Ms. Isabelle Proulx reports

STELMINE ANNOUNCES THE RESULTS OF ITS ANNUAL MEETING

Stelmine Canada Ltd. has released the results of the annual meeting of its shareholders on this date. During the meeting, the candidates recommended by management, being Andre Proulx, Isabelle Proulx, Emmanuel Goulet, Michel Boily, Normand Goulet and Vaughn David Bricknell, were elected as directors of the company. Brunet Roy Dube, CPA SENCRL, was appointed as the company's independent auditor, and the corporation's stock option plan was reapproved by the company's shareholders.

Stelmine is proud to welcome Mr. Bricknell to its board of directors and is convinced he will play an active role in the direction of Stelmine. Mr. Bricknell is a project/fund manager, with 28 years of experience in financial services, since 1995 a managing member of Madewell Investments CC of South Africa, where his responsibilities include portfolio analysis and management through to postretirement mutual funds, commission reconciliation, structuring, and buy and sell agreements. Since 2016 he is also chief financial officer for Fortune Fuels Ltd. of South Africa, where he oversees fuel import, sales distribution and retail enterprise, as well as raising capital for mining, aviation and storage facilities. He has also served as fund manager for Listco Capital Ltd. (Hong Kong) for 14 years, where he raised capital for mining, construction and property deals on three continents. Mr. Bricknell has a BSc in quantity surveying, which deals with management of all aspects of the contractual and financial side of construction projects.

At the same time, the company announces the departure of Julie Lemieux from the board of directors. However, she will continue to accompany the company as a management consultant. Management would like to thank her for her involvement on the board, her dedication to fundraising and the visibility she brought to Stelmine. The company wishes her all the best in her future professional endeavours.

Corrections/clarifications -- private placement

Stelmine wishes to make certain corrections to its press release dated Dec. 30, 2023, relating to its $700,300 private placement. Under the final tranche, completed on Dec. 29, 2023, a total of 236,470 flow-through units (and not 117,647) were issued. In addition, an amount of $40,030 in cash (not $40,005) was paid as finders' fees in connection with the offering. Finally, Stelmine has waived the benefit of the acceleration clause, described in the press release of Dec. 12, 2023, relating to the warrants. Accordingly, all warrants issued under the offering will be subject to the same terms and conditions, without any acceleration clause. The subscribers will be notified accordingly and new warrant certificates will be distributed.

Issuance of common shares -- Agoracom

In connection with its marketing program with Agoracom (see news release dated Dec. 14, 2023), Stelmine has issued to Agoracom, on Dec. 22, 2023, 376,667 common shares at a deemed price of 7.5 cents per share, in payment of fees in the amount of $25,000 plus applicable taxes.

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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