Mr. Gary Cope reports

BARSELE AND GOLD LINE CLOSE SUBSCRIPTION RECEIPT PRIVATE PLACEMENT

Barsele Minerals Corp. has closed the final tranche of an oversubscribed non-brokered private placement offering of subscription receipts announced in a joint press release on Dec. 13, 2023, and increased on Jan. 26, 2024. The final tranche consisted of the sale and issuance of 300,067 subscription receipts at a price of 15 cents per subscription receipt for gross proceeds of $45,010. In total, Barsele raised aggregate gross proceeds of $1,212,360 pursuant to the offering, having previously closed tranches on Jan. 18 and Jan. 26, 2024, that raised $1,167,350.

Each subscription receipt entitles the holder thereof to receive, for no additional consideration and without further action on 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 final tranche will be subject to a statutory four-month hold period following closing of the final 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.

In connection with the closing of the final 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 final tranche, Barsele will hold in escrow a finder's fee of $2,450 and 16,338 finder warrants payable to Research Capital Corp. In total, Barsele will pay a finder's fee of $51,894 and 345,968 finders' warrants in connection with the offering. No insiders of Barsele participated in the offering. The finder 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.

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