Mr. Nabil Kassam reports

NOBLE IRON ANNOUNCES RETURN OF CAPITAL DISTRIBUTION DATES

Further to its press release of July 12, 2023, Noble Iron Inc. has provided the dates for a distribution of approximately $8,180,243.70, or 30 cents per share, to its shareholders by way of return of capital. The record date for the distribution will be Aug. 1, 2023, and the payment date will be Aug. 8, 2023. The return of capital is expected to be generally more tax advantageous to shareholders than a dividend. The distribution to shareholders will be made in accordance with the due bill trading procedures mandated by the TSX Venture Exchange for large dividends and distributions. The purpose is to result in traded shares carrying the value of the 30-cent distribution until it is paid.

A due bill will notionally represent the 30-cent distribution that a holder of a Noble Iron share is entitled to receive. A due bill will attach to each share traded from the trading day before the record date for the distribution until the date on which the distribution is paid. During this due bill trading period, the shares will trade on a due bill basis. A seller of shares (who is prospectively entitled to the 30-cent distribution) will also sell to the purchaser the entitlement to the distribution (which is represented by the due bill attached to each share sold).

Key dates are:

• The record date to determine shareholders entitled to receive the distribution will be Aug. 1, 2023.
• Due bill trading will commence on July 31, 2023 (one trading day before the record date so that trades settling after the record date have due bills attached).
• The payment date for the distribution will be Aug. 8, 2023.
• The ex distribution date will be Aug. 9, 2023 (the trading day after the payment date so that trades on and after that date will not have due bills attached).
• The redemption date used by CDS will be Aug. 10, 2023.

All of the foregoing dates are subject to the approval of the TSX-V.

The aggregate amount of the return of capital will be approximately $8,180,243.70. It will be financed from the company's cash reserves. The distribution is being made in connection with the voluntary winding up of the corporation (please see the press release of the company dated July 12, 2023, for more information). The company's remaining cash reserves are expected to be sufficient to finance the company going forward until completion of the winding up.

The company currently intends to distribute any capital remaining at the completion of the winding up to shareholders after the payment of all outstanding liabilities of the company. Any further distributions will be subject to the amount of available capital, the provisions of the Business Corporations Act (Ontario) and the Income Tax Act (Canada), and the receipt of all regulatory, TSX-V and shareholder approvals. There can be no assurances any such additional distributions will occur.

We seek Safe Harbor.