Mr. Gary Cope reports

BARSELE AND GOLD LINE ANNOUNCE UPSIZING AND CLOSING ADDITIONAL TRANCHE OF SUBSCRIPTION RECEIPT PRIVATE PLACEMENT

Barsele Minerals Corp. has closed the second tranche of an oversubscribed non-brokered private placement offering of subscription receipts previously announced in a joint press release on Dec. 13, 2023. The second tranche consisted of the sale and issuance of 2,660,166 subscription receipts at a price of 15 cents per subscription receipt for gross proceeds of $399,025. In total, due to significant demand from investors, Barsele upsized the offering from the previously announced size of $1-million and raised an aggregate of $1,167,350 pursuant to the offering, having previously closed a tranche on Jan. 18, 2024, that raised $768,325.

Each subscription receipt will entitle the holder thereof to receive, for no additional consideration and without further action on the part of the holder thereof, at the effective time of the transaction (as defined below), one unit of Barsele. Each unit will consist of one common share of Barsele and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of Barsele at a price equal to 25 cents per share for a period of two years following the date of issuance of the warrant. The subscription receipts, subscription receipt shares, warrants and warrant shares issued or issuable pursuant to the second tranche will be subject to a statutory four-month hold period following closing of the second tranche. The offering remains subject to receipt of final approval of the TSX Venture Exchange.

The gross proceeds of the offering will be held in escrow pending the satisfaction of the escrow release conditions, including closing of the arrangement involving Barsele and Gold Line Resources Ltd., pursuant to which Barsele will acquire all of the issued and outstanding common shares of Gold Line by way of a statutory plan of arrangement (see joint press release dated Dec. 13, 2023) and the satisfaction of certain other customary conditions. The net proceeds from the offerings will be used for expenses related to the transaction, working capital and general corporate purposes.

Barsele intends to use the net proceeds of the offering for expenses related to the transaction, working capital and general corporate purposes. The third and final tranche of the offering is expected to close on or before Feb. 9, 2024.

In connection with the closing of the second tranche, Barsele has agreed to pay a finder's fee to certain finders in respect of those purchasers under the offering introduced to Barsele by such finder. Subject to the approval of the TSX-V, in connection with the closing of the second tranche, Barsele will hold in escrow a finder's fee of $10,500 and 70,000 finder warrants payable to Echelon Wealth Partners, and $6,652 and 44,345 finder warrants payable to StephenAvenue Securities Inc., and $1,050 and 7,000 finder warrants payable to Haywood Securities Inc. No insiders of Barsele participated in the offering. The finders' warrants have the same terms as the warrants described above.

About Barsele Minerals Corp.

Barsele is a Canadian-based junior exploration company managed by the Belcarra Group, composed of highly qualified mining professionals. Barsele's main property is the Barsele gold project in Vasterbottens Lan, Sweden, a joint venture with Agnico Eagle. A National Instrument 43-101 technical report on the Barsele project with an effective date of Feb. 21, 2019, was filed on SEDAR+ on April 2, 2019. This NI 43-101 technical report and mineral resource estimate (amended) for the Barsele property was modified and filed on SEDAR+ on Dec. 16, 2020.

About Gold Line Resources Ltd.

Gold Line is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold-producing regions of Sweden and Finland, both regarded as top-tier mining jurisdictions and emerging exploration frontiers. Both countries possess prospective mineral endowments, stable tenures, straightforward permitting, favourable tax regimes and supportive geopolitical landscapes. Gold Line's Swedish projects are located in the Gold Line mineral belt and the Skelleftea belt of north-central Sweden and the Mjosa-Vanern belt in the southwest. In Finland, Gold Line holds the entire underexplored Oijarvi greenstone belt located in the north of the country.

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