Benz Mining: Highest Grade Gold to Date Confirms Eastmain's Potential to Host a Standalone Gold Project

HIGHLIGHTS

• Results for remaining diamond holes from 2021 exploration campaign received
• Assays return high-grade gold from all zones of the Eastmain system identified to date
• Best intercepts include:
  • 1.0m at 365.5g/t gold from 81.0m (EM21-229, E Zone, highest grade to date for Benz)
  • 6.6m at 9.8g/t gold from 643.9m including 1.1m at 36.7g/t gold (EM21-230, D Zone)
  • 6.2m at 9.7g/t gold from 674.3m including 1.0m at 23.4g/t gold (EM21-182, D Zone)
  • 8.4m at 4.6g/t gold from 578.0m including 1.0m at 26.0g/t gold (EM21-203, C zone)
  • 6.8m at 4.5g/t gold from 458.5m including 1.3m at 8.7g/t gold (EM21-232, D Zone)
  • 3.0m at 9.8g/t gold from 345.0m including 0.8m at 35.8g/t gold (EM21-207, E zone)
• Confirmed discovery of Upper Horizon, a new high-grade zone between Kotak and the Mine Trend, adding one more discovery to Benz's track record
• Consulting geologist Marcus Harden (ex-Bellevue Gold) to lead structural interpretation targeting structurally controlled high-grade shoots in the next round of drilling

Toronto, June 7, 2022 - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to provide gold assay results from its 2021 drilling campaign. All fire and metallic screen fire assays have been received and confirm D and E Zones as high-grade gold discoveries whilst expanding mineralisation at A, B and C Zones.

These results enable Benz to be a position to release an Exploration Target* based solely on the areas targeted as part of the 2021 drill program and its understanding of Eastmain's geology with the potential to add to Benz's existing 376,000oz resource**.

Table 1: Exploration Target Eastmain Gold Project June 2022

*The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration drilling results to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target is in addition to the existing mineral resource estimate**.

** Existing resource reported under JORC (2012) and NI43-101 in Benz prospectus dated 21/12/2020 Details of the existing resource on the following page.

Table 2: Eastmain Project existing Resource Estimate

** Existing resource reported under JORC (2012) and NI43-101 in Benz prospectus dated 21/12/2020

CEO, Xavier Braud, commented:

"We are excited by these results which show that we keep getting systematic high-grade intercepts on wide 100m x 100m spacing and have delivered our highest assay to date with 1.0m at 365.5g/t gold. Nearly all holes returned mineralisation which demonstrates the size extent of the mineralised system.

"The small 10 hole drill program in 2020 saw us prove the concept of using electromagnetics to find gold mineralisation at the Eastmain Project.

"In 2021, we were able to leverage off this exploration technique to, notwithstanding the pressures brought about by Covid and 6 months assay turnaround times, deliver an Exploration Target of this size from only 12 months of drilling.

"I am very proud of the Benz team who has managed to drill multiple high-grade greenfield discoveries into the Project.

"We would never have been able to reach the Exploration Target we have today in such a short period of time if it wasn't for direct targeting the 400+ EM conductors identified to date at Eastmain and enough visible gold in core to keep us drilling.

"We are now integrating all of the geological information at hand, combined with all the assays to date, in a broader study to hone into the highest grade parts of the system.

"We are thrilled to have secured the expertise of Marcus Harden. Marcus has a lot of experience in similar high grade gold systems, including the Bellevue Gold project in Western Australia, which Benz has used as an analogue for its exploration methodology.

"We found new mineralised zones targeting electromagnetics and it is now time to capitalise on those discoveries by understanding the structural controls on the high-grade shoots in the system.

"The Exploration Target we are releasing today is based only on our knowledge of the Mine Horizon. All of Benz's new discoveries, Nisto Trend, Kotak Trend, Upper Horizon, and the gold hosted by the tonalite in E Zone are not part of the target and form part of the upside still to be realised at the Project.

"The upper Eastmain Greenstone Belt is an amazing place to explore; the discovery potential is enormous. 2022 has also delivered us some great surprises. The Ruby Hill West lithium pegmatite discovery and the southern anomalies are showing us great potential for the belt. We look forward to the results from our 2022 drill program that has targeted further extensions along this exciting greenstone belt."

