Ms. Isabelle Proulx reports

STELMINE COMPLETES THE FIRST $505,200 TRANCHE OF A PRIVATE PLACEMENT

Stelmine Canada Ltd. has closed the first tranche of a non-brokered private placement of flow-through units (the FT units) for gross proceeds of $505,200.

The company issued a total of 5,943,528 FT units at a price of 8.5 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) and one-half of a non-flow-through common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of 14 cents per common share until Dec. 12, 2025. In the event that the trading price of the common shares of Stelmine on the TSX Venture Exchange reaches 20 cents on any single day, the corporation may accelerate the expiry date by issuing a press release. In such case, the expiry date shall be deemed to be the date specified in the acceleration press release.

In connection with the offering, the company will pay a finder's fee of $26,775 in cash.

Three insiders of the company participated in the offering for proceeds of $18,800. These insiders subscribed to the units under the same terms as the other investors. The participation of these insiders is exempt from the formal valuation and shareholder approval requirements as per sections 5.5(a) and 5.7(1)(a) of Regulation 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insider does not exceed 25 per cent of the market value of the company.

All securities issued in connection with this offering are subject to a hold period of four months ending on April 13, 2024, in accordance with applicable securities laws. The offering is subject to the approval of the TSX Venture Exchange. Stelmine has not filed a material change report in the 21 days preceding the offering other than in relation to the offering.

The proceeds of this offering will be used for exploration work currently on the properties. 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 offering.

About Stelmine Canada Ltd.

Stelmine is a junior mining company engaged in the development of the new Caniapiscau gold district (east of James Bay), in the underexplored eastern part of the Opinaca metasedimentary basin where the geological context features similarities with the Eleonore mine, which is located very close to the contact with the same basin. Stelmine owns 100 per cent of the 1,784 claims or 917 square kilometres in this part of Northern Quebec, highlighted by the Mercator and Courcy projects.

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