Ms. Nicole Brewster reports

RENFORTH FURTHER DEVELOPS VICTORIA, DEMONSTRATING ADDITIONAL SIMILARITIES TO OUTOKUMPU DISTRICT, TALVIVAARA

Renforth Resources Inc. would like to update shareholders on results from the company's March/April, 2023, drilling on its approximately 20-kilometre Victoria mineralized structure at Surimeau. The main finding of this drill program is an increase in the frequency and thickness of mineralized graphitic mudstone layers, like the mineralization seen in the very first holes drilled at Surimeau, approximately six kilometres to the east. The mineralized graphitic mudstone is also exposed on surface, south of the previously drilled 2.2 km of Victoria strike. Victoria's geological setting includes graphitic shale, mafic and ultramafic rock, a setting similar to the Outokumpu district in eastern Finland.

Highlights:

• Outokumpu district encompassed three major deposits mined between 1913 and 1988, resulting in production of approximately 50 million tonnes of ore consisting of 2.8 weight per cent copper, 1 weight per cent zinc, 0.2 weight per cent cobalt and minor amounts of nickel and copper;
• Terrafame's low-carbon Talvivaara mine, located just north of the Outokumpu district, boasts reserves of one billion tonnes of ore grading 0.22 per cent nickel, 0.13 per cent copper, 0.5 per cent zinc and 0.02 per cent cobalt containing 2.2 million tonnes of nickel, 1.3 million tonnes of copper, five million tonnes of zinc and 200,000 tonnes of cobalt.

Importance of mineralized graphitic mudstones

Zinc-rich graphitic mudstones are notable at Surimeau and are characteristic of a VMS (volcanogenic massive sulphide) environment, some of which may host economic VMS mineralization. At Surimeau, graphitic mudstone is in direct structural contact with the surrounding ultramafic bodies. Alteration of the ultramafics to calc-silicates along this contact is at times significant with widths of up to several metres. The calc-silicate-rich rock adjacent to the graphitic mudstones often hosts zinc and nickel occurring as a significantly wider mineralized horizon in localized zones along strike. These wider mineralized areas are priority targets for continuing exploration at Surimeau. Renforth looks to two specific examples of similar mineralization as models to guide its interpretation and exploration planning at Surimeau, as follows:

1. Outokumpu model as designated by the company's technical adviser, Dr. James Franklin, FRSC, PGeo, based upon the company's initial 2020 drilling, which intersected significant mineralized graphitic mudstone in two of the three holes drilled, and the company's follow-up 2021 drilling: The results of the most recent drilling support this model. Outokumpu is notable as it is a unique mining district in eastern Finland, where various mines have operated since 1913, with the deposits being polygenetic, formed by structural juxtaposition of two types of mineralization, magmatic nickel/copper/platinum group metal and strata-bound, syngenetic zinc-copper VMS types. Additionally, in the Outokumpu mines, black graphitic schist hosts the deposits.
2. Talvivaara mine, Finland, currently in operation north of the Arctic Circle, which is also in eastern Finland, north of the Outokumpu district: Talvivaara does not currently appear to be a direct analogue to Surimeau, which has characteristics of both Outokumpu and Talvivaara settings. Taken from "The Talvivaara Black Shale Hosted Ni-Zn-Cu-Co Deposit in Eastern Finland" published by Mineral Deposits of Finland in 2015, the following summarizes the importance of black shales (mudstones, shales, siltstones) and the difficulty differentiating Outokumpu from Talvivaara settings. "Because of their often-large extent, ancient black shale strata represent one of the most significant crustal reservoirs of organic carbon and sulphur, and potential resources of many metals, including so-called critical metals. In some cases, the metal concentrations of black shales can reach sufficiently high levels, generating an ore deposit. Characteristically, these deposits are polymetallic, such as the Paleoproterozoic Talvivaara nickel-zinc-copper-cobalt deposit in Finland ... a clear distinction between black shale-hosted deposits and volcanogenic massive sulphide (VMS) copper-zinc-lead-silver-gold, sedimentary exhalative (sedex) lead-zinc-silver or sediment-hosted epigenetic (Kupferschiefer, Katanga) copper-zinc-lead-silver deposits cannot always be drawn as the host rocks of these deposits may contain black shales influenced by migrating hydrothermal fluids (Coveney, 2003)."

Renforth looks to Talvivaara in part because it may eventually be a relevant model, but more so because the operation of the mine and mineral processing is of inspiration. Talvivaara operates as a heap leach mine, with production from two small open pits, that produces battery chemicals (nickel and cobalt sulphates) as the primary products. Terrafame, the operating company, puts the environment first in its mine, stating: "The main factor behind the small carbon footprint is our bioleaching method, which consumes considerably less energy than conventional methods. The ore does not need to be crushed nor grinded as fine as in the traditional process and high-temperature metallurgical processes are not used in further processing." Renforth looks to this operation as inspiration for Surimeau's future and an example of how mining can be done better. Of course, at this time, Surimeau is not a mine or a deposit, nor does it have proven economic value; however, the aforementioned deposit-type examples (Outokumpu and the possibly related Talvivaara deposit) provide models for the company's continuing efforts to achieve this goal.

Currently, Renforth is proceeding with several desktop-based exercises for Surimeau as we are now not able to be active in the field as planned due to forest fire conditions. The company's previously announced (see press release May 31, 2023) pegmatite-focused field operations are expected to commence mid-July, south of the Victoria mineralized structure. In addition to this, the company has completed additional targeting which will be the subject of a separate press release. Renforth's current database has been updated and access granted to Dr. Franklin in order for him to update the company's VMS exploration efforts. In addition to this Renforth has commenced modelling the central Victoria area, where the company has completed the most work, in order to determine whether an initial resource can be calculated over this limited area. Renforth's various efforts are continuing and will now incorporate the mineralized graphitic mudstone as an exploration target, along with the mineralized ultramafic and shear zone settings.

Technical disclosure in this press release has been reviewed and approved by Francis R. Newton PGeo, OGQ, a qualified person pursuant to National Instrument 43-101.

About Renforth Resources Inc.

Renforth is a secure multicommodity area play with the dominant brownfield land position south of the world-class Cadillac/Larder Lake fault (CLLF) in the prolific Cadillac and Malartic mining camps of Quebec's Abitibi. Offering exposure to gold, zinc, nickel, copper, cobalt and more, including lithium, Renforth's land position encompasses several areas of interest. In the more than 300 square kilometres Renforth holds, there are both resources and mineralized ground undergoing exploration to extend zones and define the amount of metal in structures.

Renforth's position is unique in that the ground is road accessible, has hydro power in place, and is in an established and secure mining jurisdiction that regularly ranks as top 10 (as determined by the Fraser Institute) in the world.

The CLLF, which extends from west of Kirkland Lake in Ontario to east of Val d'Or in Quebec is a regional first-order fault that hosts numerous mines along its extent, including one of Canada's most lucrative gold mines, the know historic O'Brien mine, which formed the Cadillac mining camp, and Renforth's Parbec gold deposit near Malartic. Now, immediately north of Renforth's landholdings is one of the few instances of the CLLF being mined on its north side with North America's deepest single-stage shaft, the Penna shaft, at Agnico Eagle's LaRonde mine. Renforth holds the dominant land position in the Cadillac camp south of the fault and a good portion of the land position in the Malartic camp as well, contiguous to one of the few mines operating on the south side of the Cadillac break, the Canadian Malartic mine. Renforth's landholdings in the area host gold and silver as well as a host of future-facing, or battery, metals such as nickel, copper, zinc, cobalt and lithium.

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