Newly joined consultant, Marcus Harden, commented:

"I am very pleased to come onboard and spend some of my time consulting to Benz on the Eastmain Project. Eastmain shares a lot of similarities with previous deposits I have worked on. I am looking forward to helping with targeting the next series of discoveries at Eastmain. I share Benz's management view that the Project has a lot more to offer and I am glad to be part of this exciting new phase in the Project's history."

Resource estimation specialist, Dr Marat Abzalov, commented:

"The level of geological knowledge we have reached at Eastmain, combined with all of Benz's successful drilling and the latest 2021 assays results, has allowed us to produce an Exploration Target for Eastmain. We are now able to see the upside in depth extensions and new discoveries around the existing Eastmain Resource. We are also confident that, with more drilling, all of Benz's new discoveries (Nisto & Kotak Trends, Upper Horizon) will contribute to the groth of the Project's endowment. We will now work on the drilling requirements to place Benz in a position to produce a maiden resource estimate and fully realise the potential of the area."

Figure 1: All BNZ drill collars to date coloured by maximum gold abundance in g/t x m, Eastmain Project with selected high-grade results from newly released 2021 assays.

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Introduction

Benz drilled 92 holes for c.51,500m of core in 2021 targeting fixed loop and down hole electromagnetic conductors in the mine area focussing on the new discoveries at D and E Zones and proving up extensions to the original A, B and C Zones at depth.

Assays for 32 drillholes were announced in December 2021 before Benz started experiencing considerable delays in metallic screen fire assays turnaround. The high-grade nature of the deposit called for systematic metallic screen fire assays of mineralised zones with limited other alternatives available at the time.

Benz has now received complete assay results from the 60 remaining holes from the 2021 drill campaign.

Following its success in 2020, Benz pursued a strategy of drilling TDEM and BHEM anomalies in order to follow the best geophysical response caused by the presence of conductive sulphides (pyrrhotite) associated with the gold mineralisation. The electromagnetics strategy led Benz to the discovery of two new mineralised zones, D and E, and the extensions to the north of known zones A, B and C that will increase the size of these historical zone to the northeast.

It is noteworthy that whilst the gold mineralisation at Eastmain is closely associated with pyrrhotite and chalcopyrite, EM is a method of choice for exploration targeting as the gold occurs as coarse free gold. Historical mill recollection from MSV resources reports in the 1990's show +95% recoveries from Eastmain Ore via conventional grind, floatation and CIL extraction.

D Zone

D Zone is located 2km to the southeast of the Mine portal along strike from A, B and C Zones. This area had been sparsely drilled previously in the 1980's to try to follow the Mine Trend to the southeast with little success.

Benz drilled 29 holes into D Zone in 2020 and 2021 totalling 22,256m, intercepting the Mine Horizon between near surface and 850m vertical depth at the deepest.

Electromagnetic conductors, both from surface FLEM surveys and from DHEM surveys, identified three mineralised sulphide bearing horizons, the Mine Horizon, the Upper Horizon, and the Kotak Horizon. Both Upper and Kotak are located in the hanging wall of the Mine Horizon and represent strong targets for expansion of the mineralised system and increase of the ounces endowment.

1- The Mine Horizon: This is represented by a highly deformed, altered banded rock (silicified and biotite) with quartz veins locally containing up to 20% sulfides mostly pyrrhotite, pyrite and chalcopyrite with traces of sphalerite. This silicified horizon is in contact with a sheared and altered ultramafic intrusion. Gold is found as free grains mostly located in the deformed ultramafic and quartz veins within the silicified zone. Garnets are locally present.

2- The Upper Horizon: This is represented by a shear zone with locally up to 20% sulphides and is affected by silica and biotite alteration. Garnet porphyroblasts are present as well as magnetite.

3- The Kotak Horizon is similar to the Upper Horizon with an apparent increase in quartz veins density.

Figure 2: D Zone map with BNZ collars coloured by maximum gold abundance in g x m, electromagnetic conductors, current Eastmain resource outlined over schematic geology.

