Ms. Rad Rajaram reports

RIDGESTONE MINING CLOSES $800,000 UNIT PRIVATE PLACEMENT

Further to the news release dated Oct. 11, 2023, Ridgestone Mining Inc. has closed its non-brokered private placement financing of 10 million units at eight cents per unit, raising gross proceeds of $800,000.

Each unit is composed of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 10 cents per share for a period of five years from closing.

Certain insiders of the company participated in the private placement for a total of $170,000, which is a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuances to the insiders are exempt from the valuation requirement of MI 61-101 by virtue of the exemptions contained in sections 5.5(b) and 5.5(g) of MI 61-101 as the company's shares are not listed on a specified market and the company is in financial hardship. In addition, regarding the minority shareholder approval exemption, the company has determined that the exemption set out in sections 5.7(1)(b) and 5.7(1)(e) of MI 61-101 is applicable in that the distribution of the securities to the related parties will have a fair market value of not more than $2.5-million, the company is in financial hardship, and the company is not listed on a specified market.

The shares and warrants are subject to a hold period until Feb. 19, 2024. The private placement is subject to final TSX Venture Exchange approval.

The proceeds from the private placement will be used for mining exploration and development and for general working capital.

About Ridgestone Mining Inc.

Ridgestone has assembled a highly experienced and dynamic team to explore and advance its projects in Mexico. Ridgestone's 100-per-cent-owned Rebeico copper-gold project has high-grade copper and gold pervasive throughout the property with highlights including 1.56 per cent copper plus 1.80 grams per tonne gold intersected over 19.3 metres from surface at the New Year zone and 2.78 per cent copper plus 8.69 g/t gold over 2.0 metres from the Alaska vein.

We seek Safe Harbor.