On May 26, 2023, the company issued 3,255,000 conventional units at a price of CAD 0.08 per conventional unit for aggregate gross proceeds of CAD 260,400 and 350,000 units at a price of CAD 0.10 per FT unit for aggregate gross proceeds of CAD 35,000 in its first tranche. Each conventional unit is composed of one common share of the company and one common share purchase warrant. Each conventional warrant entitles the holder thereof to acquire one additional common share at a price of 12 cents per common share for a period of 24 months from the date of issuance.

Each FT unit is composed of: one common share designated as a flow-through share under the Income Tax Act (Canada); and one common share purchase warrant. Each flow-through warrant entitles the holder thereof to acquire one additional common share at a price of CAD 0.15 per common share for a period of 24 months from the date of issuance. The Flow-Through Warrants and Conventional Warrants are each subject to an acceleration right exercisable by the Company which will force their exercise should the Company's Common Shares trade at or above a volume-weighted average price of CAD 0.20 on the TSXV for any 20 consecutive trading days following the closing date.

In connection with the closing of this tranche of the Offerings, the Company paid finder's fee commissions in the aggregate amount of CAD 17,724 and issued 120,000 broker warrants. The Broker Warrants have the same terms as the Conventional Warrants. The Offerings are subject to the receipt of all necessary approvals, including the final acceptance and approval of the CSE.

All securities issued pursuant to this tranche of the Offerings are subject to the statutory hold period that expires four months and one day from their issuance, being September 26, 2023. The Company wishes to announce that the Offerings will, subject to the approval of the CSE, remain open for an additional 45 days from the date of this press release.