Mr. Simon Ridgway reports

RACKLA METALS EXERCISES OPTION AGREEMENTS ON THE HIT, SER AND ASTRO PROPERTIES IN YUKON AND NWT

Rackla Metals Inc. has exercised three previously announced exploration option transactions on the Hit and Ser properties in Yukon, and the Astro property in Northwest Territories. The three properties are within the company's Astro intrusive complex and are being explored for reduced intrusion-related gold system (RIRGS) mineralization.

Hit property option agreement

The company has exercised its option to acquire a 100-per-cent interest, subject to a 2.5-per-cent NSR (net smelter return) royalty, in the Hit property from Aben Resources Ltd. Pursuant to the Hit option agreement dated Sept. 28, 2022, Rackla has completed the following:

1. Paid $25,000 cash to Aben upon signing of the agreement;
2. Within 12 months of signing:
   • Paid an additional $25,000 cash to Aben;
   • Issued 250,000 common shares of Rackla to Aben; and
   • Incurred in excess of the minimum requirement of $100,000 in exploration expenditures on the Hit property.

The shares issued to Aben are subject to a resale restriction which expires on Feb. 17, 2024.

Ser property option agreement

The company has exercised its option to acquire a 100-per-cent interest, subject to a 2.5-per-cent NSR royalty, in the Ser property from Sabre Gold Mines Corp. Pursuant to the Ser option agreement dated Sept. 29, 2022, Rackla has completed the following:

1. Paid $50,000 cash to Sabre upon signing of the agreement;
2. Within 12 months of signing, paid an additional $300,000 final payment in a combination of 655,021 common shares of Rackla and $150,000 cash to Sabre.

The shares issued to Sabre are subject to a resale restriction which expires on Feb. 17, 2024.

Astro property option agreement

The company has exercised its option to acquire a 100-per-cent interest, subject to a 2.5-per-cent NSR royalty, in the Astro property from Orogen Royalties Inc. Pursuant to the Astro option agreement dated Sept. 1, 2022, Rackla has completed the following:

1. Issued to Orogen 120,000 common shares of Rackla upon signing of the agreement;
2. Within 12 months of signing:
   • Paid an additional $382,000 final payment by the issuance of 1,705,357 common shares of Rackla to Orogen;
   • Incurred in excess of the minimum requirement of $250,000 in exploration expenditures on the Astro property; and
   • Made arrangements to extinguish the $40,000 security bond put in place by Orogen with the Northwest Territories mining authority.

The shares issued to Orogen are subject to a resale restriction which expires on Jan. 29, 2024.

The company is excited to have exercised these three agreements, and looks forward to furthering exploration within the Astro intrusive complex and follow-up on the significant results obtained so far from the 2023 exploration program.

Qualified person

Scott Casselman, BSc, PGeo, vice-president of exploration for the company, is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the company's qualified person as defined by National Instrument 43-101. Mr. Casselman has reviewed and approved the technical information contained in this news release.

About Rackla Metals Inc.

Rackla Metals is a junior gold exploration company based in Vancouver, Canada. The company is targeting 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 its discovery.

We seek Safe Harbor.