Mr. Evan Cranston reports

BENZ TO ACQUIRE WA GOLD PROJECTS FROM SPARTAN RESOURCES FIRM COMMITMENTS RECEIVED FOR A$4 MILLION PLACEMENT

Benz Mining Corp. has entered a binding, conditional share purchase agreement to acquire 100 per cent of the Glenburgh gold project and Mount Egerton gold project (Mount Egerton) located in the Gascoyne region of Western Australia from Spartan Resources Ltd.

In connection with the acquisition, the company has also received binding firm commitments from new and existing shareholders of the company, each of whom is an institutional and/or sophisticated investor, to raise approximately $4-million (Australian) (before costs) through a placement of approximately 18.2 million fully paid CHESS depositary interests, each CDI representing one underlying common share in the company on a one-for-one basis at an issue price of 22 Australian cents per new CDI.

Benz executive chairman Evan Cranston commented: "We are delighted to announce this strategic acquisition for Benz, marking our evolution into a multijurisdictional, pure gold-focused company. The addition of the Glenburgh and Mount Egerton gold projects in Western Australia, alongside our high-grade Eastmain gold project in Quebec, solidifies our position as a leading explorer in premier gold regions.

"At Glenburgh, with its historical mineral resource of 16.3 million tonnes at one gram per tonne gold for 510,100 ounces of contained gold, we see substantial untapped potential. Our focus will be on the high-grade zones that remain underexplored, applying advanced geological techniques to unlock the project's full value. Mount Egerton, which includes the high-grade Hibernian underground Mine, adds significant opportunity for rapid high-grade resource growth through targeted exploration.

"We welcome Spartan as a strategic cornerstone investor with aligned interests to extract value from these great projects. We thank our loyal shareholders for their continued support and welcome new shareholders to an exciting journey ahead."

Spartan interim executive chairman Simon Lawson commented: "We're excited to partner with Benz to unlock the incredible potential of the Glenburgh and Mount Egerton assets, as well as gaining exposure to the incredibly high-grade opportunity at Benz's Eastmain gold project. Bring on the results."

Details of the placement

The placement is being made to sophisticated and institutional investors (within the meaning of the Corporations Act 2001 (Cth)). The new CDIs will be issued using the company's existing capacity under Australian Securities Exchange listing Rule 7.1. Accordingly, shareholder approval is not required to undertake the placement.

The issue price represents a 10.97-per-cent discount to the five-day volume-weighted average price of the company's CDIs prior to the date of this announcement.

Net proceeds raised from the placement will be used:

• To complete the acquisition;
• To support a rapid scale-up in gold exploration activities, including resource drilling and regional exploration target generation activities, on the Glenburgh and Mount Egerton projects;
• For general working capital.

The placement is not conditional on completion of the acquisition. If the acquisition does not complete, the funds raised from the placement will be used to undertake drilling activities on the company's Eastmain project and for general working capital purposes.

The new CDIs offered under the placement are expected to be issued and commence trading on the ASX on or about Nov. 14, 2024, and, upon issue, will rank equally with existing CDIs on issue. Euroz Hartleys Ltd. acted as sole lead manager and bookrunner to the placement. The company will pay Euroz Hartleys a fee equal to 6 per cent of the gross proceeds of the placement.

Acquisition overview and strategic rationale

Benz has entered into the SPA to acquire a 100-per-cent interest in each of Gascoyne Resources (WA) Pty. Ltd. (the owner of the Glenburgh project) and Egerton Exploration Pty. Ltd. (the owner of the Mount Egerton project) from Spartan. The projects are considered to be highly prospective for gold and are complementary to Benz's strategy to generate value from underexplored gold assets in Tier 1 jurisdictions. The company's strategic rationale for the acquisition:

