Mr. G. Bodnar Jr. reports

YORBEAU CLOSES FIRST AND SECOND TRANCHES OF NON-BROKERED PRIVATE PLACEMENT

Yorbeau Resources Inc. has completed the first and second tranches of a $1.2-million private placement by issuing: (i) on June 29, 2023, 10,037,381 Class A common shares, comprising 4,121,667 flow-through Class A common shares at a price of seven cents per share and 5,915,714 non-flow-through Class A common shares at a price of 3.5 cents per share, for an aggregate gross proceeds of $495,567; and (ii) on June 30, 2023, 5.35 million Class A common shares, comprising 2.21 million flow-through Class A common shares at a price of seven cents per share and 3.14 million non-flow-through Class A common shares at a price of 3.5 cents per share, for aggregate gross proceeds of $264,600. The first and second tranches of the private placement generated an aggregate of $760,167 in gross proceeds for the company. The company expects to close the remainder of the private placement in July, 2023.

The company will use the proceeds raised from the issue of the flow-through Class A common shares to incur Canadian exploration expenses on its properties and the proceeds raised from the issue of the non-flow-through Class A common shares for general corporate purposes.

Three insiders subscribed for a total of 8,008,571 Class A common shares having an aggregate subscription price of $395,800. As insiders of the company participated in the private placement, it is deemed to be a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The private placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the Class A common shares distributed to, nor the consideration received from, interested parties exceeded 25 per cent of the company's market capitalization. The company did not file a material change report at least 21 days prior to the closing of the first and second tranches of the private placement as participation of the insiders had not been confirmed at that time.

The company paid finders' fees in the aggregate amount of $18,023 with respect to a portion of the first and second tranches of the private placement.

About Yorbeau Resources Inc.

Yorbeau Resources is a Canadian public company involved in gold and base metal exploration in Quebec, Canada. Its properties are in northwestern area of the province containing many significant deposits on the famed Abitibi greenstone belt, including major gold mines along the Larder Lake-Cadillac Break and several volcanic centers hosting major copper-zinc-gold deposits.

Yorbeau is focusing on its Rouyn gold and Scott Lake zinc-copper projects, which have demonstrated the most immediate and substantial prospects for discovery and eventual mine development. While Scott is very favourably located in the Chibougamau mining camp, Rouyn represents a consolidation of several contiguous properties strategically located on the famously productive Cadillac Break in the Rouyn-Noranda mining camp. Other holdings of the company include its interest in the past-producing Joutel gold mining camp and the Beschefer property adjacent to SOQUEM's B-26 deposit in the Selbaie mine area.

We seek Safe Harbor.