Bedford Metals Announces Debt Settlement

BEDFORD METALS CORP.

Suite 313, 515 West Pender Street

Vancouver, British Columbia

V6B 6H5

NEWS RELEASE

BEDFORD METALS ANNOUNCES DEBT SETTLEMENT

August 9, 2023 – Vancouver, British Columbia – Bedford Metals Corp. (the “Company”) (TSXV:

BFM) announces that it will conduct a non-brokered private placement (the “ Offering”) of

convertible debentures units (the “Debenture Units”) at a price of $1,000 per Debenture Unit to

raise gross proceeds of up to $500,000.

Each Debenture Unit will consist of: (i) one unsecured convertible debenture (each, a

“Convertible Debenture ”) in the principal amount of $1,000 maturing sixty months (the

“Maturity Date ”) from the closing of the Offering; and (ii) 9,090 detachable common share

purchase warrants of the Company (each, a “Warrant”). Each Convertible Debenture will bear

interest at a rate of eight percent per annum, payable upon the Maturity Date. Each Warrant will

entitle the holder purchase one common share of the Company at a price of $0.11 for a period

of sixty months from the closing of the Offering. The principal amount of the Convertible

Debentures will be convertible into common shares of the Company (each, a “ Conversion

Share”), at the option of the holder, at a rate of one Conversion Share for every $0.11 of

outstanding indebtedness.

The proceeds of the Offering will be utilized by the Company for general working capital

purposes and to complete planned work at its wholly-owned Margurete Gold Project, located at

Phillips Arms in southwestern British Columbia. In connection with completion of the Offering,

the Company may pay finders’ fees to eligible third-parties who have introduced subscribers to

the Company.

All securities issued in connection with the Offering will be subject to a statutory hold period for

four-months-and-one-day in accordance with applicable securities laws. Completion of the

Offering remains subject to the approval of the TSX Venture Exchange.

For further information, contact Peter Born at [email protected].

On behalf of the Board,

Bedford Metals Corp.

Peter Born, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private

Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news

release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar

words or expressions identify forward-looking statements or information. These forward-looking statements or

information may relate to the anticipated completion of the Offering, the intended use of the proceeds from the

Offering, and other factors or information. Such statements represent the Company’s current views with respect to

future events and are necessarily based upon a number of assumptions and estimates that, while considered

reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social

risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or

achievements to be materially different from the results, performance or achievements that are or may be expressed

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or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation,

to update these forward-looking statements or information to reflect changes in assumptions or changes in

circumstances or any other events affecting such statements and information other than as required by applicable

laws, rules and regulations.