Mr. Mark Lynch-Staunton reports

BENZ COMPLETES ACQUISITION OF WA GOLD PROJECTS FROM SPARTAN RESOURCES

Benz Mining Corp. has completed the acquisition of 100 per cent of the Glenburgh gold project and Mount Egerton gold project, located in the Gascoyne region of Western Australia from Spartan Resources Ltd. Spartan's nominee director, Nicholas Jolly, has been appointed to the board of Benz with effect from Jan. 14, 2025.

Highlights:

• Completion of the share purchase agreement with Spartan Resources Ltd. to acquire 100 per cent of the Glenburgh gold project and the Mount Egerton gold project by purchasing 100 per cent of the issued share capital in Gascoyne Resources (W.A.) Pty. Ltd. and Egerton Exploration Pty. Ltd., as announced by Benz on Nov. 6, 2024;
• Spartan becomes a strategic cornerstone shareholder, owning approximately 15 per cent of Benz, and will provide continuing geological support to Benz;
• Spartan's general manager, Nick Jolly, joins the board as Spartan's nominee director.

As previously announced, consideration for the acquisition consisted of an upfront cash payment of $500,000 and the issue of 33 million fully paid CHESS depository interests (CDIs) in Benz to Spartan. Deferred consideration payable to Spartan consists of an additional $500,000 (Australian) cash payment on the first anniversary after completion of the acquisition, and an additional up to $6-million (Australian) (in cash or fully paid CDIs), subject to the satisfaction of certain milestones (refer to Benz's announcement dated Nov. 6, 2024, or the management information circular of the company dated Nov. 15, 2024). Each CDI represents one common share in the authorized capital of Benz.

As of the date of this news release, the company highlights that two tenements associated with the Glenburgh project are still pending grant, while one tenement related to the Mount Egerton project is currently undergoing the renewal process. See tenement schedule below for more details.

Benz executive chairman, Evan Cranston, commented: "We are thrilled to complete this transformational acquisition of the Glenburgh and Mount Egerton gold projects, marking an exciting new chapter for Benz Mining. These projects are located in a highly prospective and underexplored gold region, and we look forward to unlocking their full potential with our planned drilling programs. Our team is eager to update the market on our progress as we advance exploration and development in the coming months.

"On behalf of the board and the company, I am also delighted to welcome Mr. Nicholas Jolly to the Benz board as Spartan's nominee director. Nick's extensive experience and strategic insight will be invaluable as we integrate these projects and execute our growth plans."

Next steps:

• Maiden drill program at Glenburgh:
  • Drill contractor selection is in the final stages, with pre-existing drill permits in place to fast-track the start date.
  • Details of the initial program will be released in the coming weeks.
  • Drilling will focus on extending high-grade shoot resources, such as Zone 126.
  • A separate drilling program will target resource definition and enhancing orebody knowledge within the current resource area.
• Downhole EM (electromagnetic) test work:
  • Trial downhole EM test work will be conducted over Glenburgh mineralization.
  • This trial will assess whether the prospective mineralized package can be effectively detected, potentially accelerating exploration success.
• Geological reinterpretation:
  • Systematic rescanning of selected Glenburgh historical pulps will assist in mapping the mineralized package.
  • Geological learnings from high-grade metamorphic terrain deposits, such as the world-class Tropicana deposit, will be applied to Glenburgh.
  • Detailed structural mapping of outcropping mineralization at the site will also be undertaken.
• Updated mineral resource:
  • Following the completion of the maiden drill program and in-depth geological reinterpretation, an updated mineral resource estimate is anticipated.
  • This update will incorporate all new drilling data and geological insights.

About Benz Mining Corp.

Benz Mining is a pure play gold exploration company dual listed on the TSX Venture Exchange and Australian Securities Exchange. The company owns the Eastmain gold project in Quebec, with a National Instrument 43-101 and JORC (Joint Ore Reserves Committee) (2012) compliant mineral resource of 1,005,000 ounces at 6.1 grams per tonne gold, showcasing Benz's focus on high-grade, high-margin assets in premier mining jurisdictions.

On Nov. 6, 2024, Benz announced a binding agreement to acquire the Glenburgh and Mount Egerton gold projects in Western Australia from Spartan Resources, which acquisition was completed Jan. 14, 2025, and marks a transformational step, establishing Benz as a multijurisdictional gold exploration company with a focus on unlocking value in underexplored assets. The Glenburgh project features a mineral resource estimate of 16.3 million tonnes at one gram per tonne gold (510,100 ounces of contained gold). A technical report prepared under NI 43-101, Standards of Disclosure for Mineral Projects, titled "NI 43-101 Technical Report on the Glenburgh -- Egerton Gold Project, Western Australia," with an effective date of Dec. 16, 2024, has been filed with the TSX-V and is available under the company's profile on SEDAR+.

Benz's key point of difference lies in its team's deep geological expertise and the use of advanced geological techniques, particularly in high-metamorphic terrane exploration. The company aims to rapidly grow its global resource base and solidify its position as a leading gold explorer across two of the world's most prolific gold regions.

Competent person statement (JORC code)

The mineral resource estimates for the Eastmain project and the Glenburgh project were previously reported in accordance with Listing Rule 5.8 on May 24, 2023, and Nov. 6, 2024, respectively. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original market announcements.

Historical mineral resource estimates

All mineral resource estimates in respect of the Glenburgh project in this news release are considered to be historical estimates as defined under NI 43-101. These historical estimates are not considered to be current and are not being treated as such. These estimates have been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC Code) and have not been reported in accordance with NI 43-101. A qualified person (as defined in NI 43-101) (qualified person) has not done sufficient work to classify the historical estimates as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical data in order to verify the historical estimates as current mineral resources.

We seek Safe Harbor.