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

(TheNewswire)

VANCOUVER, B.C. – TheNewswire -December 20, 2024, LaFleur Minerals Inc. (CSE: LFLR, OTCQB:WPNNF) (“LaFleur Minerals” or the “Company”) ispleased to announce that, further to its news release on December 6, 2024, the Company has closed its non-brokeredprivate placement for aggregate gross proceeds of $2,832,000 (the“PrivatePlacement”). The Private Placement consistedof the issuance of 7,080,000 flow-through units(the “FT Units”) at a price of $0.40 per FT Unit,with each FT Unit consisting of one common sharein the capital of the Company (a “Share”), to beissued as a “flow-through share” within the meaning of theIncome Tax Act (Canada) (the “TaxAct”), and one Share purchase warrant (a“Warrant”).

The securities issued under the Offering will besubject to a hold period ending on the date that is four months plusone day following the date of issue in accordance with applicablesecurities laws. Each Warrant entitles the holder thereof to purchaseone additional Share (a “Warrant Share”) for a period of 24 monthsfrom the date of issuance at an exercise price of $0.55 per WarrantShare. The Warrants are subject to an accelerated expiry upon thirty(30) business days notice from the Company in the event the Sharestrade for ten (10) consecutive trading days anytime after four (4)months from closing of the Private Placement at a volume-weightedaverage price of at least $0.65 on the Canadian SecuritiesExchange.

In connection with closing of the Private Placement,the Company incurred cash finder’s fees in the amount of $154,680 tocertain eligible finders and issued the finders an aggregate of386,700 non-transferable Share purchase warrants (the “Finder’s Warrants”). Each Finder’s Warrant is exercisable into a Share(a “Finder’s WarrantShare”) at a price of $0.40 per Finder’s Warrant Share for aperiod of 24 months fromthe date of issuance.

Proceeds from the sale of FT Units will be used solelyfor exploration programs on the Company’s mineral explorationproperties, including the Swanson Gold Project (“Swanson”) in theAbitibi Gold Belt in Québec. The gross proceedsfrom the issuance of the FT Shares will be used to incur resourceexploration expenses which will constitute “Canadian explorationexpenses” as defined in subsection 66.1(6) of the Income Tax Act and"flow through mining expenditures" as defined in subsection127(9) of the Income Tax Act and under section 359.1 of the QuébecTax Act (the “QualifyingExpenditures”), which will be renounced withan effective date no later than December 31, 2024 to the purchasers ofthe FT Units in an aggregate amount not less than the gross proceedsraised from the issue of the FT Shares.  In addition, with respect toQuébec resident subscribers who are eligible individuals under theQuébec Tax Act, theCanadian exploration expenses will also qualify for inclusion in the“exploration base relating to certain Québec explorationexpenses” within the meaning of section 726.4.10 of the Québec Tax Act and for inclusion inthe “exploration base relating to certain Québec surface miningexpenses or oil and gas exploration expenses” within the meaning ofsection 726.4.17.2 of the Québec TaxAct. If the Qualifying Expenditures are reducedby the Canada Revenue Agency, the Company will indemnify each FT Sharesubscriber for any additional taxes payable by such subscriber as aresult of the Company’s failure to renounce the QualifyingExpenditures as agreed.

Swanson Gold Project and Beacon MillUpdate

The Company is also pleased to announce it has engageda geophysics provider to complete an Induced Polarization(IP)-Resistivity ground geophysics survey at its Swanson Gold Projectcommencing in January 2025. The IP survey, totalling 166 line-km, willbe completed at approximately 200 m line spacings and cover theSwanson, Bartec, and Jolin deposits, which areall advanced gold targets with current and historical mineralresources. In addition, the Company will be submitting applicationsfor drilling permits to the Quebec government to commence a largediamond drilling program at Swanson in early to mid-2025. Furtherdetails will be provided once the IP survey has been completed, anddrill hole planning is complete.

The Company has recently completed a veryhigh-resolution airborne geophysics program over the entire SwansonGold Project and is awaiting the final processed and interpretedresults from Novatem Inc. The oriented soil geochemistry andprospecting program was also completed by IOS Géosciences (IOS) withfinal assay results still pending from the laboratory.

