Corporate Update

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

LONDON, UK / ACCESS Newswire / May 20, 2025 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" or the "Company") is pleased to announce the following corporate update.

Final Tranche Closing of Private Placement

The Company has closed the final tranche of its previously announced non-brokered private placement of up to 114,152,000 units of the Company (each, a "Unit") at a price of C$0.05 per Unit (the "Offering"). For more information on the Offering, please see the Company's press release dated February 19, 2025, which is available under the Company's SEDAR+ profile at www.sedarplus.ca.

Pursuant to the closing of the final tranche, the Company has issued a total of 28,538,000 Units to Swiss Capital S.A. ("Swiss Capital") for aggregate gross proceeds of US$1.0 million (approximately C$1.4 million), of whicha total of 14,648,985 Units have been issued to Swiss Capital in full and final settlement of US$0.51 million of outstanding indebtedness (including principal and interest) related to the previously announced bridge financing loans.

The securities issued in connection with the closing of the final tranche are subject to a statutory four-month hold period, which will expire on September 21, 2025. Completion of the Offering is subject to receipt of final approval of the TSX Venture Exchange's (the "Exchange").

The full subscribed Offering resulted in the issuance of a total of 114,152,000 Units for aggregate gross proceeds of US$4.0 million. Following the settlement of US$1.54m in outstanding bridge financing loans through a debt-for-equity arrangement, the Company has received net proceeds of approximately US$2.46 million.

As previously announced, the terms of the Offering triggered thresholds requiring disinterested shareholder approval of aspects of the Offering pursuant to the policies of the TSXV, as further described in the Company's February 19, 2025 press release, which the Company has obtained.

The Company will not pay a cash finder's fee in connection with the Offering.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and accordingly may not be offered or sold within the United States or to "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons"), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account of benefit of, persons in the United States or U.S. Persons.