ELVN Closed Second and Final Tranche of Financing

Date: December 22, 2022 News Release: 22-05

Not for dissemination in the United States or through U.S. newswires

1111 EXPLORATION CORP. CLOSED SECOND AND FINAL TRANCHE OF FINANCING

VANCOUVER, B.C. – December 22, 2022 - 1111 Exploration Corp. (ELVN - CSE) is pleased to announce it has closed the second and final tranche of its previously announced financing of a minimum of $300,000 to a maximum of $600,000 of non-flow through shares (the “NFT Shares”) and $125,000 of flow-through shares (the “FT Shares”) of the Company (the “Offering”).

The second tranche comprised of 1,960,800 NFT Shares at a price of $0.05 each for gross proceeds of $98,040.

Aggregate gross proceeds raised were $446,580 (which includes the first tranche closing of FT Shares of $145,040, and NFT Shares of $203,500). Accordingly, the Company issued 7,843,800 common shares in aggregate between the first and second tranches, comprising 1,813,000 FT Shares at a price of $0.08 each, and 6,030,800 NFT Shares at a price of $0.05 each.

The Company paid an aggregate total of $7,200 in finders’ fees along with issuing 24,000 finders warrants associated with the Offering.

The gross proceeds from the sale of the FT Shares will be used to incur eligible Canadian Exploration Expenses ("CEE") at the Company’s optioned Pinnacle Porphyry property in south-western B.C. The Company will renounce CEE with an effective date of December 31, 2022. The proceeds raised from the non-flow-through component will also be used for exploration work and general working capital.

The participation of one officer in the Offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the policies of the CSE. The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that, at the time the Offering was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the Offering, exceeds 25% of the Company's market capitalization calculated in accordance with MI 61-101.

About 1111 Exploration Corp.:

1111 Exploration Corp. is a Canadian mineral exploration company focused on creating shareholder value through exploration, acquisition, and development of mineral projects.

On behalf of the Board of Directors

Scott Young Director

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For further information, please call:

Scott Young 604-377-5781 [email protected]

Neither CSE Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward- looking statements except as required under the applicable laws.