Nine Mile Metals Announces Drill Hole WD-24-03 Certified Assay Results of 1.58% Copper Equivalent (Cu-Eq) over 32.10m Including 2.60% Cu-Eq over 16.15m and 3.61% Cu-Eq over 8.15m

Vancouver, May 29, 2024 - Nine Mile Metals Ltd. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") is pleased to announce it has received certified assays for drill hole WD-24-03 at The Wedge VMS Drill Target situated in the renowned Bathurst Mining Camp (BMC), New Brunswick.

WD-24-03 HIGHLIGHTS:

• Drill hole WD-24-03 was collared along the southern flank of The Wedge deposit within the footwall sediments utilizing the same drill pad as WD-24-01, drilled at an azimuth of 50 degrees and a dip of -45 degrees to a total depth of 100.00m.
• The drill hole successfully intersected Cu, Pb, Zn, Au, and Ag mineralization between 37.90m and 70.00m (32.10m) assaying 0.60% Cu, 0.70% Pb, 1.98% Zn, 0.21 g/t Au, and 17.03 g/t Ag with a Cu-Eq of 1.58%.
• Two distinct zones of VMS mineralization were intersected within the overall section, including:
  • Cu Zone (44.85m - 61.00m): 16.15m assaying 1.06% Cu, 1.17% Pb, 2.97% Zn, 0.35 g/t Au, and 28.64 g/t Ag with a Cu-Eq of 2.60%.
  • Pb/Zn Zone (44.85m - 53.00m): 8.15m assaying 0.95% Cu, 2.29% Pb, 5.80% Zn, 0.65 g/t Au, and 55.16 g/t Ag with a Cu-Eq of 3.61%.

TABLE 1: Drill Hole WD-24-03 Assays Summary

Copper Equivalent (Cu-Eq) for drill intersections is calculated based on May 13, 2024, pricing: US$ 4.75/lb Cu, US$ 1.02/lb Pb, US$ 1.36/lb Zn, US$ 28.48/oz Ag, and US$ 2343/oz Au, with 80% metallurgical recoveries assumed for all metals. Since it is unclear which metals will be the principal products, assuming different recoveries is premature at this stage. Therefore, an 80% recovery rate is justified.

Collared along the south flank of The Wedge deposit, WD-24-03 intersected graphitic footwall argillite, which was in contact with pyritized felsic volcanics and a sequence of poorly sorted mudstone. At the base of the mudstones, the massive sulphide mineralization consisted of disseminated chalcopyrite and massive pyrite and sphalerite blebs, the latter also well-banded as seen in Figure 2. Galena was also present and is reflected in both the lead and silver assays in Table 2. The distribution of the sulphide mineralogy in WD-24-03 is quite distinct, with visible sphalerite and lesser galena noted in the upper portion, while chalcopyrite was more evenly distributed throughout the section.

TABLE 2: MAIN SULPHIDE ZONE - Certified Assays of 16.15m Intersection (44.85m - 61.00m)

"We continue to intersect base and precious metal mineralization at The Wedge. In this drill hole, there is a distinct Pb/Zn zone at the upper contact, with visible galena present. As with other drill holes, the lead is associated with increased silver mineralization. We look forward to reporting the remaining drill holes and commencing our summer program," commented Gary Lohman, P.Geo., VP Exploration & Director.

Patrick J. Cruickshank, MBA, CEO & Director, stated, "Once again, we have a strong width of mineralization in this hole, with copper and silver leading the way. We have had a few holes now with over 1.0 oz per ton of Ag. The Wedge Target Area #1 continues to impress us with the width and grades of these drill holes. This is developing a strong story for the eastern extension of this deposit. We look forward to our upcoming BHEM survey at this base hole area to assist our advanced geophysical processing analysis in preparation for our Phase 2 program at the Wedge Target. We still have The Wedge Target Area #2 and the western extension to pursue shortly."

Figure 1: Cross Section, Drill Hole WD-24-03

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Figure 2: Sample 280137, 1.69% Cu, 15.45% Pb, 11.35% Zn, 0.283 g/t Au, and 163.00 g/t Ag

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Figure 3: Plan View, Drill Hole Collars & Surface Projection of Drill Holes

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QAQC and Sampling

All samples were submitted to and analyzed at ALS Laboratories Ltd ("ALSGlobal"), an independent commercial laboratory, for both sample preparation and assaying. ALS is independent of Nine Mile Metals. Base metal analysis utilizes procedure ME ICP61a, a high grade, four acid analysis (ICP-AES). Precious metal analysis includes fire assay gold (procedure Au AA23) and four-acid ore grade silver analysis, procedure AG-062.

The Nine Mile QAQC program includes regular insertion of CRM standards and blanks into the sample stream with a stringent review of all results.

The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., PGO., VP Exploration and Director, who acts as the Company's Qualified Person and is not independent of the Company.

About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration Company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the renowned Bathurst Mining Camp (BMC), located in New Brunswick, Canada. The Company's primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS Project, California Lake VMS Project, Canoe Landing Lake (East - West) VMS Project, and The Wedge VMS Project. The Company is focused on Critical Minerals Exploration, positioning itself for the boom in EV and green technologies requiring Copper, Silver, Lead, and Zinc with a hedge on Gold.

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ON BEHALF OF Nine Mile Metals Ltd.

"Patrick J. Cruickshank, MBA"
CEO and Director
T: 506-804-6117
E: patrick@ninemilemetals.com

Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-Looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-Looking statements in this press release include that (a) we continue to intersect base and precious metal mineralization at The Wedge, (b) The Wedge Target Area #1 continues to impress us with the width and grades of these drill holes, (c) we look forward to reporting the remaining drill holes and commencing our summer program, (d) we look forward to our upcoming BHEM survey at this base hole area to assist our advanced geophysical processing analysis in preparation for our Phase 2 program at the Wedge Target, and (e) we still have The Wedge Target Area #2 and the western extension to pursue shortly. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

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