Mr. Simon Ridgway reports

RACKLA METALS ANNOUNCES $3 MILLION PRIVATE PLACEMENT OF UNITS AND FLOW-THROUGH UNITS

Rackla Metals Inc. has entered into a letter agreement with 3L Capital Inc. and Canaccord Genuity Corp., as co-lead agents and co-bookrunners, to sell, on a best efforts agency basis, up to $3-million in equity securities of the company consisting of a combination of: (i) flow-through units of the company at a price of 27.5 cents per flow-through unit, with each flow-through unit consisting of one common share in the capital of the company that will qualify as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) and one common share purchase warrant of the company; and (ii) hard units of the company at a price of 25 cents per hard unit, with each hard unit consisting of one common share and one warrant. Each warrant will entitle the holder to acquire one additional common share at a price of 40 cents for a period of two years following the closing date (as defined herein). A minimum of $500,000 will be raised from the sale of hard units.

The net proceeds received by the company from the sale of the flow-through units will be used to incur eligible Canadian exploration expenses that qualify as Canadian exploration expenses and flow-through mining expenditures for purposes of the Income Tax Act (Canada) on or before Dec. 31, 2024 (or such other period as may be permissible under applicable tax legislation), and which will be renounced in favour of the purchasers of flow-through units with an effective date of no later than Dec. 31, 2023.

It is expected that the net proceeds of the sale of the hard units will be used for further exploration and development at the company's Astro Plutonic complex properties (including the Astro, Hit and SER projects) and for working capital and general corporate purposes.

The closing of the offering, which is expected to take place on or about Sept. 14, 2023, is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The offered securities will be subject to a statutory hold period of four months and one day from the closing date, in accordance with applicable securities laws.

The offered securities will be offered for sale to purchasers in all provinces of Canada pursuant to applicable private placement exemptions, such offshore jurisdictions as may be agreed to between the company and the agents, and in the United States on a private placement basis only under Regulation D, Rule 144A or Regulation S of the United States Securities Act of 1933, as amended, or other available registration exemptions in the United States.

About Rackla Metals Inc.

Rackla Metals is a Vancouver-based junior gold exploration company. The company is targeting RiRGS (reduced-intrusion-related gold system) mineralization on the southeastern part of the Tombstone gold belt in eastern Yukon and western Northwest Territories. Management believes that this area, which is underexplored for RiRGS deposit types, has the potential to be the next frontier for the company's discovery.

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