Mr. Kevin Brewer reports

CMC METALS LTD. ANNOUNCES CLOSING OF TRANCHE 1 OF PRIVATE PLACEMENT

Further to CMC Metals Ltd.'s news releases of April 29, 2024, and June 14, 2024, that it has received TSX Venture Exchange approval to close the first tranche of its non-brokered private placement. On June 26, 2024, the company issued 2,782,143 non-flow through units at a price of 3.5 cents per NFT unit, for gross proceeds of $97,375, and one million flow-through units at a price of four cents per FT unit, for gross proceeds of $40,000, for an aggregate gross proceeds of $137,375. Each NFT unit composed one common share and one common share purchase warrant. Each FT unit is composed of one common share and one-half common share purchase warrant, each NFT warrant and each FT warrant are exercisable for two years at seven cents per common share.

Kevin Brewer, president and chief executive officer of the company, subscribed for an aggregate of 1.6 million units, composed of 600,000 NFT units and one million FT units. Such participation was considered to be a related party transaction as this term is defined in Multilateral Instrument 61-101 -- Protection of Minority Securityholders in Special Transactions (MI 61-101). The company relied on the exemption from valuation requirement and minority approval pursuant to Subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, for the insider participation in the offering, as the securities do not represent more than 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.

The company has paid eligible finders cash commissions in the total amount of $157.50 and issued to such finders 4,500 non-transferrable common share purchase warrants, each finder's warrant to entitle the holder to purchase one common share at a price of seven cents exercisable for two years from the date of issuance.

The company intends to use the proceeds from the sale of FT units to incur Canadian exploration expenses and flow-through mining expenditures as these terms are defined in the Income Tax Act (Canada) and, in particular, the company's exploration program at its Silverknife, Amy and Silver Hart properties in the Rancheria silver district (Yukon/British Columbia), potentially limited activities at Logjam (Yukon) and Bridal Veil (Newfoundland and Labrador). Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT units. The company intends to use the net proceeds from the sale of NFT units for general working capital.

That FT and NFT units issued under the financing are subject to a four-month hold.

About CMC Metals Ltd.

CMC Metals is a growth-stage exploration company focused on opportunities for high-grade polymetallic deposits in British Columbia, Yukon and Newfoundland. The company's flagship project is the Silverknife property in the emerging Rancheria silver district. Other projects in this district include the Amy project (British Columbia) and the Silver Hart deposit/Blue Heaven claims (Yukon). The company's polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (Newfoundland) and Logjam (Yukon), both of which are available for option.

We seek Safe Harbor.