Mr. Peter Schloo of Heritage Mining reports

HERITAGE EXERCISES FIRST OPTION TO ACQUIRE A MAJORITY INTEREST IN THE DRAYTON-BLACK LAKE PROJECT

Heritage Mining Ltd. has exercised its option to acquire a 51-per-cent ownership interest in the company's flagship Drayton/Black Lake project in accordance with the terms of an option agreement dated Nov. 25, 2021, as amended on Dec. 29, 2023, and Oct. 23, 2024, between the company and Stillwater Critical Minerals Corp. The Drayton/Black Lake project totals approximately 18,907 hectares.

To exercise the option, the company incurred a final $1-million in exploration expenditures on the Drayton/Black Lake project and issued Stillwater 4.1 million common shares in the capital of the company and three million common share purchase warrants, with each warrant entitling Stillwater to acquire an additional common share at a price of 10 cents until Jan. 17, 2028.

The company has a further option to increase its ownership interest in the Drayton/Black Lake project to 90 per cent by incurring an aggregate of $5-million in qualifying expenditures (inclusive of the $2.5-million in exploration expenditures incurred in connection with the exercise of the first option) at the property on or before Nov. 25, 2026, and issuing an additional 1.1 million common shares to Stillwater.

"We are excited to have secured a controlling interest in our flagship project, DBL. This strategic move, combined with the recent influx of capital through investments and M&A [mergers and acquisitions], positions Heritage at the forefront of one of the last underexplored gold belts in Northwestern Ontario. With a robust portfolio, a clear vision for growth and the financial strength to execute, we are fully cashed up and permitted to drill our high-priority targets. We're off to a great start in 2025, and, with the momentum we've built, we are well positioned to unlock significant value for our shareholders in the rapidly evolving gold sector," commented Peter Schloo, chief executive officer, president and director of Heritage.

Stillwater's chief executive officer, Michael Rowley, added: "We are very happy with Heritage's success earning into the project. Their hands-on approach, technical expertise and capital market support puts them at the top of the list. We remain fully supportive and are looking forward to what they have in store for 2025 and beyond."

As part of the exercise of the option, the company settled $52,500 in debt obligations through the issuance of 875,000 common shares at a price of six cents. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

Qualified person

Mitch Lavery, PGeo, strategic adviser for the company, serves as a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed the scientific and technical information in this news release, approving the disclosure herein.

About Heritage Mining Ltd.

The company is a Canadian mineral exploration company advancing its two high-grade gold-silver-copper projects in Northwestern Ontario. The Drayton/Black Lake and Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou greenstone belt. Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The company is well capitalized, with a tight capital structure.

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