Mr. Donald Moore reports

PLAYFAIR MINING LTD. ANNOUNCES FIRST TRANCHE CLOSING OF PRIVATE PLACEMENT UNDER THE LISTED ISSUER FINANCING EXEMPTION (LIFE)

Playfair Mining Ltd. has closed the first tranche of the private placement announced on Jan. 28, 2026. Playfair has issued 35,917,667 units at a price of six cents per unit for gross proceeds of $2,155,060. A unit consists of one common share and one common share purchase warrant exercisable at a price of 15 cents per share for a period of two years from date of issuance. The private placement financing was offered under the listed issuer financing exemption (LIFE) pursuant to National Instrument 45-106, Prospectus Exemptions, and has no hold period.

Insiders purchased a total of 3.97 million units under the same terms and conditions as all other participants in the private placement as follows:

• Donald G. Moore (chief executive officer) -- 1.7 million units;
• Alan Brimacombe (insider) -- 2.1 million units;
• Ricardo Ho (chief financial officer) -- 170,000 units.

The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the securities distributed to insiders and the consideration received by the company for such securities did not exceed 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transactions at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances in order to complete the offering in an expeditious manner. The offering had been unanimously approved by the company's board of directors.

Proceeds will be used to commence exploration drilling on the Mount Uniacke property in Nova Scotia. Playfair's Golden Circle project covers eight of the 64 historic gold districts of Nova Scotia. Playfair has selected three areas of the Mount Uniacke property for initial drill testing. Please see Playfair's news release dated Nov. 10, 2025, for more details of 41 drill holes totalling 2,950 metres, which are planned in this initial drilling phase.

Finders' fees were paid as follows:

• Ventum Financial Corp. -- $2,016 cash and 33,600 broker warrants;
• Research Capital Corp. -- $26,169.60 cash and 436,160 broker warrants;
• Canaccord Genuity Corp. -- $21,600 cash and 360,000 broker warrants.

These warrants are exercisable at the same price and term as the financing warrants and are subject to a four-month hold period from the date of issuance.

About Playfair Mining Ltd.

Playfair is a Canadian-based resource company currently active at its Golden Circle project, a 76.47-square-kilometre area covering eight historic gold districts in Nova Scotia.

We seek Safe Harbor.