Sterling Metals Provides Update to Shareholders

TORONTO, ON / ACCESSWIRE / August 9, 2023 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling Metals" or the "Company") is pleased to share an open letter from CEO and Director, Mathew Wilson to shareholders of the Company.

Dear Shareholders of Sterling Metals,

2023 has been a significant year of change and growth. While the company operations are full steam ahead, we are in a period of low news flow and slow markets, and I wanted to take this time to discuss our journey this year, the challenges we have faced, and the path that lies ahead.

Building Success Through Diversification

We have accomplished much in 2023. This past March, we acquired the Adeline Project, an exciting new copper-silver asset in South-Central Labrador. In April, based primarily on the acquisition of this asset, we added $6M to our treasury via the closing of an oversubscribed, 80% institutionally backed financing. While preparing for our maiden Adeline program, we also continued our work at Sail Pond. The principal behind this year's exploration work at Sail Pond was to identify a cost effective and efficient method to target more of the high-grade sulfides we have hit to date at surface. Using the data gathered from the deep targeting IP/MT Orion survey, we began and have now completed a 2,000m drill program targeting several of the chargeability anomalies observed beneath our zones of mineralization. We now await assays from this program which we anticipate receiving in the next four to eight weeks.

We have now shifted our attention to preparing for our maiden exploration program at the Adeline Project. Through thunderstorms and blackflies, our team is working tirelessly to accomplish our goal of installing this camp by August 20^th. We will now have the infrastructure in place to support both our inaugural 2,000m drill campaign as well as a follow-on winter campaign.

I want to take this time to thank the Innu First Nations for their support regarding our inaugural exploration campaign at the Adeline Project. We acknowledge we are on Innu First Nations lands and look forward to building upon the relationship we have forged this year.

While we advance both of our assets, we continue to face significant challenges on the path to discovery, currently in the form of a depressed stock price. Since our acquisition, and despite the closing of an oversubscribed financing, we have struggled to gain market traction. Our stock price is approximately 35% of its pre-acquisition pricing and our enterprise value now mirrors that of many TSX Venture listed shells. Few stories of discovery are without significant challenge and ours is no different. I take comfort in the fact that despite these troubled market times, we have positioned ourselves with exposure to an ideal commodity, at the right time, in the right place, and have the right asset and team to realize our end goal - a major discovery.