AXMIN INC. Provides a Corporate Update

VANCOUVER, BC / ACCESSWIRE / May 1, 2024 / AXMIN Inc. (TSXV:AXM) ("AXMIN" or the "Company") announces the following:

Arbitration

White & Case LLP, the Company's legal counsel, delivered a letter to the Ministère des Mines et de la Géologie of the Central African Republic ("CAR") to invite them to agree on an expert required to move forward with the dispute with respect to the Company's Passandro and other properties in the CAR that were confiscated. The ability to settle disputes by way of arbitration is provided under the Mining Agreement entered into by the Company's CAR subsidiary and the CAR. We look forward to CAR's response in this regard. If an acceptable response is not received, White & Case will submit the Request for Arbitration to the International Arbitration Chamber of Paris. This next step is the initial pleading in the arbitration and we intend to submit this no later than June, 2024.

Cash position

The Company continues discussions to raise capital with a number of parties. At this point there are no assurances it will be able to do so.

The Company also continues to take whatever measures are possible to reduce its cash costs. Two important measures in this regard follow:

1. The Company has advised the TSX-V that it will not be able to file its annual financial statements for 2023 on a timely basis.

2. The Company has put in place a performance share unit ("PSU") plan for its directors that will allow them to be compensated in a manner that does not require cash to be utilized. Under this plan, the three directors of the board (Lucy Yan, Joe Tai and John Gravelle, collectively "the Directors") will each receive 1,500,000 PSUs. The Company's intention is that the PSUs granted have value equal to not less than 1% of the cumulative amount that the Company receives or can reasonably expect to receive in connection with its assets in the CAR and this 1% is not subject to dilution. The 1,500,000 PSUs that the Directors each received will vest when the Company realizes a payment in connection with its assets or current or previous activities related to the CAR. The plan also allows for immediate vesting on certain events that constitute a change in control as defined in the PSU plan. The performance period for this award is March 17, 2024 to March 17, 2044 and the expiry date of this award is March 17, 2044. The Plan must be approved by the TSX-V and the Company intends to ask shareholders to approve the plan within three years. The full agreement will be circulated to shareholders when approval is sought. The Company has agreed to replace the PSU plan with a compensation plan that provides similar economics should the PSU plan not receive approval.