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Several holes returned multiple mineralised horizons with grade. Best intersections from D Zone from the May-Dec 2021 drilling include:

EM21-182: Kotak Horizon: 0.8m at 1.03 g/t gold from 327.7m

Upper Horizon: 1.0m at 1.52g/t gold from 518m

Mine Horizon: 6.2m at 9.7 g/t gold from 674.3m including 1.0m at 23.6 g/t gold and 0.47% copper

EM21-230: Kotak Horizon: 1.9m at 11.7 g/t gold 324.1m

Upper Horizon: 1.2m at 2.2 g/t gold from 510.3m

Mine Horizon: 6.7m at 9.8 g/t gold from 643.9m including 1.1m at 36.7g/t gold

EM21-232: Upper Horizon: 6.8m at 4.5 g/t gold from 458.5m

Mine Horizon: 4.1m at 1.5 g/t gold from 601.1m

Figure 3: D Zone cross section (50m wide) showing the three parallel mineralised horizons (Mine, Upper and Kotak)

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Hole EM21-228 intersected the Mine Horizon between 936.0m and 970.5m, the deepest intersection to date at the Project. The interval showing visible gold and samples were submitted for metallic screen fire assays. Results included 0.7m at 1.0g/t gold from 965.6m and 1.4m at 1.7g/t gold from 969.1m. The results illustrate the heterogeneity of the material. Laboratory rejects from this interval have been submitted for analysis by PhotonAssay and results are pending.

A complete set of results is available in Appendix 1 with reports of composite significant intervals.

Zone A, B and C extensions:

Benz's strategy was to test TDEM and BHEM conductors located in the extensions of the historical modelled resource of the A, B and C Zones.

A total of 15,397m was drilled since 2020 with 14,173m drilled in 2021.

Using electromagnetics, Benz was able to directly target extensions to known mineralisation, down plunge and along strike, saving a considerable amount of time and drilling to discover more high-grade mineralisation and show that A, B and C Zones extend at depth well past the boundaries of the current resource model.

Figure 4: Cross section through C Zone (historical wireframe off-section to the NW - into the page - section is 50m wide) showing extensions at depth.

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The Mine Horizon was identified in all holes drilled with best intersections showing:

In C Zone extension (Mine Horizon):

EM21-199: 3.3m at 5.3g/t gold from 372.6m with 1.0m at 15.85 g/t gold in sheared ultramafic.

EM21-203: 8.4m at 4.6g/t gold from 578.0m in silicified mylonite including 1.8m at 26.0 g/t gold.

EM21-212: 3.2m at 2.8g/t gold from 581.4m and proving continuity of thickness and mineralisation in the Mine Horizon.

EM21-221: 5.4m at 3.7 g/t gold from 605.1m.

In A Zone extension (Mine Horizon)

EM21-222: 3.1m at 3.6 g/t gold from 409.9m.

EM21-214: 2.2m at 5.5g/t gold from 452.5m.

EM21-216: 1.5m at 2.8g/t gold from 387.4m.

A complete set of results is available in Appendix 1 with reports of composite significant intervals.).

E Zone:

E Zone is located 3km to the SE of the Mine portal and 1km to the southeast of D Zone. E Zone is a virgin discovery made by Benz under glacial cover following electromagnetics targeting in 2020.

To date, Benz has drilled 33 holes into E Zone with 11 of those holes returning assays of over 8.0g/t gold. Gold has been intersected in wide spaced drilling in an area that measures 700m by 600m from surface down to 350m vertical depth and is still open at all sides. Benz has followed mineralisation all the way to subsurface with the shallowest mineralised horizon intercepted in drillhole EM21-234 with 1.6m at 2.9g/t gold from 4.4m.

At E Zone, mineralisation occurs in several settings.

- A strongly deformed and altered horizon mostly located at the contact of the volcanosedimentary sequence and a deformed altered tonalite intrusion structurally interpreted as sitting in the hanging wall of the Mine Horizon. This horizon is strongly altered in biotite, sericite and carbonate and is cut by sulphide and quartz veins. Garnet porphyroblast are observed as well, sulphides are mostly pyrrhotite, pyrite, chalcopyrite, sphalerite with rare molybdenite. Visible gold has been observed in this setting in several holes associated with quartz veins.

- Strongly sericite, albite and carbonate altered and locally deformed tonalite with quartz, carbonate and tourmaline veins and veinlets. Pyrite, sphalerite and locally arsenopyrite (with pyrrhotite and chalcopyrite) are observed in association with quartz veins. Visible gold has been observed in several holes in this setting.

This tonalite intrusion has a variable thickness over the area, dips parallel to foliation (45 degrees to the northeast) and seems to pinch out to the west. We have identified it over an area of 700m by 500m. Monzonite and quartz diorite were observed in the margins of this intrusion.

The tonalite has only been observed in E Zone and is interpreted as syntectonic.

