Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. ANNOUNCES CLOSING OF THE FIRST TRANCHE OF PRIVATE PLACEMENT AND UPSIZES OFFERING

Further to its news release dated Sept. 23, 2024, Electrum Discovery Corp. has closed the first tranche of its non-brokered private placement of 10,700,284 units at a price of seven cents per unit to raise gross proceeds of $749,020.

Furthermore, due to strong investor demand, it has upsized the private placement to up to $2.1-million, comprising the sale of up to 30 million units.

Each unit comprises one common share of the company and one common share purchase warrant of the company, with each warrant entitling the holder thereof to purchase one additional common share at an exercise price of 15 cents for a period of three years from the date of issuance thereof.

Dr. Elena Clarici, president and chief executive officer of Electrum, commented, "We are pleased to have completed the closing of the first tranche of our private placement and were delighted by the support from existing shareholders and interest from new investors."

The closing of the second tranche of the private placement is expected to occur on or before Oct. 7, 2024, or such other date(s) that the company may determine.

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

All of the units issued as part of the first tranche are subject to a hold period expiring on Feb. 2, 2025.

In connection with the private placement, the company may pay finders' fees to eligible non-related parties of up to 6 per cent of the gross proceeds raised. Additionally, Electrum may issue finders' warrants equal to up to 6 per cent of the units sold. Each finder's warrant will entitle the holder to purchase one common share at a price of 15 cents for a period of two years from issuance.

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.