Mr. Peter Berdusco reports

CANADA ONE ACQUIRES OPTION TO EARN UP TO 100% INTEREST IN THE ABITIBI EAST CRITICAL MINERALS PROJECT, NORTHEAST OF TIMMINS, ONTARIO

Canada One Mining Corp. has entered into a definitive option agreement, dated Oct. 16, 2023, with Global Genx Resources Ltd. (the vendor), an arm's-length private company, pursuant to which the company will be granted the right to earn up to a 100-per-cent interest in the Abitibi East critical minerals and Nellie properties located 60 kilometres northeast of the Timmins mining camp, Ontario.

The properties are located on the western end of the world-class Abitibi greenstone belt, central to the Timmins mining camp (119 million ounces (Moz) gold and 337 Moz silver historical production), the Kidd Creek volcanic massive sulphide (VMS) deposit (2.5 milion tonnes (Mt) zinc, copper, Ag proven and probable) and the Alexo-Dundonald nickel deposit (1,254,000 tonnes Ni, Cu, Co indicated).

Peter Berdusco, president and chief executive officer of Canada One, commented, "These properties, central to the Timmins camp, the Alexo-Dundonald deposit and the Kidd Creek mine, reaffirm our commitment of exploring critical mineral projects in the premier mining belts of Canada."

Abitibi East highlights:

• Polymetallic critical mineral property with additional base, precious metal potential (nickel, copper, platinum, palladium, gold, zinc, silver and vanadium);
• Centrally located to the Timmins mining (Au) camp (60 kilometres), Alexo-Dundonald (Ni-Cu-Co) deposit (20 km) and the Kidd Creek (Cu-Zn-Pb-Ag) operating mine (50 km);
• Abitibi East covers 8,050 hectares on the western end of the prolific Abitibi greenstone belt;
• No modern exploration since 1997. Past drilling has identified both VMS-style and nickel mineralization;
• Historical sampling and assaying did not sample for gold and other critical elements -- modern multielement techniques are required.

Nellie highlights:

• The Nellie project is located within the Abitibi greenstone belt east of Timmins within an area mapped as ultramafic rocks anomalous in nickel and copper.
• The project was explored by Dominion Gulf in 1947 and was drilled by Falconbridge in 1995, testing for copper.

Transaction terms

Under the terms of the transaction, the company will be granted the right to acquire a 51-per-cent interest in the properties in consideration for completing a series of cash and/or share payments totalling $230,000 and $1.5-million in work expenditures over a two-year term as follows:

1. Pay $30,000 cash to the vendor or issue and deliver to the vendor such number of common shares of the company as is equal in value to $30,000, within 10 business days of closing;
2. Pay an additional $50,000 cash (total: $80,000) to the vendor or issue and deliver to the vendor such additional number of common shares of the company as is equal in value to an additional $50,000 (total: $80,000), on or before the date that is one year from closing;
3. Incur $500,000 of expenditures on the properties on or before Nov. 15, 2024;
4. Pay an additional $150,000 cash (total: $230,000) to the vendor or issue and deliver to the vendor such additional number of common shares of the company as is equal in value to an additional $150,000 (total: $230,000), on or before the date that is two years from the closing;
5. Incur an additional $1-million (total: $1.5-million) of expenditures on the properties on or before Nov. 15, 2025.

Formation of joint venture

Upon completion of the 51-per-cent option payments a joint venture shall be deemed formed with Canada One having a 51-per-cent legal and beneficial interest in and to the properties and the vendor holding the balance.

Thereafter, Canada One will have the sole and exclusive right and option to acquire the remaining 49-per-cent interest in and to the properties, free and clear of all encumbrances except for a 2-per-cent net smelter return royalty to be retained by the vendor, of which one-half may be acquired by Canada One at any time through a one-time cash payment of $1-million to the vendor.

Good standing of 100-per-cent option

To maintain the 100-per-cent option in good standing, Canada One must:

1. Pay an additional $500,000 cash (total: $730,000) to the vendor or issue and deliver to the vendor such additional number of common shares of the company as is equal in value to $500,000 (total: $730,000), on or before the date that is three years from the closing;
2. Incur an additional $1-million (total: $2.5-million) of expenditures on the properties on or before Nov. 15, 2026;
3. Grant to the vendor the royalty.

After the completion of the 100-per-cent option payments the properties will be owned 100 per cent by the company subject to the royalty and a continuing annual advance royalty payment of $100,000 per year starting on the fourth anniversary of closing and running until a production decision is announced.

The form of payment of the share or cash payments will be at the discretion of the company if the closing price of the shares five business days before the applicable payment date is equal to or above 25 cents, and the form of payment of the shares or cash payments will be at the discretion of the vendor if the closing price of the shares five business days before the anniversary date is below 25 cents.

In each case, the applicable deemed issue price will be determined based on the closing price of the common shares of the company on the TSX Venture Exchange on the date which is five business days prior to each anniversary date, subject to a minimum deemed issue price of five cents per share. All shares issued to the vendor will be subject to a statutory hold period in accordance with applicable securities laws.

Closing of the transaction

Closing of the transaction remains subject to a number of conditions, including the completion of any necessary financing, the approval of the TSX Venture Exchange and the satisfaction of other closing conditions customary in transactions of this nature.

The transaction cannot close until the required approvals are obtained, and the outstanding conditions satisfied. There can be no assurance that the transaction will be completed as proposed or at all. No finders' fees or commissions are payable in connection with the transaction.

Qualified person

The technical information contained in this news release has been reviewed and approved by Freeman Smith, PGeo, a qualified person for the purposes of National Instrument 43-101.

We seek Safe Harbor.