CMC Welcomes North Bay Resources Inc. Purchase of 55.5% of 0877887 B.C. Ltd and Its Gold Processing Mill in Bishop, CA, USA and Director Resignation

VANCOUVER, BC / ACCESSWIRE / April 4, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(CMCXF:OTCQB) ("CMC" or the "Company") is pleased to announce that it has entered into a share purchase agreement with North Bay Resources Inc. ("NBRI") to acquire 55.5% of its former subsidiary company 0877887 BC Ltd. ("087 BC") and all of assets, rights, and responsibilities of the Bishop Mill located in California, USA from 1436132 B.C. Ltd., (the original "Purchaser" of 087) a private Canadian company.

Within this transaction, NBRI acquires 55.5% of 087 by assuming the amended cash payment and common share transfers to CMC as follows:

Cash Payments

• US $12,500 payable on signing
• US $12,500 payable on May 1, 2024
• US $12,500 payable on June 1, 2024
• US $12,500 payable on July 1, 2024
• US $50,000 payable on or before July 11, 2024

Share Payments

• $200,000 CAD in common shares of NBRI to be delivered on signing
• $200,000 CAD in common shares of NBRI to be delivered on or before July 11, 2024

1436132 BC Ltd. still remains responsible for the remaining payments and share transactions to acquire a 100% interest of 087 from CMC as announced on September 19, 2023 and November 1, 2023 (see releases in www.cmcmetals.ca). NBRI now becomes the operator of the project.

The primary asset of 087 BC is the Bishop Mill, located six miles north of Bishop, Inyo County, California. The mill has a flotation circuit designed to process up to 96 tons per day. NBRI and 1436132 B.C. Ltd. proposes to operate the Bishop Mill in the near to medium term. The mill is currently permitted for operation subject to various conditions and minor infrastructure completions.

Mr. Kevin Brewer, President and CEO noted that "We are very pleased to have North Bay Resources Inc. enter into this arrangement as it will enable the parties to collectively implement an operational plan for the Bishop Mill. Having a public company enter into the arrangement strengthens the deal. CMC is committed to working with this team to help them succeed as their success is our success."

The Company also notes the resignation of Mr. Robert Wheeler as a Director. Robert has decided to fully retire and plans to spend more time with family.

Mr. John Bossio, Chairman noted "Robert is one of the longest, if not the longest, serving Directors of CMC. We thank him for his significant contributions. We wish Robert and his family the best in his retirement."