The Company is continuing to meet all care andmaintenance requirements at its 100%-owned and fully permitted BeaconMill and tailings storage facility in Val-d’Or and is exploring alloptions to restart the mill in the short-term. This includes planningand budgeting for the mill restart and performing any maintenance andrepair work on the existing equipment. ABF Mines has been engaged forthis important task and is working closely with LaFleur Mineralsregarding a restart plan.

Qualified Person Statement

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

About LaFleur Minerals Inc.

LaFleur Minerals Inc. (CSE: LFLR,OTCQB: WPNNF) is focused on the development ofdistrict-scale gold projects in the Abitibi Gold Belt near Val-d'Or,Québec. Our mission is to advance mining projects with a laser focuson our resource-stage Swanson Gold Project and the Beacon Gold Milland Property, which have significant potential to deliver long-termvalue. The Swanson Gold Project is over 15,000 hectares (150km2)in size and includes several prospects rich in gold and criticalmetals previously held by Monarch Mining, Abcourt Mines, and GlobexMining. LaFleur has recently consolidated a large land package along amajor structural break that hosts the Swanson, Bartec, and Jolin golddeposits and several other showings which make up the Swanson GoldProject. The Swanson Gold Project is easily accessible by road with arail line running through the property allowing direct access toseveral nearby gold mills, further enhancing its developmentpotential.  Lafleur Minerals fully-refurbished and permitted BeaconGold Mill is capable of processing over 750 tonnes per day and isbeing considered for processing mineralized material at Swanson andfor custom milling operations for other nearby gold projects.

LaFleur is currently acquiring high-resolution airbornegeophysics (mag and VLF-EM) to help identify mineralized structures atSwanson and completing detailed soil surveys andprospecting/geological mapping for the purpose of drill hole targetingwith the goal to commence diamond drilling on several targets withinthe next several months. Lafleur Minerals is also actively exploringits Mazerac Lithium Property adjacent to Power Metals’ MazeracLithium Property.

ON BEHALF OF LAFLEUR MINERALSINC.

Paul Ténière, P.Geo.

Chief Executive Officer

E: info@lafleurminerals.com

LaFleur Minerals Inc.

1500-1055 West Georgia Street

Vancouver, BC V6E 4N7

Neither theCanadian Securities Exchange nor its Regulation Services Provideraccepts responsibility for the adequacy or accuracy of this newsrelease.

1.Cautionary Statement Regarding“Forward-Looking” Information

This news release includes certainstatements that may be deemed “forward-looking statements”.Forward-looking statements in this news release include, but are notlimited to, statements about the Offering and the Company'sexpectations with respect to the foregoing. Factors that could causefuture results to differ materially from those anticipated inforward-looking statements in this news release include the taxtreatment of the FT Shares. All statements in this new release, otherthan statements of historical facts, that address events ordevelopments that the Company expects to occur, are forward-lookingstatements. Forward-looking statements are statements that are nothistorical facts and are generally, but not always, identified by thewords “expects”, “plans”, “anticipates”, “believes”,“intends”, “estimates”, “projects”, “potential” andsimilar expressions, or that events or conditions “will”,“would”, “may”, “could” or “should” occur. Althoughthe Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsmay differ materially from those in the forward-looking statements.Factors that could cause the actual results to differ materially fromthose in forward-looking statements include market prices, continuedavailability of capital and financing, political and regulatory risksassociated with mining and exploration, risks related to environmentalregulation and liability. the potential for delays in exploration ordevelopment activities or the completion of feasibility studies, risksand uncertainties relating to the interpretation of drill results, thegeology, grade and continuity of mineral deposits, risks related tothe inherent uncertainty of production and cost estimates and thepotential for unexpected costs and expenses, results of prefeasibilityand feasibility studies, the possibility that future exploration,development or mining results will not be consistent with theCompany’s expectations, and general economic, market or businessconditions. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those projected in the forward-lookingstatements. Forward-looking statements are based on the beliefs,estimates and opinions of the Company’s management on the date thestatements are made. Except as required by applicable securities laws,the Company undertakes no obligation to update these forward-lookingstatements in the event that management's beliefs, estimates oropinions, or other factors, should change.

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