Mr. Mark Lynch-Staunton reports

BENZ RAISES A$13.5 MILLION TO ACCELERATE EXPLORATION AT GLENBURGH AND MT EGERTON GOLD PROJECTS

Benz Mining Corp. has received firm commitments for a placement of 33,750,750 new fully paid CHESS depositary interests in the company at an issue price of 40 Australian cents per CDI to raise approximately $13.5-million (Australian) (before costs).

The placement was strongly supported by a range of international and domestic institutional, sophisticated and professional investors. In addition, Benz's largest shareholder, Spartan Resources Ltd., has exercised its right to participate in the placement pro rata and will maintain its approximately 14.91-per-cent shareholding in the company, subject to shareholder approval.

Proceeds from the placement will be primarily used to accelerate exploration activities at Benz's 100-per-cent-owned Glenburgh gold project, including follow-up reverse circulation and diamond drilling programs to test high-grade extensions at Zone 126 and other high-priority targets, geological modelling, and associated fieldwork, as well as for the commencement of exploration activities at the Egerton gold project, including targeting high-grade near-surface mineralization with RC drilling, mapping and geochemical surveys to refine future drill programs. Additionally, a portion of the proceeds will also be used to undertake a scoping study at the Eastmain gold mine in Quebec and for general working capital purposes.

Benz chair Evan Cranston commented: "We are very pleased to have received such strong support for the placement which is a testament to the depth of our gold portfolio and, in particular, the significance of our recent gold discovery at Zone 126 at the Glenburgh project, which highlighted the significant growth potential at Glenburgh and validated our conceptual model.

"With a strengthened balance sheet, we are well funded to continue unlock the value of our portfolio, and I'd like to take this opportunity to thank our shareholders for their continued support and welcome our new shareholders on board."

Placement details

The company will issue 28,722,000 placement CDIs under the company's existing placement capacities under Australian Securities Exchange listing Rule 7.1 (6,589,939 placement CDIs) and 7.1A (22,132,061 placement CDIs) (tranche one placement). The participation of Spartan for 5,028,750 placement CDIs will be subject to shareholder approval, which will be sought at a general meeting of shareholders in due course (tranche two placement).

The issue price of 40 Australian cents represents an approximately 4.8-per-cent discount to the last closing price on the ASX of 42 Australian cents on Friday, April 11, 2025, and an approximately 11.2-per-cent premium to the five-day volume-weighted average price on the ASX of 36 Australian cents.

It is anticipated that settlement of the tranche one placement will occur on Thursday, April 24, 2025, and the CDIs will be allotted and commence on Monday, April 28, 2025. The tranche two placement is expected to complete around mid-June, 2025.

Euroz Hartleys Ltd. acted as lead manager, and Tamesis Partners LLP acted as co-manager to the placement. A fee equal to 6 per cent of the gross proceeds of the placement is payable. The placement CDIs will rank equally with existing CDIs from the date of issue.

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 and the recently acquired Glenburgh and Mount Egerton gold projects in Western Australia.

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.

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