Mr. David Tafel reports

CENTURION ANNOUNCES SHARE CONSOLIDATION AND UPDATES PRIVATE PLACEMENT FINANCING

Centurion Minerals Ltd. intends to undertake a share consolidation whereby two common shares shall be exchanged for one postconsolidation common share of the company. The company currently has 31,469,069 common shares issued and outstanding, and would have approximately 15,734,535 shares outstanding (and fully diluted) on a postconsolidated share basis.

Upon completion and TSX Venture Exchange approval, a letter of transmittal will be mailed to shareholders holding physical certificates by the company's transfer agent (Endeavor Trust Company), advising that the consolidation has taken effect and shareholders should surrender their existing (preconsolidation) common share certificates, for new (postconsolidation) common share certificates. No fractional common shares of the company shall be issued in connection with the consolidation and the number of common shares to be received by a shareholder shall be rounded down to the nearest whole number.

Financing

The company is proceeding with a non-brokered private placement financing for a minimum $350,000 with pricing set at two cents per share on a postconsolidated basis.

Approximately $200,000 will consist of a unit offering comprising one common share and one-half share purchase warrant. Each full warrant shall have a term of 24 months commencing on the closing date and shall entitle the holder to purchase one common share at a price of five cents during the first year and 10 cents during the second year. Up to $150,000 will consist of a flow-through share only.

Fifty per cent of financing proceeds are allocated for property payments and furthering exploration activities on the Casa Berardi West gold project, up to 15 per cent for non-arm's-length payments and 10 per cent for corporate communications. The balance shall be used for working capital and general corporate activities. Closing will be subject to TSX-V approval and any shares issued will be subject to a four-month hold period.

Casa Berardi West gold project

Centurion executed a previously announced option agreement to acquire a 100-per-cent interest in the Casa Berardi West gold project. The project consists of three claim groups comprising a total of 4,700 hectares, strategically located northeast of Cochrane, Ont., Canada, in the mineral endowed central north Abitibi greenstone belt.

Highlights:

1. Historical exploration includes more than 70 RC (reverse circulation) drill holes returning encouraging results that include 18 samples greater than 1,000 parts per billion (ppb) (one gram per tonne (g/t)) gold and the highest returning 38,000 ppb (38 g/t) gold;
2. Situated along structural corridors hosting world-class discoveries, operating mines and significant past-producing operations;
3. Located near historical production from Normetal Mines as well as currently active Amex Exploration Inc., which is undertaking one of the largest drilling programs in Canada on its Perron project ("Amex Exploration Highlights Accomplishments From 2022 And Reviews Exploration Plans for 2023");
4. Excellent access and infrastructure.

A National Instrument 43-101 technical report outlining the project's historical activities has been completed and can be found on the company's website.

Centurion has received conditional approval from the TSX-V for this property transaction and final approval is subject to the closing of the aforementioned private placement financing. Immediate exploration efforts will be focused on: (i) compilation of all historical data; (ii) ground geophysics over priority targets; and (iii) identification of near-term drill targets.

Qualified person

Mike Kilbourne, PGeo, an independent qualified person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the company.

About Centurion Minerals Ltd.

Centurion is a Canadian-based company with a focus on mineral asset exploration and development in the Americas. Centurion has executed an option agreement enabling it to earn a 100-per-cent interest in the Casa Berardi West gold project, which is located in the prolific gold-producing, greenstone belt of the central Abitibi subprovince of Northeastern Ontario. The agreement has received conditional exchange approval.

We seek Safe Harbor.