Group Eleven Resources Corp. announced results from the last hole of the 2023 drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland. Last Hole from 2023 Drill Campaign at Ballywire: The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery (announced Sept-2022).

In addition to 20 holes drilled and reported by Group Eleven to date, the final step-out hole (G11-3552-04) of the 2023 program is reported on January 30, 2024. This hole steps out 50m to the north from previously known mineralization. For reference, G11-3552-03 (announced 21-Nov-2023) returned 32.7m of 4.4% Zn+Pb and 37 g/t Ag including 11.2m of 8.9% Zn+Pb and 83 g/t Ag.

Mineralization in the G11-3552-03 and -04 is interpreted to be offset by approx. 25m along a steep-dipping fault. This fault may help in the vectoring of drill targets towards the east.

The above drill hole is located north of the high-grade trend associated with the recently announced 'C1' gravity-high anomaly. Anomalies 'B', 'C2' and 'C3' have not yet been drilled and are the focus of drill testing on the current (2024) drill campaign. In addition to the above, the Company recently selected several high-grade intervals from the Company's Ballywire drilling to test for germanium (using lithium borate fusion assay).

The new assays returned elevated germanium (Ge) levels, broadly similar to those previously reported. With Ge trading at nearly twice that of silver (approx. USD 41/oz vs silver at USD 23/oz) and deemed a critical raw material by the European Union, these elevated Ge levels along with elevated silver grades bode well for the future strategic value at Ballywire.

New Prospecting Licence at Stonepark and Background Information on Ballywire Discovery: Ballywire is located in the SE portion of the Company's 100%-owned PG West Project, Republic of Ireland (see Exhibit 6). PG West, including the nearby Tullacondra prospect, covers an area of 650km2 and is contiguous with the Company's Stonepark project (covering 184km2; 76.56% interest). Ballywire is located approximately 20km SE of Glencore's Pallas Green deposit (Mineral Resource Estimate of 45 mln tonnes of 7.2% Zn and 1.2% Pb, Inferred (Glencore, 31-Dec-2022)) and approximately 50km SW of the historic Lisheen zinc mine (closed in 2015).

Geologically, Ballywire is situated at the intersection of the SW projection of the Rathdowney Trend, hosting the past-producing Lisheen and Galmoy zinc mines, and the Pallas Green Corridor, which hosts the undeveloped Pallas Green deposit. Historic drilling at the Ballywire prospect was sparse, last being worked in 2008. Group Eleven staked the prospect in 2016 and announced the discovery in September 2022.

The Company recently applied for and was subsequently awarded a prospecting licence (PL3824; see Exhibit 6), located within the Stonepark Project (76.56% Group Eleven, 23.44% Arkle Resources PLC). The licence is underlain by the interpreted SW continuation of the prospective Coonagh Castle Fault. Notes to Exhibit 6: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated December 31, 2022); (b) Stonepark MRE: see the 'NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland', by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in 'Report on Prospecting Licence 464' by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in 'The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd. in 'Report on Mallow Property' by David Wilbur, dated December 1973; and later summarized in 'Cu-Ag Mineralization at Tullacondra, Mallow Co.

Cork' by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. 'Rathdowney Trend' is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.