Lucky Minerals Closes CDN $700,000 Non-Brokered Private Placement

Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, BC / ACCESSWIRE / January 27, 2023 / Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company"). Further to the news release dated January 25, 2023, the Company is pleased to announce the closing of a non-brokered private placement (the "Offering") of 12,500,000 units ("the Units") at a price of CDN $0.056 per Unit for gross proceeds of CDN $700,000.

Each Unit of the Offering is comprised of one common share (a "Share") and one full three-year transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Share at a price of CDN $0.10 per Share, until the date that is 36 months from the closing (the "Closing") of the Offering. All the Shares and Warrants issued in connection to the Offering are subject to a statutory hold period expiring four months and one day from the date of issuance.

Investors in the Offering include Mr. Michael Gentile, who maintains his share position in the Company at approximately 19.9% on a partially diluted basis.

Mr. Gentile and certain directors, officers and insiders of the Company acquired an aggregate of 2,928,557 Units in the Offering, which participation constituted a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company's market capitalization.

The Company will pay no finder's fees in connection with subscriptions from subscribers introduced to this Offering.

The net proceeds of the Offering will be used to support the drill program at the Company's Fortuna Project in Ecuador and for general working capital purposes.

ON BEHALF OF THE BOARD

"François Perron"
Chief Executive Officer

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.

The Company's Fortuna Project is comprised of twelve contiguous, 550 km² (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.