the discretion to discontinue the winding up and related matters if the board determines it is in the best interests of the company to do so.

The winding up, the initial distribution and related matters are subject to the receipt of all required consents and approvals, including the securities regulators and the TSX-V, and compliance with all applicable corporate and other laws. The winding up will proceed subject to the receipt of corporate, securities and tax laws advice. There can be no assurances with respect to the amount of capital to be distributed to the shareholders by the company. There may be tax or other implications for shareholders of such distribution(s). Shareholders are encouraged to consult their tax and legal advisers to determine the implications of the winding up and the initial distribution to them.

We seek Safe Harbor.