Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. CLOSES OVERSUBSCRIBED $2,281,850 PRIVATE PLACEMENT -- WELCOMES NEW SHAREHOLDERS: CRESCAT CAPITAL AND SYNDICATE MINERALS PTY. LTD.

Electrum Discovery Corp. has closed the final tranche of its oversubscribed non-brokered private placement of units at a price of seven cents per unit announced on Sept. 23, 2024, and upsized on Oct. 2, 2024. The company sold 21,987,570 units in the final tranche to raise gross proceeds of $1,532,830.

In total, the company has issued 32,597,854 units for gross proceeds of $2,281,850, with each unit consisting of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of the company at an exercise price of 15 cents for a period of three years from the date of issuance thereof.

The company would like to thank to all subscribers, large and small, new and old, who have participated in this private placement and welcome them to join its journey to potential mineral discovery in Serbia.

Electrum would especially like to acknowledge the investment and backing of Crescat Capital and Syndicate Minerals Pty. Ltd. The company appreciates the strong endorsement from these groups for Electrum's exploration portfolio, the team and exploration strategy.

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.

In connection with the private placement, the company intends to settle an aggregate of $287,150 of indebtedness to several arm's-length creditors of the company through the issuance of 3,589,3756 common shares in the capital of the company at a deemed price of eight cents per common share. These debts relate to the cost of the reverse takeover and readmission to the TSX Venture Exchange (see news release dated Jan. 18, 2024). The completion of the debt settlements is subject to the approval of the TSX-V.

All securities issued in connection with the private placement, including shares issued in connection with the debt settlement, are subject to a four-month hold period, expiring Feb. 2, 2025, and Feb. 10, 2025. The company has paid finders' fees totalling approximately $59,472 cash and 849,000 finders' warrants at an exercise price of 15 cents for a period of two years from the date of issuance, in accordance with the policies of the TSX-V.

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.