Mr. David Tafel reports

PORTOFINO ANNOUNCES $500,000 FINANCING

Portofino Resources Inc. has arranged a fully committed non-brokered private placement financing for $500,000 priced at 10 cents per unit. Each Unit will consist of one common share and one share purchase warrant. Each Warrant has a term of 36 months commencing on the Closing Date and entitles the holder to purchase one common share at a price of $0.15.

Proceeds from the financing will be allocated to the buyout of the Yergo Lithium Project (the "Project") option agreement (POR News Release 14-AUG-2023) and implementing the planned drilling program, as well as general working capital. Closing will be subject to TSXV Exchange approval, and any shares issued will be subject to a four-month hold period.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in several lithium projects in Salta, Argentina and up to 100% of the Yergo Lithium property in Catamarca. The properties are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.

Portofino's South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned by Kinross Gold Corp. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.

We seek Safe Harbor.