Mr. Patrick Cruickshank reports

NINE MILE METALS ANNOUNCES CLOSING OF LIFE OFFERING

Nine Mile Metals Ltd. has closed its previously announced private placement for gross proceeds of $4,631,250 through the issuance of 24,374,997 units of the company at a price of 19 cents per unit.

Each unit comprises one common share of the company and one common share purchase warrant of the company, with each warrant exercisable into one common share at a price of 30 cents for a period of two years, provided that if the daily volume-weighted average trading price of the common shares on the Canadian Securities Exchange equals or exceeds 50 cents for 10 consecutive trading days, the company may, at its discretion, accelerate the expiry date of the warrants by providing not less than 30 days of notice to warrantholders via news release.

Patrick J. Cruickshank, chief executive officer and director, commented: "We are encouraged by the significant investor interest in this financing, which resulted in the offering being oversubscribed. This support enables us to accelerate our growth initiatives while maintaining a disciplined approach to capital allocation. In addition to the offering, the company has received over $1-million from the exercise of warrants during the past few weeks. We are positioned strongly for the next 24 months and the new capital will enable us to execute an extensive exploration program for the next two years."

In accordance with National Instrument 45-106, Prospectus Exemptions, the units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The common shares and warrants issued to purchasers resident in Canada are immediately freely tradeable in accordance with applicable Canadian securities laws.

There is an offering document related to the offering and the use by the company of the listed issuer financing exemption that can be accessed under the company's profile on SEDAR+ on the company's website.

In connection with the offering, the company paid finders' fees of $279,667.52 and issued 1,471,934 finders' warrants. Each finder's warrant will be exercisable for one additional unit at a price of 19 cents for a period of two years. Each unit comprises one common share and one warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 30 cents for a period of two years, subject to the same acceleration as the warrants issued under the offering. The finders' warrants and the underlying securities will be subject to a statutory hold period in Canada of four months and one day after the date of issuance.

The company intends to use the proceeds of the offering for: (i) exploration activities and related expenses on its critical minerals projects in the Bathurst mining camp; and (ii) general and administrative obligations.

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on VMS (volcanogenic massive sulphide) (Cu (copper), Pb (lead), Zn (zinc), Ag (silver) and Au (gold)) exploration in the world-famous Bathurst mining camp, New Brunswick, Canada. The company's primary business objective is to explore its four VMS projects: the Nine Mile Brook VMS project; the California Lake VMS project; and the Canoe Landing Lake (East-West) project and the Wedge VMS project. The company is focused on exploration of minerals for technology (MFT), positioning for the boom in EV (electric vehicle) and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

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