Gold mineralisation can be found associated with shears and quartz - albite veins throughout the intrusion but more abundantly in the upper half and closer to the sheared contact with the volcanic sequence.

Best intersections are:

EM21-229: 1.0m at 365.5g/t gold (11.7oz/t) starting at a shallow 81.0m in a sulphide bearing quartz vein with visible gold.

EM21-200: 4.3m at 4.9g/t gold from 230.74m including 1.3m at 8.7g/t gold in a shear at the contact been volcanics and a gabbro and 4.8m at 0.5g/t gold from 417.5m within altered tonalite.

EM21-207: 3.0m at 9.8 g/t gold from 345.0m including 0.8m at 35.8g/t gold in altered tonalite.

EM21-213: 1.8m at 3.9g/t gold from 97.2m in altered tonalite and 2.7m at 1.7g/t gold from 173.2m in quartz veins with sulphides within the tonalite showing high-grade bearing structures within the intrusion.

EM21-218: 4.8m at 4.7g/t gold from 130.9m including 1.0m at 10.4 g/t gold in sheared volcanics above the tonalite contact and within 100m from surface showing shallow high-grade material at E Zone.

EM21-220: 1.1m at 9.5g/t gold from 24.4m in a sheared ultramafic with quartz and tourmaline veins and 2.0m at 6.7 g/t gold in sheared volcanics at 91.0m highlighting multiple stacked high-grade structures just below shallow (<20.0m) overburden at E Zone.

EM21-227: 3.8m at 5.4g/t gold from 222.8m in a shear zone including 1.3m at 18.3g/t gold

EM21-233: 4.6m at 2.5g/t gold starting at 397.68m in a shear zone including 0.9m at 8.1g/t gold.

EM21-234: 1.6m at 2.9g/t gold starting at a very shallow 4.4m and 0.88 g/t gold over 7m from 70.7m highlighting potential for bulk low-grade material within the body of the tonalite, a common setting in Archean greenstone belts where later felsic intrusions can be host to disseminated low grade gold over the whole body of the intrusion.

Figure 5: E Zone drilling coloured by maximum gold abundance over simplified geology and electromagnetics modelled plates projected to surface.

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Figure 6: EM21-229 - 81.3m visible gold. Best assay (by PhotonAssay) returned 1.0m at 365.5g/t gold.

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Figure 7: E Zone cross section with geology, DHEM conductors and highlight intervals.

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NW Zone:

The NW Zone is located about 600m to the NW of the A Zone mineralised lens and camp infrastructure and can be accessed by a trail in summer. The mineralised horizon is associated with a strongly biotite, sericite, silica and carbonate altered mylonite located within deformed and altered ultramafic rocks. Sulphide content varies from 1-2% to up to 20% in sulphide veins, with xenoliths of enclosing rocks, often associated with quartz veins. There are also stringers and patches of sulphides. Garnet porphyroblasts are also observed in association with the more biotite altered rocks.

Main sulphides are pyrrhotite, chalcopyrite, pyrite and sphalerite. Visible gold was observed in several holes at NW Zone. Benz's discovered Nisto Trend at the NW Zone and A Zone is found between 100m and 200m deeper than the Mine Horizon. Mineralisation is hosted at the contact between strongly deformed and altered sediments (wackes and conglomerate) and ultramafics with stringers and patches of pyrrhotite and chalcopyrite. Garnet porphyroblasts are locally observed in association with the more biotite rich rocks.

Geological continuity and exploration target

1- From D Zone to NW Zone including A, B and C Zone extensions

The Mine Horizon displays very good geological continuity over the 2.7 km between NW Zone and D Zone.

Whilst the geology is continuous, structural features such as faulting and folding control the gold abundance within the horizon.

This geological continuity and the beginning of an understanding of structural controls is the base for Benz's capacity to establish an exploration target, in line with all drilling results to date.

Note: The current exploration target is solely based on the understanding of the Mine Horizon's geology. Upper and Kotak Horizons have only recently been discovered by Benz and the drill density to date does not allow yet to draw an accurate interpretation of continuity.

Figure 8: NW Zone to D Zone map with existing resource outline and exploration target areas used for exploration target size evaluation.

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2- E Zone

E Zone is a new discovery made by Benz in 2021. The geological context at E Zone is different from the extended Eastmain Mine system.

