Ms. Christina McCarthy reports

PAYCORE MINERALS ANNOUNCES $8 MILLION BOUGHT DEAL FINANCING

Paycore Minerals Inc. has entered into an agreement with PI Financial Corp. and CIBC Capital Markets, as lead underwriters and co-bookrunners, on their own behalf and, if applicable, on behalf of a syndicate of underwriters pursuant to which the underwriters have agreed to purchase, on a bought deal basis, pursuant to a short form prospectus, 4.95 million common shares of the company at a price of $1.63 per share for gross proceeds of $8,068,000.

In addition, the company has granted the underwriters an option, exercisable in whole or in part, for a period of 30 days following the closing date, to purchase up to an additional 15 per cent of the shares sold pursuant to the offering, on the same terms as the offering, to cover overallotments and for market stabilization purposes.

The net proceeds from the offering are expected to be used by the company to finance continuing work, development and permitting activities at its FAD property in Nevada and for working capital and general corporate purposes.

Closing of the offering is expected to take place on or about Feb. 9, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all applicable regulatory approvals, including approval of the TSX Venture Exchange.

The shares to be issued under the offering will be offered by way of a short form prospectus to be filed in each of the provinces of Canada, except Quebec. The shares may also be offered in the United States to qualified institutional buyers pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, in a manner that does not require the offering to be registered in the United States, and in certain other jurisdictions in accordance with applicable securities laws.

About Paycore Minerals Inc.

Paycore is a corporation incorporated under the Business Corporations Act (Ontario) and, through its subsidiaries, holds a 100-per-cent interest in the FAD property that is located in the heart of the Eureka-Battle Mountain trend in Nevada, United States. The FAD property is host to the high-grade polymetallic FAD deposit that was partially delineated with surface and underground drilling in the 1940s and 1950s. The FAD property is located fewer than three miles from Eureka, Nev., and has established infrastructure, including a shaft, roads and old buildings. FAD was previously owned by Barrick Gold. Barrick acquired the FAD property when the company acquired Homestake Mining in 2001.

Overseen by an experienced board and management team that includes Jim Gowans (non-executive chairman), Christina McCarthy (president, chief executive officer and director), Steve Filipovic (chief financial officer and corporate secretary) and John Begeman (director), the company is focused on advancing the delineation of mineral deposits on the FAD project (which is situated immediately to the south of, and along strike from, I-80 Gold Corp.'s Ruby Hill mine).

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