Update Regarding The Proposed Financing

VANCOUVER, Dec. 9, 2022 - Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") listed on the TSX Venture exchange ("TSXV") under the trading symbol "MHI" and on the Deutsche Boerse, Frankfurt under the trading symbol "MLN" wishes to provide an update on the private placement announced first on April 29, 2022 and again confirmed by the Company on July 28, 2022.

The Company canceled a previously executed subscription agreement due to the expiration of that subscription agreement. Mineral Hill executed a new subscription agreement with ProVenture Capital AG, a company registered in Switzerland, and has received a bank confirmation of the funds being transferred to Mineral Hill. The Company expects to close the financing after it receives the funds in its bank account and the final approval of the TSXV.

The conditions and scope of the financing will remain the same with the Company raising $150,000 comprised of 600,000 common shares at $0.25 per share.

Mineral Hill is a publicly trading junior mining company focused on the acquisition, exploration, development and possible mining of natural resources, with the objective of further developing its optioned exploration located in south-western British Columbia (the "BC-Project").

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the property option referred to above will be exercised or the private placement referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.

SOURCE Mineral Hill Industries Ltd.