Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. OPENS A NON-BROKERED PRIVATE PLACEMENT OF UP TO C$1.5 MILLION

Electrum Discovery Corp. has arranged non-brokered private placement of up to 21,428,571 units of the company at a price of seven cents per unit to raise aggregate gross proceeds of up to approximately $1.5-million.

Each unit will comprise one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of 15 cents for a period of 36 months following the completion of the private placement.

The proceeds of the private placement will be used by the company for the continued exploration of its Timok East copper-gold project, including a maiden drill program, and for working capital purposes.

Certain insiders of the company may participate in the private placement, and the company may pay a finder's fee to third party finders who introduce investors to the company. The completion of the private placement is subject to the receipt of all necessary regulatory approvals, including the approval of TSX Venture Exchange.

The private placement may be closed in one or more tranches. It is anticipated that closing of a first tranche of $500,000 will occur promptly upon receipt of conditional approval from the TSX-V, which is expected shortly. A further news release will be issued on closing of the private placement.

All securities issued in connection with the private placement will be subject to a hold period expiring four months and one day after the date of issuance thereof.

About Electrum Discovery Corp.

Electrum Discovery is an emerging mineral exploration and development company focused on the prolific Western Tethyan belt with two main projects spanning 645 square kilometres of prospective exploration ground in Serbia:

• Timok East extends over 123 square kilometres across the Timok copper-gold region and includes the recently discovered Bambino copper-gold anomaly, located fewer than five kilometres from the Bor copper-gold mining complex.
• Novo Tlamino, located in southeastern Serbia, covers 522 square kilometres and includes an inferred mineral resource estimate of 670,000 ounces of gold equivalent (7.1 million tonnes at an average grade of 2.9 grams per tonne AuEq) (see preliminary economic assessment dated Jan. 7, 2021).

Electrum's management team is focused on maximizing shareholder value through the acquisition and advancement of a large portfolio of copper-gold assets, while fostering sustainability, governance and knowledge transfer in the region.

We seek Safe Harbor.