FRANKFURT Symbol 4LPP ALORO ANNOUNCES UPDATE TO PRIVATE PLACEMENT ALORO MINING CORP. – (the “Company”) announces that, due to market conditions, it will not be proceeding with the balance of the private placement as announced by News Release dated March 20,

June 28, 2023 TSX.V Symbol AORO

FRANKFURT Symbol 4LPP

ALORO ANNOUNCES UPDATE TO PRIVATE PLACEMENT

ALORO MINING CORP. – (the “Company”) announces that, due to market conditions, it will not be

proceeding with the balance of the private placement as announced by News Release dated March 20,

2023. As announced by News Release on May 9, 2023, the Company closed a first tranche of the private

placement for aggregate proceeds of $130,000.

About Aloro Mining Corp.

Aloro controls the 2,643.82-hectare Quitovac Mine Project located in the prolific Mojave-Sonora

Megashear, where a large part of Mexico’s recent go ld production is derived. Aloro also controls the

3,199- hectare Los Venados Project, which is located in the central part of the Mulatos Gold District and

is directly adjacent to the active Mulatos open pit mine of Alamos Gold Inc. The Los Venados is under

US $5,000,000 Option agreement to Alamos Gold Inc.

ALORO MINING CORP.

Per: “Thomas A. Doyle”

Thomas A. Doyle

President & CEO

http://www.aloromining.com/

For further information, please

contact:

Thomas A. Doyle

Phone: (604) 689-5722

Email: [email protected]

Neither 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.

This news release contains forward ‐looking information which is subject to a variety of risks and uncertainties

and other factors that could cause actual events or re sults to differ from those projected in the forward ‐looking

statements. Forward looking statements in this press release include, but are not limited to, statements regarding

the Offering, closing thereof, and the an ticipated use of proceeds. These forward ‐looking statements are subject

to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially

from those projected in the forward‐looking information. Risks that could change or prevent these statements from

coming to fruition include, but are not limited to, the i nability of the Company to close further tranches of the

Offering, failure to receive final TSX Venture Exchange approval for the Offering, general business, economic

and social uncertainties, litigation, legislative, envir onmental and other judicial, regulatory, political and

competitive developments, and other risks outside of the Company’s control.