Benz, in its endeavour to "size up" the potential at E Zone, drilled on a wide spaced 100m x 100m pattern, targeting electromagnetic conductors and following visible gold intercepts towards surface.

A common feature to all the drilling is the presence of a sheared zone at or near the upper contact between the volcanics and the tonalite intrusion. This mineralised shear zone displays sufficient apparent continuity to establish an exploration target for E Zone. None of the lower grade tonalite related mineralisation nor any of the other shear zones intersected in E Zone drilling to date have been considered as the drilling spacing does not allow yet to draw an accurate interpretation of continuity.

Figure 9: D and E Zones map with existing resource outline and exploration target areas used for exploration target size evaluation.

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Exploration target estimation methodology

Drilling conducted in 2020 and 2021 at the Eastmain Project targeted wide spaced electromagnetic conductors located outside of the existing resource envelope.

The drillhole closest to the existing resource wireframe intersects the Mine Horizon approximately 100m away from the wireframe.

Based on geological observations, Benz's drilling of 2020 and 2021 intercepted with certainty the Mine Horizon in multiple locations.

Estimation of the exploration targets was made using two dimensional (2D) Multiple Indicator Kriging technique (MIK) applied to drillhole intersections without constraining mineralisation by wireframes.

Mineralised intersections of the Mine Horizon (at NW, A, B, C Zone extensions and D Zone) were selected using 0.1 g/t Au as the lower cut-off value and estimation was made independently for thickness and metal accumulation (i.e., product of length x grade) for each hole. The same methodology was used for the upper shear at E Zone.

Multiplying the surfaces area of estimated blocks by the block thicknesses and a density of 2.7 t/m³ (an appropriate estimate of average density of greenstones) allowed for the calculation of a range of tonnages.

Grade range was deducted from MIK estimate dividing the obtained metal accumulations by the corresponding thicknesses.

The methodology at E Zone was the same but following geological continuity of the upper shear zone, a geological feature encountered in all holes drilled at E Zone and displaying sufficient characteristic features to establish geological continuity between core intercepts and allow for the construction of an MIK model using all drilling to date in the area.

The data used did not integrate the highest-grade interval of 1.0m at 365.5g/t gold from 81.0m in drillhole EM21-229 as the duplicate analysis result had not yet been received.

Mineralisation from the Nisto Trend in the footwall of the Mine Horizon and from the Upper Horizon and the Kotak Horizon in the hangingwall of the Mine Horizon was not part of this calculation.

Table 3: Exploration target Eastmain Project - Mine Horizon and E Zone Upper Shear - potential additional mineralisation

¹The reader is advised that an Exploration Target is based on existing drill results and geological observation from drilling as well as interpretation of multiple available datasets. The Exploration target is conceptual in nature and is therefore an approximation.

Benz highlights the fact that there has been insufficient exploration drilling and therefore insufficient data to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Benz is currently evaluating the amount and nature of drilling needed to attempt converting the exploration target into a resource estimate

2022 Exploration Update

From January to May 2022, Benz drilled over 17,000m of core for 43 diamond drillholes into a range of regional targets identified by electromagnetics and a historical 3D induced polarisation. Most of these targets are located within the 12km of strike of greenstone belt surrounding the Eastmain deposit.

Benz also drilled recently identified FLEM conductors at the Southern Anomalies. Results of visual mineralisation from the drilling at the Southern Anomalies were reported on 18 May 2022.

Core from the 2022 drilling campaign is still being processed and Benz is looking forward to updating the market with progress from the 2022 drilling.

Figure 10: Eastmain Project area

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This release was prepared under supervision and approved by Dr. Danielle Giovenazzo, P.Geo, acting as Benz's qualified person under National Instrument 43-101 for the reporting of exploration and drilling results.

This release was prepared under supervision and approved by Dr. Marat Abzalov, PGeo, holder of an OGQ temporary permit, acting as Benz's qualified person under National Instrument 43-101 for the purposes of exploration target compilation and calculation.

All core samples were dispatched either to Actlabs in Ste-Germaine-Boule (Abitibi) or ALS Global at the Lachine for fire Assay / AAS finish (gravity) and metallic screen where Visible gold was observed. Multielement analysis was conducted on selected core by either ICP-MS or ICP-OES. Recently, core samples were sent to MSA labs in Val D'Or for photon analysis.

Benz Mining enforces industry-standard QA/QC procedures to its drilling program. All batches sent for analysis include certified reference materials, blanks, and duplicates.

