Mr. Murray Nye reports

DEMESNE RESOURCES LTD. ANNOUNCES CLOSING OF A THIRD TRANCHE OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FINANCING

Demesne Resources Ltd. has completed the third tranche of its previously announced non-brokered private placement financing. Pursuant to the third tranche, the company issued 1.66 million common shares of the company at a price of 25 cents per common share for gross proceeds of approximately $415,000.

The company plans to complete a subsequent tranche of the offering for gross proceeds of up to $424,599 in January, 2025.

In connection with the third tranche, the company paid finders' fees to eligible finders consisting of $17,150 in cash and 68,600 common share purchase warrants. Each finder's warrant is exercisable to acquire one common share of capital of the company at an exercise price of 25 cents per common share for a period of 12 months.

Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange.

The company will use the net proceeds from the offering to finance certain payments pursuant to an option agreement in connection with the IMA mine project, certain payments pursuant to an option agreement in connection with the Star project, work-program-related expenses, marketing expenses and general working capital purposes. All securities issued in connection with the third tranche are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

About Demesne Resources Ltd.

Demesne is a British Columbia-based company involved in the acquisition and exploration of magnetite mineral properties. The company's Star project consists 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. Demesne has also entered into an option agreement, pursuant to which it can acquire a 100-per-cent interest (subject to a 2-per-cent royalty) in and to the IMA mine project, a past-producing underground tungsten mine situated on 22 patented claims located in east-central Idaho, United States.

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