Radisson Announces Final Closing of Previously Announced $7 Million Oversubscribed Private Placement

ROUYN-NORANDA, Oct. 29, 2024 - Radisson Mining Resources Inc. (TSX-V: RDS, OTCQB: RMRDF) ("Radisson" or the "Corporation") is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Offering"). Pursuant to the closing of this second tranche, Radisson issued (i) 2,777,778 Charity flow-through Units of the Corporation (the "CFT Units") at a price of $0.47 per CFT Unit. Gross proceeds of the second tranche is $1,305,555.66, representing to the Corporation, in addition to the first tranche, total Gross proceeds of $7,000,000.24.

Each CFT Unit consists of one flow-through Share of the Corporation (the "CFT Shares"), sold at $0.47 on a charitable flow-through basis and one-half of Share purchase warrant (each whole such warrant, a "Warrant") exercisable at a price of $0.37 per Share for a period of 24 months following the closing date of the Offering (the "Closing").

Matt Manson, President and CEO, commented: "Once again, we are very grateful for the strong support shown by our existing shareholders and new institutional shareholders for this non-brokered private placement, which was well over-subscribed and upsized twice. Our current 35,000 metre drill program at the O'Brien Gold Project is ongoing with three drill rigs, and additional results are expected shortly. The proceeds of this financing will be used to finance a vigorous drill program through 2025, as well as important programs of metallurgical, engineering, and economic evaluation. With our existing cash position and the proceeds from this financing, we expect to end the year with a strong treasury, fully funded for this upcoming work."

The gross proceeds received by the Corporation from the sale of the CFT Shares will be used to incur Canadian Exploration Expenses ("CEE") that are "flow-through mining expenditures" (as such terms are defined in the Tax Act) on the O'Brien gold project in the Province of Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2024, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares. For purchasers of CFT Shares resident in the Province of Québec, 10% of the amount of CEE will be eligible for inclusion in the deductible "exploration base relating to certain Québec exploration expenses" and 10% of the amount of the expenses will be eligible for inclusion in the deductible "exploration base relating to certain Québec surface mining exploration expenses" (as such terms are defined in the Québec Tax Act, respectively) giving rise to an additional 20% deduction for Québec tax purposes.

All Offered Securities issued pursuant to this Offering are subject to a restricted hold period of four months and a day, ending on March 2, 2025, under applicable Canadian securities legislation. The Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV").

In consideration for services rendered in connection with the Offering, finders' fees totaling $30,000 were paid by the Corporation. In addition, 111,111 brokers' warrants entitling the holder thereof to acquire one Share for a period of 24?months from the Closing at a price of $0.37 were issued.

Concurrent with the closing, 500,000 stock options have been issued to an executive of the Corporation at a price of $0.28 which shall be exercisable for a period of 5 years from the date of grant.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.

Radisson Mining Resources Inc.

Radisson is a gold exploration Corporation focused on its 100% owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. The Bousquet-Cadillac mining camp has produced over 25 million ounces of gold over the last 100 years. The Project hosts the former O'Brien Mine, considered to have been Québec's highest-grade gold producer during its production. Indicated Mineral Resources are estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au), with additional Inferred Mineral Resources estimated at 0.45 million ounces (1.60 million tonnes at 8.66 g/t Au). Please see the NI 43-101 "Technical Report on the O'Brien Project, Northwestern Québec, Canada" effective March 2, 2023, Radisson's Annual Information Form for the year ended December 31, 2023 and other filings made with Canadian securities regulatory authorities available at www.sedar.com for further details and assumptions relating to the O'Brien Gold Project.

For more information on Radisson, visit our website at www.radissonmining.com or contact:

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

Forward-Looking Statements

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. Forward-looking statements including, but are not limited to, statements with respect to the closing of the Offering, the closing of any subsequent tranches, the intended use of proceeds of the Offering, the final approval of the TSXV for the Offering, the planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an updated technical report and resource modelling, the Corporation's ability to grow the O'Brien project and the ability to convert inferred mineral resources to indicated mineral resources. 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 drill results at O'Brien; the significance of drill results; the ability of drill results to accurately predict mineralization; the ability of any material to be mined in a matter that is economic. 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 press 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.