Mr. David Tafel reports

PORTOFINO INCREASES AND CLOSES $965,000 FINANCING

Portofino Resources Inc. has increased and closed its private placement financing for $965,000 priced at 10 cents per unit. Each unit consists 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 15 cents. The company is issuing 9.65 million share units that are subject to a four-month hold period expiring in January, 2024.

Proceeds from the financing shall be used for the buyout of the Yergo lithium project option agreement (see news release dated Aug. 14, 2023), initial associated drill permitting activities as well as general working capital.

David Tafel, chief executive officer, commented: "I would like to thank our investors for their continued support and am pleased to report that advisory board members, Alex Molyneaux and Blake Steele, also continue to show confidence in our strategic plans by adding to their Portofino holdings through this financing."

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 per cent of the Yergo lithium project 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-per-cent interest in three Northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.

Additionally, Portofino has a portfolio of six gold projects (two drill ready), located in Northern Ontario (Canada): the South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ont., Canada, proximal to the Dixie gold project discovered by Great Bear Resources (acquired by Kinross Gold in 2022); and Portofino holds three other gold projects, including the Gold Creek property located immediately south of the historic Shebandowan mine.

We seek Safe Harbor.