1. The projects are complementary to Benz's existing Eastmain high-grade gold asset: The Eastmain project remains an exciting growth and development opportunity for the company, with 1,005,000 ounces at 6.1 g/t gold. The addition of Glenburgh and Mount Egerton is a strategic decision to expand the company's growth opportunities in a market environment where gold prices are reaching all-time highs.
2. Australian gold projects offer premium valuation multiples.
3. Ability to leverage and apply Benz's expertise: Benz's application of high-grade metamorphic terrane knowledge to Glenburgh is a key differentiator, leveraging expertise to unlock the true value and mineral endowment of the Glenburgh project.
4. Bolstering board and adding significant technical capability: Spartan's general manager, Nick Jolly, will join Benz as a non-executive director on closing of the acquisition. Mr. Jolly has been instrumental in Spartan's transformational discovery at Dalgaranga, and will provide a wealth of knowledge and expertise to Benz. Spartan to also advise Benz through a technical advisory team and assist with continuing exploration across Glenburgh and Mount Egerton.
5. Strategic alignment with Spartan: Spartan will hold an approximate 15-per-cent stake in Benz postcompletion of the acquisition and placement, closely aligning its interests with Benz, enhancing collaboration and mutual benefit.

Overview of the projects

Glenburgh: initial Joint Ore Reserves Committee 2012 mineral resource estimate: 16.3 Mt at 1.0 g/t Au (510,100 ounces contained gold)

Glenburgh is a substantial 786-square-kilometre land package situated 250 km east of Carnarvon, Western Australia. Strategically positioned near the craton margin suture zone between the Glenburgh terrane and the Yilgarn craton, hosted within a Paleoproterozoic metamorphic gneiss belt.

Huge exploration upside over 50 km of strike: 786 square kilometres over highly fertile craton margin, metamorphic belt terrane; limited gold exploration plays of this size in WA.

Metamorphic belts -- next generation of discoveries: The potential of the gneissic metamorphic belts surrounding the Yilgarn craton was only recognized in the past few decades. They remain highly underexplored, presenting a substantial opportunity.

Target package identified: generally characterized by approximately 100-metre-thick horizon of gneissic rocks with anomalous gold mineralization encompassing significant high-grade gold zones.

Mining lease in place: a massive permitting hurdle already cleared.

Tropicana look-alike: Glenburgh shares very similar geological characteristics and setting to the world-class Tropicana gold discovery. Primed for Australia's next Tropicana style discovery.

High-grade exploration focus

Benz's immediate exploration efforts will concentrate on the high-grade zones within the interpreted target package. Six high-priority targets with shoots exceeding 50 gram metres (Icon, Apollo, Shelby, Hurricane, Zone 102 and Zone 126) have been identified within the existing resource footprint, presenting a compelling opportunity for rapid high-grade resource expansion. Importantly, drilling on average has only tested the top 100 m from surface, leaving incredible upside potential at depth.

Five-kilometre soil anomaly

In addition to these high-grade zones, the Glenburgh project features an exciting five-kilometre-long, 100-part-per-billion geochemical gold anomaly indicating the continuation of the main mineralizing structure along strike. Benz's geological modelling indicates that the prospective target package will likely extend through this area, but at a shallow plunge to the northeast beneath surface cover rock. Current shallow drilling efforts to test this anomaly would have been ineffective. The target package is modelled to be present between 100- and 200-metre depth. This presents an exciting opportunity to delineate an additional five km of target package and associated high-grade zones.

Zone 126 -- high-grade gold

Drilling results from high-grade Zone 126 deposit at Glenburgh illustrates wide high-grade zones open in all directions:

• Eight m at 11.6 g/t Au;
• 28 m at five g/t Au;
• 24 m at 9.1 g/t Au;
• 14 m at 8.9 g/t Au.

Rapid targeting with geophysics

Strong association between high-grade lodes and increased sulphide mineralization, enabling potential for downhole electromagnetic targeting. This relationship can enable downhole EM techniques to rapidly accelerate discoveries and extension of high-grade shoots.

Preliminary metallurgical results

In 2013, Asburton Hall Metallurgical Consulting managed testwork performed at ALS. Three recovery tests were conducted on one-kilogram subsamples of homogenized reverse circulation chips from hole VRC579 metres 210 to 240 (Zone 126).

The samples were subjected to a primary grind of 75 microm, and then put through a Knelson concentrator for gravity recovery. The gravity tail was then subjected to standard cyanide bottle roll leach test with residence of 24 hours. The results demonstrated an average extraction recovery of 96.8 per cent after 24 hours. The results are summarized in the attached table. These results show very encouraging metallurgical characteristics, with a high percentage of gravity recovery gold.

Mount Egerton gold project

Mount Egerton comprises two granted mining leases and five exploration licences, covering a total area of 179.59 square kilometres in the Lower Proterozoic Egerton inlier. Located in the Gascoyne province, approximately 200 km northwest of Meekatharra, the project hosts the high-grade Hibernian mine and the Gaffney's Find prospect.