Benz Mining will keep the market updated with upcoming assays results as they become available.

For more information please contact:

Australia:

Xavier Braud
CEO, Benz Mining Corp.
Telephone: +61 8 6143 6702
Email: info@benzmining.com

Dannika Warburton
Principal, Investability Partners
Email: benzmining@investability.com.au
Telephone: +61 401 094 261

Canada:

Paul Fowler
Head of Corporate Development (Canada)
Benz Mining Corp.
Telephone: +1 416 356 8165
Email: info@benzmining.com

About Benz Mining Corp.

Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) brings together an experienced team of geoscientists and finance professionals with a focused strategy to unlock the immense mineral potential of the Upper Eastmain Greenstone Belt in Northern Quebec, which is prospective for gold, lithium, nickel, copper and other high-value minerals. Benz is earning a 100% interest in the former producing high grade Eastmain gold mine, Ruby Hill West and Ruby Hill East projects in Quebec and owns 100% of the Windy Mountain project.

At the Eastmain Gold Project, Benz has identified a combination of over 380 modelled in-hole and off-hole DHEM conductors over a strike length of 6km which is open in all directions (final interpretation of some of the conductors still pending).

In 2021, Benz confirmed the presence of visible spodumene in a pegmatite at the Ruby Hill West Project, indicating lithium mineralisation which Benz intends to further explore in 2022.

Benz tenure over Upper Eastmain Greenstone Belt simplified geology.

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About Eastmain Gold Project

The Eastmain Gold Project, situated on the Upper Eastmain Greenstone Belt in Quebec, Canada, currently hosts a NI 43-101 and JORC (2012) compliant resource of 376,000oz at 7.9gpt gold (Indicated: 236,500oz at 8.2gpt gold, Inferred: 139,300oz at 7.5gpt gold). The existing gold mineralisation is associated with 15-20% semi-massive to massive pyrrhotite, pyrite and chalcopyrite in highly deformed and altered rocks making it amenable to detection using electromagnetic techniques. Multiple gold occurrences have been identified by previous explorers over a 12km long zone along strike from the Eastmain Mine with very limited but highly encouraging testing outside the existing resource area.

About Ruby Hill West Lithium Project

he Ruby Hill West Lithium project is a surface occurrence of spodumene bearing pegmatite within the Ruby Hill West project, located 50km due west of the Eastmain exploration camp. The occurrence was first sampled in 2016 by Eastmain Resources and then by Quebec government geologists in 2018. Only limited sampling was conducted by both groups.

In March 2022 Benz conducted a drilling program at the Ruby Hill West lithium pegmatite prospect and reported a 31.2m interval of visible spodumene rich pegmatite in the drilling (ASX & TSX-V releases dated 29 April 2022 "Multiple spodumene pegmatites intersected at Ruby Hill West").

Core samples from this drilling program have been submitted to the laboratory in late April and early May and results are expected shortly.

Forward-Looking Information: Certain statements contained in this news release may constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

Competent Person's Statements: The information in this report that relates to Exploration Results is based on and fairly represents information and supporting information compiled by Mr Xavier Braud, who is a member of the Australian Institute of Geoscientists (AIG membership ID:6963). Mr Braud is a consultant to the Company and has sufficient experience in the style of mineralisation and type of deposits under consideration and qualifies as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Braud holds securities in Benz Mining Corp. and consents to the inclusion of all technical statements based on his information in the form and context in which they appear.

The information in this report that relates to the estimation of an Exploration Target is based on and fairly represents information and supporting information compiled by Dr Marat Abzalov, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM, 202718). Dr Abzalov is a consultant to the Company and has sufficient experience in the style of mineralisation and type of deposits under consideration and qualifies as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Abzalov holds securities in Benz Mining Corp. and consents to the inclusion of all technical statements based on his information in the form and context in which they appear.

The information in this announcement that relates to the Inferred Mineral Resource was first reported under the JORC Code by the Company in its prospectus released to the ASX on 21 December 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and confirms that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Appendix 1: Drilling data to date - Eastmain Mine

Table 4: Collar data from Eastmain mine 2021 drilling

Table 5: Eastmain significant intervals (composites with 0.2g/t cut-off, 1m internal dilution)

*Denotes the presence of visible gold in the interval

All intervals with reportable gold over 0.2 g/t are available on the ASX on this link.

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