Mr. Mark Lynch-Staunton reports

BENZ ANNOUNCES CLOSING OF A$4M FINANCING

Further to the announcement dated Nov. 6, 2024, Benz Mining Corp. has completed the private placement of 18,181,820 Chess depository interests at a price of 22 Australian cents per CDI to raise approximately $4-million (Australian) (before costs). Each CDI represents one underlying common share in the company on a one-for-one basis.

The placement was previously announced in connection with the execution of a binding, conditional share purchase agreement to acquire 100 per cent of the Glenburgh gold project and the Mount Egerton gold project, located in the Gascoyne region of Western Australia, from Spartan Resources Ltd.

Net proceeds raised from the placement will be used to:

• Complete the acquisition;
• 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;
• 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. Euroz Hartleys Ltd. acted as sole lead manager and bookrunner to the placement, and was paid a commission in the amount of $220,000.02 (Australian) (plus GST).

The placement remains subject to the final approval of the TSX Venture Exchange. The securities issued in connection with the placement are subject to a statutory hold period in Canada of four months and one day.

About Benz Mining Corp.

Benz Mining is a pure play gold exploration company dual listed on the TSX Venture Exchange and Australian Securities Exchange. The company owns the Eastmain gold project in Quebec, with a National Instrument 43-101 and Joint Ore Reserves Committee (2012)-compliant mineral resource of 1,005,000 ounces at 6.1 grams per tonne gold, showcasing Benz Mining's focus on high-grade, high-margin assets in premier mining jurisdictions.

On Nov. 6, 2024, Benz Mining 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 Mining 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 million tonnes at 1.0 gram per tonne gold (510,100 ounces of contained gold).

Benz Mining'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.

Competent person statement (Joint Ore Reserves Committee Code)

The mineral resource estimates for the Eastmain project and the Glenburgh project were previously reported in accordance with listing Rule 5.8 on May 24, 2023, and Nov. 6, 2024, respectively. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements, and confirms that all material and technical assumptions underpinning the estimates 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 announcements.

Historical mineral resource estimates

All mineral resource estimates in respect of the Glenburgh project in this news release are considered to be historical estimates as defined under National Instrument 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 (JORC Code), and have not been reported in accordance with NI 43-101. A qualified person (as defined in NI 43-101) 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.

We seek Safe Harbor.