Previous drilling at Mount Egerton has revealed exceptional high-grade intercepts, including:

• Five m at 96.7 g/t Au;
• Four m at 91.9 g/t Au;
• Four m at 75.3 g/t Au;
• 11m at 42.5 g/t Au.

These intercepts are associated with quartz veining in shallow southwest-plunging shoots. The Hibernian mine, which has only been drill tested to a depth of 70 m, shows strong potential for expansion through deeper drill testing and targeting new shoot positions.

In addition to depth extension potential at the Hiberinan mine, there is a roughly eight-kilometre strike extension to the Hibernian trend under shallow cover that remains underexplored.

Mount Egerton hosts an initial mineral resource estimate of 280,000 tonnes at 3.1 g/t Au for 27,000 ounces. The resource is within trucking distance to several operating mills for potential toll treating options.

Next steps

Benz and Spartan are actively working to fulfill the remaining conditions precedent to the acquisition, paving the way for an exciting new chapter in this partnership.

In parallel with finalizing the transaction, Benz is conducting a detailed geological analysis using advanced lithogeochemistry. This approach will enable Benz to identify key target horizons and generate high-conviction drill targets, setting the stage for a maiden drill program at the Glenburgh project in first quarter 2025.

Benz looks forward to sharing more details on its forward exploration strategy in the coming weeks as it continues to build momentum on these exciting developments.

About Benz Mining Corp.

Benz is a pure play gold exploration company dual listed on the TSX Venture Exchange and the Australian Securities Exchange. The company owns the Eastmain gold project in Quebec, with a National Instrument 43-101 and JORC (2012) compliant mineral resource of 1,005,000 ounces at 6.1 g/t Au, showcasing Benz's focus on high-grade, high-margin assets in premier mining jurisdictions.

On Nov. 6, 2024, Benz announced a binding agreement to acquire the Glenburgh and Mount Egerton gold projects in Western Australia from Spartan. This acquisition, once completed, will mark a transformational step, establishing Benz as a multijurisdictional gold exploration company with a focus on unlocking value in underexplored assets. The Glenburgh project features a mineral resource estimate of 16.3 Mt at 1.0 g/t Au (510,100 ounces of contained gold).

Benz's key point of difference lies in its team's deep geological expertise and the use of advanced geological techniques, particularly in high-metamorphic terrane exploration. The company aims to rapidly expand its global resource base and solidify its position as a leading gold explorer across two of the world's most prolific gold regions.

Historical mineral resource estimates

All mineral resource estimates in respect of the Glenburgh and Mount Egerton projects in this news release are considered to be historical estimates as defined under NI 43-101 (Standards of Disclosure for Mineral Projects). These historical estimates are not considered to be current and are not being treated as such. These estimates have been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists, and Minerals Council of Australia, and have not been reported in accordance with NI 43-101. A qualified person (as defined in NI 43-101) (qualified person) has not done sufficient work to classify the historical estimates as current mineral resources. A qualified person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical data to verify the historical estimates as current mineral resources.

Qualified person (NI 43-101)

The disclosure of scientific or technical information in this news release is based on, and fairly represents, information compiled by Dr. Marat Abzalov. Dr. Abzalov is a qualified person as defined by NI 43-101 and a member in good standing as a fellow of the Australasian Institute of Mining and Metallurgy (No. 202718). Dr. Abzalov has reviewed and approved the technical information in this news release. Dr. Abzalov has shares in Benz.

Competent person's statement (JORC Code)

The information contained in this announcement that relates to the exploration results and mineral resource estimates of the Glenburgh and Mount Egerton gold projects is based on and fairly reflects information compiled by Dr. Abzalov. Dr. Abzalov is an independent consultant of the MASSA Geoservices and was engaged by Benz. Dr. Abzalov is a fellow of the Australasian Institute of Mining and Metallurgy (No. 202718), and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration. Dr. Abzalov has shares in Benz. Dr. Abzalov consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The mineral resource estimate for the Eastmain project was previously reported in accordance with listing Rule 5.8 on May 24, 2023. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcement and confirms that all material and technical assumptions underpinning the estimate continue to apply and have not materially changed. The company confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

We seek Safe Harbor.