Mr. Chris Donaldson reports

OUTBACK ANNOUNCES APPROVAL OF FINNISH PROPERTY ACQUISITION BY SHARHOLDERS AND CLOSING OF BRIDGE FINANCING

Outback Goldfields Corp.'s shareholders approved the transaction between the company and S2 Resources for the acquisition of S2's Finnish assets at its annual general and special meeting held on Sept. 3, 2024 (see the company's news release dated March 1, 2024, for further details on the transaction).

"The approval by shareholders of the transaction marks an important endorsement and milestone in this pivotal acquisition for Outback," commented Chris Donaldson, president and chief executive officer. "The company looks to complete the financing in connection with the acquisition in the coming days and looks forward to moving ahead with this transformative move into the highly prospective Central Lapland greenstone belt of Finland."

The company also announces that it has closed a non-brokered private placement for gross proceeds of $60,000 issuing 1.5 million units at a price of four cents per unit.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share in the capital of the company for a period of 36 months from the date of closing of the private placement, subject to an accelerated expiry, at a price of six cents per warrant share.

Expiry of the warrants will be subject to acceleration if, following the issuance of the warrants, the closing price of the shares on the TSX Venture Exchange or other such Canadian stock exchange on which the shares are then principally traded, equals or exceeds 90 cents per share, on a postconsolidation basis, for a period of 20 consecutive trading days during the exercise period. In that case, the company may accelerate the expiry date of the warrants to the date that is 20 trading days from the date notice is given by the company, by way of dissemination of a news release, to the holders of the warrants.

The company paid finders' fees of $3,600 in cash and issued 90,000 finder warrants. The finder warrants are subject to the same terms as the warrants noted herein.

All the securities issuable under the bridge financing will be subject to a four-month hold period from the date of closing of the bridge financing. The bridge financing remains subject to the receipt of all required regulatory approvals, including, without limitation, the approval of the TSX-V.

We seek Safe Harbor.