LaFleur Minerals Announces Closing of Non-Brokered Flow-Through Private Placement for Gross Proceeds of $2,832,000

Important Notice:
This announcement is NOT FOR DISTRIBUTION to U.S. newswire services or for release, publication, or dissemination directly or indirectly, in whole or in part, in or into the United States.

Key Announcement Details

• Date: December 20, 2024
• Location: Vancouver, B.C.

LaFleur Minerals Inc. (CSE: LFLR, OTCQB: WPNNF) (“LaFleur Minerals” or the “Company”) is pleased to announce that, following its news release on December 6, 2024, the Company has successfully closed its non-brokered private placement for aggregate gross proceeds of $2,832,000 (the “Private Placement”).

Private Placement Overview

• Units Issued:
  7,080,000 flow-through units (“FT Units”) at $0.40 per FT Unit.
  • Each FT Unit consists of:
    • One common share in the capital of the Company (“Share”), issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (the “Tax Act”).
    • One Share purchase warrant (“Warrant”).
• Warrant Terms:
  • Each Warrant entitles the holder to purchase one additional Share (“Warrant Share”) at $0.55 per Warrant Share.
  • Valid for 24 months from the date of issuance.
  • Accelerated Expiry: The Warrants may expire with 30 business days' notice if the Shares trade for 10 consecutive trading days at a volume-weighted average price of at least $0.65 on the Canadian Securities Exchange, anytime after four months from closing.
• Finder’s Fees:
  • Cash Fees: $154,680 paid to certain eligible finders.
  • Finder’s Warrants: Issued 386,700 non-transferable Share purchase warrants (“Finder’s Warrants”).
    • Finder’s Warrants are exercisable into a Share (“Finder’s Warrant Share”) at $0.40 per Finder’s Warrant Share for 24 months.

Use of Proceeds

Proceeds from the FT Units will be used exclusively for exploration programs on the Company’s mineral exploration properties, including the Swanson Gold Project in the Abitibi Gold Belt, Québec.

Flow-Through Share Proceeds:

• Designated for resource exploration expenses, which will qualify as:
  • Canadian exploration expenses under subsection 66.1(6) of the Income Tax Act (Canada).
  • Flow-through mining expenditures under subsection 127(9) of the Tax Act and section 359.1 of the Québec Tax Act (the “Qualifying Expenditures”).
• Renounced to purchasers with an effective date no later than December 31, 2024, for an amount not less than the gross proceeds raised.
• Québec Resident Subscribers:
  • Qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” (section 726.4.10, Québec Tax Act).
  • Qualify for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” (section 726.4.17.2, Québec Tax Act).
• Indemnity Clause:
  The Company will indemnify FT Share subscribers for additional taxes payable if the Canada Revenue Agency reduces the Qualifying Expenditures.

Swanson Gold Project and Beacon Mill Update

Geophysics and Drilling:

• Engaged a geophysics provider for an Induced Polarization (IP)-Resistivity ground geophysics survey starting January 2025.
  • Survey covers 166 line-km at approximately 200 m line spacings, including the Swanson, Bartec, and Jolin deposits.
• Submitting applications for drilling permits to the Québec government.
  • A large diamond drilling program is planned for early to mid-2025.

Additional Exploration Efforts:

• Completed a high-resolution airborne geophysics program over the Swanson Gold Project.
  • Awaiting processed and interpreted results from Novatem Inc.
• Oriented Soil Geochemistry and Prospecting Program:
  • Completed by IOS Géosciences (IOS).
  • Final assay results pending.

Beacon Mill Operations:

• Continuing to meet all care and maintenance requirements at the Beacon Mill and tailings storage facility in Val-d’Or.
• Exploring restart options, including budgeting, planning, and necessary maintenance.
  • ABF Mines is assisting with restart plans.

Qualified Person Statement

All scientific and technical information in this release has been prepared and approved by Louis Martin, P.Geo., Technical Advisor to the Company and a Qualified Person under NI 43-101.

About LaFleur Minerals Inc.

LaFleur Minerals Inc. (CSE: LFLR, OTCQB: WPNNF) focuses on developing district-scale gold projects in the Abitibi Gold Belt, near Val-d’Or, Québec.

Key Highlights:

• Swanson Gold Project:
  • Spans over 15,000 hectares (150 km²) and includes gold and critical metal prospects.
  • Accessible by road and rail, with direct access to several nearby gold mills.
• Beacon Gold Mill:
  • Fully refurbished and permitted.
  • Capable of processing 750 tonnes per day for Swanson’s mineralized material and other custom milling projects.

LaFleur is actively advancing the Mazerac Lithium Property, adjacent to Power Metals’ property.

Contact Information

Paul Ténière, P.Geo.
Chief Executive Officer

• Email: info@lafleurminerals.com
• Address: 1500-1055 West Georgia Street, Vancouver, BC V6E 4N7

Cautionary Statement

This release contains forward-looking statements regarding expectations, including the tax treatment of FT Shares and exploration activities.

Risks Include:

• Market prices.
• Availability of capital and financing.
• Political and regulatory risks.
• Environmental risks and liabilities.
• Delays or unexpected costs in exploration or development.

Forward-looking statements are based on management’s beliefs and assumptions. Actual results may differ materially.