Portofino Applies for Extension of Warrants

Vancouver, British Columbia--(Newsfile Corp. - October 24, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is applying to the TSX Venture Exchange for a one-year extension of 21,875,000 common share purchase warrants exercisable at $0.10. 13,000,000 warrants are set to expire on November 03^rd, 2024 and 8,875,000 warrants set to expire on November 29^th, 2024.

Both sets of warrants are currently exercisable into common shares of the Company at a price of $0.10 per share and were issued pursuant to a non-brokered private placement priced at $.04/Unit consisting of a total 23,500,000 Units. The Units were comprised of one common share and one warrant, the warrants being exercisable at $0.06 in year one and $0.10 in year two. 1,625,000 warrants were previously exercised during the first year at $0.06.

The 23,500,000 Unit financing consisted of a first tranche of 13,700,000 Units which closed on Nov. 03, 2022, and a 2^nd tranche of 9,800,000 Units which closed on November 29, 2022.

Subject to TSX Venture Exchange acceptance, the warrants will have respectively amended expiry dates of November 03, 2025, and November 29, 2025. All other terms and conditions of the warrants, including the exercise price, remain the same.

About Portofino Resources Inc.

Portofino is a Vancouver, Canada-based company focused on exploring and developing mineral resource projects in the Americas. Portofino holds a 100% interest in the (drill ready) Yergo Lithium Project in Catamarca and additionally has the right to earn an interest in the (drill ready) Arizaro Lithium Project located in Salta, Argentina. Both projects are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects.

The Company also holds a 100% interest in several exploration projects located within northwestern Ontario, Canada, including the drill-ready, South of Otter, Red Lake gold project, the Gold Creek, Thunder Bay project which has been optioned to Delta Resources Limited., and the Allison Lake North project.

ON BEHALF OF THE BOARD

"David G. Tafel"

Chief Executive Officer

For Further Information Contact:

David Tafel CEO, Director

604-683-1991

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