Ms. Isabelle Proulx reports

STELMINE COMPLETES PRIVATE PLACEMENT OF FLOW-THROUGH UNITS

Stelmine Canada Ltd. has closed a non-brokered private placement of flow-through units for gross proceeds of $432,000.

The company issued a total of 2.4 million FT units at a price of 18 cents per FT unit. Each FT unit consisted of one common share of the company to be issued as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec).

In connection with the offering, the company will pay a finder's fee of $12,960 in cash. Payment of the finder's fee is subject to the acceptance of the TSX Venture Exchange.

All securities issued in connection with this placement are subject to a hold period of four months and one day ending on Oct. 27, 2023. The placement is subject to the approval of the TSX Venture Exchange. Stelmine has not filed a material change report in the 21 days preceding the placement other than in relation to the placement.

The proceeds of this placement will be used for the company's exploration work. The proceeds of the flow-through placement will be used by the corporation to incur Canadian exploration expenses on the corporation's properties located in the province of Quebec and such exploration expenses will be fully incurred on or before Dec. 31, 2024, in accordance with the corporation's undertakings to the subscribers of this private placement.

Stock options granted

Stelmine has granted a total of 2.25 million stock options, of which 2.05 million options were granted to directors, an executive officer and employees of the company, and 200,000 options were granted to consultants of the company. The options are exercisable for a period of five years from the date of grant at an exercise price of 20 cents per share. The options are subject to the approval of the TSX Venture Exchange.

About Stelmine Canada Ltd.

Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in the underexplored eastern part of the Opinaca metasedimentary basin where the geological context has similarities to the Eleonore mine. Stelmine has 100-per-cent ownership of metasedimentary basin where the geological context has similarities to the Eleonore mine. Stelmine has 100-per-cent ownership of 1,782 claims or 939 square kilometres in this part of Northern Quebec, highlighted by the Courcy and Mercator projects.

We seek Safe Harbor.