Mr. Timothy Froude reports

SOKOMAN MINERALS CORP. CLOSES FIRST TRANCHE OF NON-BROKER FLOW-THROUGH PRIVATE PLACEMENT

Further to Sokoman Minerals Corp.'s Nov. 21, 2023, news release, it has received conditional approval from the TSX Venture Exchange for its flow-through private placement for aggregate gross proceeds of up to $3-million.

The company has now closed the first tranche of the private placement and will issue 37,885,000 flow-through share units at a price of 6.5 cents for aggregate gross proceeds of $2,462,525. Each FT unit consists of one common share of the company and one-half of one common share purchase warrant, with each full FT warrant entitling the holder to purchase one non-flow-through common share of the company at a price of 13 cents for a period of 12 months from the date of issuance. The FT units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

All securities issued pursuant to this financing will be subject to a four-month-plus-one-day hold, expiring March 30, 2024.

The first tranche of the private placement includes one insider, subscribing for $6,500 or 100,000 FT units, that portion of the private placement a related party transaction as such term is defined under MI 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25 per cent of the company's market capitalization.

In connection with the private placement, the company is paying finders' fees as permitted by the policies of the TSX Venture Exchange.

The net proceeds of the flow-through will be used for project exploration work on the company's properties that it controls that will qualify for Canadian exploration expenses under the Income Tax Act (Canada). The company intends to spend approximately 25 per cent of the gross proceeds on the Fleur de Lys project, and the remaining balance on its flagship Moosehead project.

About Sokoman Minerals Corp.

Sokoman Minerals is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects; the 100-per-cent flagship, advanced-stage Moosehead, as well as the Crippleback Lake; and East Alder (optioned to Canterra Minerals Corp.) along the Central Newfoundland gold belt, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland.

In October, 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the United States, and exactly the right partner to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5 per cent of the Killick lithium project (formerly Golden Hope project) by financing up to $12-million in exploration expenses and issuing $10-million common shares in three stages. The Killick lithium project has been transferred to Killick Lithium Inc. (Killick), a 100-per-cent-owned subsidiary of Vinland Lithium Inc. (Vinland). Newly created Vinland has received $2-million in financing from Piedmont for a 19.9-per-cent interest, with the balance of ownership between Sokoman and Benton. Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn-in stages. Sokoman and Benton will retain a royalty of 2-per-cent net smelter return on future production. Piedmont will have exclusive marketing rights for the promotion and sale of any lithium products produced from the project on a life-of-mine basis, and the right of first refusal on 100-per-cent offtake rights to the lithium concentrates.

The company also retains interests in the Crippleback Lake and East Alder projects along the central Newfoundland gold belt, a 1-per-cent NSR interest in an early-stage antimony/gold project (Startrek) in Newfoundland, and the company has a 100-per-cent interest in the Iron Horse (Fe) project in Labrador.

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the company's property.

The company would like to thank the government of Newfoundland and Labrador for past financial support of the Moosehead project through the Junior Exploration Assistance Program.

We seek Safe Harbor.