O3 Mining Publishes 2023 ESG Report

TORONTO, May 9, 2024 - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is proud to announce it has published its 2023 environmental, social, and governance ("ESG") report outlining the Corporation's performance, practices and commitments to developing its projects responsibly.

The 2023 ESG report is O3 Mining's fourth report outlining the assessment of ESG performance throughout the years. We are aware that the practice of sustainable and responsible development in our business is constantly evolving, requiring ongoing commitment and reflection. We continue to work with our stakeholders to create a sustainable future while building the projects of tomorrow.

Highlights

• Received two awards for excellent practices in sustainable development from the Quebec Mineral Exploration Association ("QMEA") and the Prospectors & Developers Association of Canada ("PDAC").
• Publication of the Responsible Exploration Program and maintained ECOLOGO certification.
• Reached gender parity with 52% female workforce, highlighting the company's commitment to gender equality.
• Achieved a 52% reduction in absolute greenhouse gas (GHG) emissions compared to 2022.
• Use of a water recirculation system, reducing water consumption by 40% compared to the previous year.
• Planted over 10,000 trees as part of reforestation efforts.
• Created a Health and Safety Committee, composed of employees and management representatives, to involve all workers in maintaining a safe work environment.
• Held more than 250 meetings with local community members, in addition to specific consultation meetings, workshops, and information meetings with local communities and First Nations communities.
• Significantly increased engagement with stakeholders through different tools including a community-based website for the Marban Alliance project.
• Contributed C$181,400 in charitable donations and sponsorships, demonstrating a strong commitment to community support.

"Since our initial report, we have made significant strides in developing our projects responsibly and measuring our performance with the help of three years of data. We are determined to continue leading the industry and inspiring others to act as positive change agents. Collaboration among companies, producers, developers, and explorers is essential for driving change in the mining industry, and our team is committed to playing a role in shaping its future." said José Vizquerra, President and Chief Executive Officer of O3 Mining.

Myrzah Bello, Vice President of Sustainable Development and Human Resources of O3 Mining commented, "As we continue our journey to developing our projects responsibly, we always look at improving our practices conscious that setbacks can occur along the way. Our 2023 ESG report demonstrates our team's commitment and dedication to always progressing. "

O3 Mining's ESG best practices were recognized this past year by PDAC and QMEA by awarding the company awards recognizing excellence in sustainable development. These prestigious awards at both the Canadian and provincial levels are testaments to our commitment and dedication to continuously improve our practices, foster collaborative partnerships, and shape the responsible future of exploration and mining.

The 2023 ESG report is designed to provide stakeholders with O3 Mining's progress as it continues to work towards its ESG goals. The report was reviewed and approved by the Sustainable Development Committee established by the Board of Directors of the Corporation, as well as by Senior Management and the Vice President, Sustainable Development and Human Resources, of the Corporation.

Click here to view O3 Mining's 2023 ESG report.

About O3 Mining Inc.

O3 Mining Inc. is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support and expertise of a team of industry leaders as it grows towards becoming a gold producer with several multi-million-ounce deposits in Québec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties (107,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders. Further information can be found on our website at https://o3mining.com.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. In this news release, such forward-looking information includes, but is not limited to, statements regarding the development of the Corporation's projects. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be "forward-looking information" and are intended to identify forward-looking information. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drilling) to accurately predict mineralization; errors in management's modelling; the ability of any material to be mined in a matter that is economic; the Corporation's ability to obtain any necessary permits, consents or authorizations required for its planned activities; the Corporation's ability to raise the necessary capital or to be fully able to implement its business strategies; and the price of gold. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

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 adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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SOURCE O3 Mining Inc.