Mr. Murray Nye reports

DEMESNE RESOURCES LTD. ANNOUNCES $2.0 MILLION PRIVATE PLACEMENT FINANCING

Demesne Resources Ltd. will proceed with a non-brokered private placement of up to eight million common shares of the company at 25 cents per share for gross proceeds of up to $2-million.

The offering is expected to close in one or more closings, and the company expects to close the first tranche on or about Nov. 29, 2024. The closing of the offering is subject to a number of conditions, including the receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange. The closing of the offering is also conditional upon the company and IMA-1 LLC entering into an option agreement, further to the letter of intent entered between the company and the optionor as announced in the company's news release of Oct. 22, 2024.

On Nov. 6, 2024, the company entered into the option agreement with the optionor. Pursuant to the option agreement, the optionor will grant to the company an option to acquire 100-per-cent interest in the IMA mine project, located in east-central Idaho, United States. Please refer to the company's news releases dated Oct. 22, 2024, and Nov. 6, 2024, for additional details regarding the option agreement and the IMA property.

The company will use the net proceeds from the offering to finance certain payments pursuant to the option agreement on the IMA mine project, certain payments pursuant to an option agreement in connection with the Star project, work-program-related expenses, and for general working capital purposes. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance, in accordance with applicable securities legislation. The offering is not subject to a minimum aggregate amount of subscriptions. The company may pay a finder's fee on the offering within the amount permitted by the policies of the CSE.

About Demesne Resources Ltd.

Demesne Resources is a British Columbia-based company involved in the acquisition and exploration of magnetite mineral properties. The company's sole property is the Star project, consisting of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena mining division, British Columbia, Canada. The company has entered into an option agreement, pursuant to which it is entitled to earn an undivided 100-per-cent interest in the Star project.

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