Ms. Isabelle Proulx reports

NEW RESULTS REINFORCE THE GOLD POTENTIAL OF THE MERCATOR PROPERTY

Stelmine Canada Ltd. recently conducted a thin-section petrographic study of surface and mineralized drill core samples from the Mercator gold property. The study has provided a better understanding of the type of mineralization and process of formation. This newfound knowledge will lead to more efficient and effective exploration and mining practices. The Mercator property (100 per cent -- Selmine) is situated in northeastern Quebec, approximately 150 kilometres from Fermont.

Three new elements are relevant for the potential mining exploitation of this property:

1. Probable late remobilization of gold;
2. Orogenic-type mineralization;
3. Gold processing by gravity/flotation.

Late mineralization

The discovery of a late gold mineralization process could potentially lead to a new outlook regarding mineralization outside of the iron formation layers within metasediments and intrusive rocks. There are several observed structures in the field that could have acted as a conduit for the mineralizing fluids. The mineralogy of the rocks associated with the gold mineralization is quite similar to that of highly metamorphosed iron formations. Gold is found in inclusions and within pores of the arsenopyrite-lollingite assemblage, coupled with pyrrhotite and minor content of chalcopyrite and pyrite. It is also included in microfactures and found in epidote-pyrrhotite (plus or minus chalcopyrite plus or minus graphite) veinlets. Interestingly, gold grains occur in late alteration zones in amphibole and proximal to pyrrhotite. This could suggest gold remobilization during a hydrothermal and/or metamorphic event posterior to the primary mineralization.

Isabelle Proulx, president and chief executive officer, asserts: "Based on the findings, it seems that there is a higher potential than originally thought, as gold may have been deposited during two separate mineralizing events. This indicates the possibility of a larger mineralization in the Meridian zone."

Orogenic-type mineralization

Based on the mineralogical study, it has been confirmed that the mineralization present is of the orogenic type. Despite being highly metamorphosed, the iron formations and metasediments exhibit geological characteristics similar to those found in world-class deposits located within the Superior province of Canada. Some notable examples include the Meadowbank deposit with four million ounces (oz) of gold (Au), the Lake Amaruq mine with 2.7 million oz Au, both located in the Medialine district of Nunavut, and the Musselwhite deposit in Northern Ontario, which has measured and indicated resources of 3.7 million tonnes (t) at 3.55 grams per tonne (g/t) Au.

Gold processing by gravity/flotation

The arsenopyrite/lollingite/pyrrhotite and Au association in iron formations will guide the ore processing. Gold could be recovered by a gravity/flotation circuit with the remainder leached using cyanide, with the gold captured using carbon-in-pulp (CIP) circuit.

Changes to the June 27, 2023, news release

In the news release concerning the flow-through financing, the reader should have read: "Stelmine completes a flow-through private placement, and the company has issued a total of 2.4 million flow-through shares at a price of 18 cents per share. In addition, the company paid no finders' fees."

Qualified person

The technical information in this news release has been reviewed and approved by Michel Boily, PGeo, PhD. Mr. Boily is the qualified person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

QA/QC (quality assurance/quality control) protocol

Stelmine implemented a strict QA/QC protocol in processing all rock samples collected from the Mercator property. The protocol included the insertion and monitoring of appropriate reference materials, in this case high-concentration and low-concentration certified gold standards, blanks and duplicates, to validate the accuracy and precision of the assay results. All collected rock samples (core, channel and grab) were put in sturdy plastic bags, tagged and sealed in the field under the supervision of geologists in training. Sample bags were then put in rice pouches and kept securely in a field tent before being sent by floatplane to the city of Wabush. Transport to Actlabs laboratories in Ancaster, Ont., was made by truck from dependable transport companies. Gold was analyzed by fire assay (1A2-ICP, 50 grams) or the INAA-plus-ICP-OES (1H) methods.

About Stelmine Canada Ltd.

Stelmine is a junior mining exploration company pioneering a new gold district (Caniapiscau) east of James Bay in the underexplored eastern part of the Opinaca metasedimentary basin, where the geological context has similarities to the Eleonore mine. Stelmine has a 100-per-cent ownership of metasedimentary basin where the geological context has similarities to the Eleonore mine. Stelmine has a 100-per-cent ownership of 1,782 claims or 938 square kilometres in this part of Northern Quebec, highlighted by the Courcy and Mercator projects.

We seek Safe Harbor.