Kintavar Closes $1.4M Private Placement; Targets Maiden Drilling Program on Wabash in Q1 2021

Kintavar Closes $1.4M Private Placement; Targets Maiden Drilling Program on

Wabash in Q1 2021

MONTRÉAL, Dec. 14, 2020 -- Kintavar Exploration Inc. (the “ Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V),

is pleased to announce that it has closed a non-brokered private placement (the “ Offering”) and issued 7,112,500 units of the

Corporation (each a “Unit”) at a price of $0.08 per Unit and 7,617,310 common shares of the Corporation (each a “ Share ”),

issued on a flow through basis, at a price of $0.11 per Share, for total cumulative gross proceeds of $1,406,904. Each Unit

being comprised of one (1) Share and one half of one (1/2) Share purchase warrant, each whole warrant entitling the holder

hereof to acquire one (1) Share at a price of $0.15 per Share until December 11, 2022.

“The majority of this financing was subscribed by existing shareholders of the Corporation, a strong sign of support and

confidence. Furthermore, the strength of the copper market and the future demand projections are pointing to a significant

supply deficit. Global economies are injecting unprecedented amounts of funds in transport electrification and renewable

energies, both sectors of significant copper demand. And lastly, the global pandemic highlighted the need to diversify supply

sources and that includes base metals and copper. The district scale mineralization at Mitchi and Wabash discovered by

Kintavar’s team highlights the potential for development in a world-class jurisdiction like Quebec. Our technical team is

currently working on processing the soil geochemical data, Induced Polarization (IP) data from the ongoing geophysical survey

and is still awaiting pending results from the trenches and channels that were completed late fall. Based on those results, the

Corporation is targeting a maiden drilling campaign on Wabash in the first quarter of 2021. This will be followed up by further

field work starting late spring and continuing throughout the summer.” commented Kiril Mugerman, President & CEO of

Kintavar Exploration.

Certain officers and directors of the Company have participated in this Private Placement for a total of 490,910 Shares and

125,000 Units distributed pursuant to the Offering (the “ Insiders’ Participation”). The Insiders’ Participation is exempt from

the formal valuation and shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority

Holders in Special Transactions (“ Regulation 61-101 ”) in accordance with sections 5.5(a) and 5.7(a) of said Regulation 61-

101. The exemption is based on the fact that the market value of the Insiders’ Participation or the consideration paid by such

insiders does not exceed 25% of the market value of the Company. The Company did not file a material change report at least

21 days prior to the completion of the private placement since the Insiders’ Participation was not determined at that moment.

The Company will use the proceeds of the Offering for surface exploration and drilling on the Wabash property and for working

capital purposes.

The shares acquired by the subscribers are subject to a hold period of four months plus one day from the closing date, ending

on April 12, 2021, except as permitted by applicable securities legislation and the rules of TSX Venture Exchange.

In connection with this Offering, the Corporation has paid a cash finder’s fee in an amount of $47,631 and issued 455,448 non-

transferable broker warrants to acquire such number of common shares at a price of $0.15, exercisable for a period of twenty-

four (24) months and subject to a hold period of four months plus one day from the closing date.

About Kintavar Exploration & the Mitchi – Wabash Properties

Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and

development of gold and base metal mineral properties. Its flagship project is the Mitchi – Wabash copper-silver district

(approx. 37,000 hectares, 100% owned) located 100 km north of the town of Mont-Laurier and 15 km East of the town of

Parent in Quebec. Both properties cover an area of more than 300 km 2 accessible by a network of logging and gravel roads

with access to hydro-electric power already on site, major regional roads including rail road and a spur. The properties are

located in the north-western portion of the central metasedimentary belt of the Grenville geological province. The projects

primarily focus on sediment-hosted stratiform copper type mineralization (SSC) but include Iron Oxide Copper Gold (IOCG)

and skarn type targets. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the

sedimentary basin. Kintavar also has exposure in the gold greenstones of Quebec by advancing the Anik Gold Project in a

partnership with IAMGOLD and several early-stage projects that were optioned by Gitennes Exploration.

Kintavar supports local development in the Mitchi-Wabash region where it owns and operates the Fer à Cheval outfitter, a

profitable cashflow generating operation where it employs local workforce. It as well works with local First Nations to provide

training and employment.

For further information contact:

Kiril Mugerman, President and CEO

Phone : +1 450 641 5119 #5653

Email : [email protected]

Web: www.kintavar.com

Forward looking Statements:

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 statements that may constitute “forward-looking information” or “forward looking statements” within

the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among

others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying

any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”,

“intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking

statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not

necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No

assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including

additional closings of the private placement referred to above, or if any of them do so, what benefits the Corporation will

derive. Forward-looking statements and information are based on information available at the time and/or management's good-

faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other

unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions

include, but are not limited to, those described under “Risk Factors” in the Corporation’s management’s discussion and

analysis for the fiscal year ended December 31, 2019, which is available on SEDAR at www.sedar.com; they could cause

actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not

intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements

contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by

applicable laws.