Mr. Brett Richards reports

PASOFINO GOLD ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF APPROXIMATELY C$3.3 MILLION

Pasofino Gold Ltd. has completed the initial portion of its non-brokered private placement (announced Oct. 4, 2024) of units at 70 cents (or 52 U.S. cents) per unit for gross proceeds of approximately $3.3-million ($2.4-million (U.S.)). A second and final closing is anticipated on or about Oct. 31, 2024.

Each unit consisted of one common share of the company and one-half common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the company at a price of 90 cents for a period of 18 months following the issue date of the units.

At today's initial closing, the company issued a total of 4,770,767 common shares and 2,385,383 warrants. The company will complete the final closing for an additional 36,000 common shares and 18,000 warrants on or about Oct. 31, 2024. All securities issued pursuant to the offering are subject to a four-month hold period, expiring on March 1, 2025.

The company received a lead order from its newly appointed director, Brett Richards, for 578,338 units for gross proceeds of approximately $404,837. The issuance of units to Mr. Richards is considered a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on exemptions from the formal valuation and minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, in respect of Mr. Richards's participation.

The net proceeds of the offering will be used by the company in connection with the advancement of the Dugbe gold project and for general working capital purposes.

Mr. Richards commented: "I have always felt that the Dugbe gold project had tremendous potential, since last visiting the project in 2016. Now, I have the opportunity to return to the project and directly advance its further development, through various optimization studies of the bankable feasibility study completed in 2022. I believe there is meaningful scope to increase the already robust project economics, by analyzing preproduction capex [capital expenditure] costs, life-of-mine operating costs, power optimization options and various recovery improvements. In this dynamic gold price environment and favourable mining jurisdiction, I look forward to bringing my experience from several successful exits to the current strategic review process, while also preparing Pasofino for construction and financing decision(s) in the future."

In connection with the offering, the company paid a finder's fee of $12,294.25 in cash.

About Pasofino Gold Ltd.

Pasofino Gold is a Canadian-based mineral exploration company.

Pasofino, through its wholly owned subsidiary, owns 100 per cent of the Dugbe gold project (prior to the issuance of the government of Liberia's 10-per-cent carried interest).

We seek Safe Harbor.