Mr. Jim MacKenzie reports

VISCOUNT MINING ANNOUNCES CLOSING OF OVER-SUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Viscount Mining Corp. has closed its previously announced non-brokered private placement offering.

Under the offering, the company will issue 22,209,200 units at 25 cents per unit for gross proceeds of $5,552,300.

Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 30 cents per common share until the date that is 24 months from the date hereof.

The company plans to use the aggregate net proceeds of the offering for exploration and development of its Colorado properties and general corporate purposes.

In connection with the closing of the offering, the company shall pay finders' fees of $25,000 in cash and will issue 100,000 non-transferable finders' warrants. Each finder's warrant will entitle the holder thereof to purchase one unit at a price of 30 cents for a period of 24 months from the date hereof.

The offering is subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All of the securities issued by the company pursuant to the offering will be subject to a four-month-and-one-day statutory hold period.

Members of the board of directors and officer of the company have subscribed for 1,048,193 units in of the offering. The insider investment constitutes a related-party transaction, as such term is defined under the policies of the TSX-V, and the company has relied on certain exemptions from the minority approval and formal valuation requirements under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) as the fair market value of the aggregate insider investment is below 25 per cent of the company's market capitalization for the purposes of sections 5.5(a) and 5.7(1)(a) of MI 61-101.

Jim MacKenzie, Viscount chief executive officer and a director, commented: "I want to thank our existing shareholders for their continued support and welcome a key group of new shareholders. The oversubscribed financing shows our shareholders' dedicated support and vision of the opportunity Viscount presents."

Viscount is in the final stages of preparing to drill exploratory holes at the Passiflora in Silver Cliff to test the significantly large conductive anomaly indicating a likely porphyry discovered by Quantec Geoscience (see press release dated Sept. 22, 2022). Quantec stated, "This is one of the lowest-resistivity anomalies they have ever seen." The Quantec survey shows that the geophysical foot print has the indication that the company is looking at a potentially significantly large mineral system at the Passiflora. The main body of the conductive anomaly starts at a depth of approximately 450 metres (m) and continues another approximately 1.5 kilometres (km), maybe deeper (this was the extent of the MT survey depth capability). The length of the anomaly is approximately 1.4 km in the southwest-northeast direction with a width of at least 700 m and an open interpretation to the untested northwest. This represents a total volume of over 665 million cubic metres as determined by Quantec. In addition, Viscount is preparing for a drill program at the Kate deposit in Silver Cliff, Colo., where the company has an open-pit National Instrument 43 101 resource which we expect to expand.

The company also announces that it has entered into a debt settlement agreement to settle an outstanding debt relating to the Silver Cliff property payments totalling $40,297.26. Pursuant to the settlement agreement, the company has agreed to issue an aggregate of 161,189 common shares at a deemed price of 25 cents per common share to settle the debt.

Securities issued pursuant to the settlement agreements will have a statutory hold period of four months and one day in accordance with applicable securities laws and is subject to TSX-V approval.

Qualified persons

The scientific and technical information contained in this news release has been reviewed and approved by Harald Hoegberg, PG, an independent consulting geologist who is a qualified person (QP) as such term is defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Viscount Mining Corp.

Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.

We seek Safe Harbor.