Proposed Net Exercise Right for Warrant Holders

LONDON, UK / ACCESSWIRE / November 29, 2023 / Gabriel Resources Ltd / (TSXV:GBU) ("Gabriel") or the ("Company") announces that it intends to provide holders of all outstanding common share purchase warrants (each a "Warrant") with the right to exercise such Warrants, if they so choose, on a "Net Exercise" basis (as such term is defined in Policy 4.4 of the TSXV Corporate Finance Manual).

The proposal will allow each Warrant holder, in lieu of exercising the Warrants by means of payment of cash to the Company, to receive only the number of common shares of the Company ("Shares") that is equal to the quotient obtained by dividing:

1. the product of the number of Warrants being exercised multiplied by the difference between the volume weighted average trading price of the underlying Shares ("VWAP") on the TSX Venture Exchange ("Exchange") and the exercise price; by
2. the VWAP.

The VWAP is calculated by dividing the total value by the total volume of the Shares traded for the five trading days immediately preceding the exercise of the Warrants.

If the Net Exercise right is employed, then the potential proceeds to the Company will be diminished but the equity dilution suffered by all shareholders from the exercise of the Warrants could be significantly reduced.

The Company has the following Warrants outstanding:

• 12,663,486 Warrants which are exercisable at a price of $0.39 and expire between December 18-23, 2023;
• 106,425,847 Warrants which are exercisable at a price of $0.49 and expire between December 21, 2023 and January 15, 2024;
• 81,730,233 Warrants which are exercisable at a price of $0.645 and expire between August 23 and September 13, 2024.

For information on this press release, please contact:

Dragos Tanase President & CEO Phone: [phone] [e-mail]

Richard Brown Chief Financial Officer Mobile: [phone] [e-mail]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Gabriel

Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal business had been the exploration and development of the Roșia Montană gold and silver project in Romania. The Roşia Montană Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation license for the Roşia Montană Project is held by Roșia Montană Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Roșia Montană S.A., a Romanian state-owned mining company.