Ms. Neha Tally reports

CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT OFFERING

St-Georges Eco-Mining Corp. has closed a $625,500 first tranche of its previously announced non-brokered private placement of units at a price of 10 cents per unit. An aggregate of 6,255,000 units was issued under the first tranche.

Each unit consists of one common share in the capital of the corporation and one share purchase warrant. Each warrant entitles the holder thereof to purchase one share at a price of 15 cents until the date that is 24 months from the issuance date of the warrant.

In connection with the first tranche, the corporation paid cash finders' fees of $3,000 and issued 30,000 compensation warrants to an arm's-length finder. Each compensation warrant entitles the holder to purchase one share at a price of 15 cents until the date that is 24 months from the issuance date of the compensation warrant.

All securities issued in connection with the private placement are subject to a statutory hold period of four months and one day from the closing of each tranche of the private placement in accordance with applicable securities laws. The corporation will use the proceeds of the private placement toward its battery recycling operation and general working capital.

Multilateral Instrument 61-101

Certain insiders of the corporation participated in the first tranche for a total of $223,000, 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 exemption contained in Section 5.5(b) as the corporation's shares are not listed on a specified market, and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related parties did not exceed 25 per cent of the corporation's market capitalization.

Previous flow-through private placement

Further to its news release dated June 26, 2023, the corporation advises that the previously mentioned second tranche to its private placement of flow-through units has been cancelled by management to focus the majority of its current financing effort toward its battery recycling operations.

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The company explores for nickel and platinum group elements (PGEs) on the Manicouagan and Julie projects on Quebec's North Shore and has multiple exploration projects in Iceland, including the Thor gold project. Headquartered in Montreal, St-Georges's stock is listed on the Canadian Securities Exchange under the symbol SX, and trades on the Frankfurt Stock Exchange under the symbol 85G1 and as SXOOF on the OTCQB Venture Market, for early-stage and developing U.S. and international companies.