Fredonia Mining Inc. Announces Grant of Stock Options

Fredonia Mining Inc. Announces Grant of Stock Options

TORONTO, Feb. 03, 2023 -- Fredonia Mining Inc. (“Fredonia ” or the “Company”) (TSXV: FRED) is pleased to announce that

it has granted stock options (the “Options”) to directors and officers of the Company to purchase a total of 2,750,000 common

shares at a price of $0.12 per common share, in the allocations and to the persons identified in the table below.

Name Options Granted

Ali Mahdavi 1,000,000

Estanislao Ricardo Auriemma 1,000,000

Ricardo Auriemma 250,000

Michael Doolan 250,000

Waldo Perez 250,000

The Options are exercisable for a period of five years and have been granted in accordance with the terms of the Company’s

current stock option plan. The Options are subject to a four month hold period.

About Fredonia

Fredonia indirectly owns a 100% interest in certain license areas (totaling approximately 18,300 ha.), all within the Deseado

Massif geological region in the Province of Santa Cruz, Argentina, including the following principal areas: El Aguila

(approximately 9,100 ha.), Petrificados (approximately 3,000 ha.), and the flagship, advanced El Dorado-Monserrat property

(approximately 6,200 ha.) located close to AngloGold Ashanti’s Cerro Vanguardia mine, subject to a 1.5% net smelter return

royalty on the EDM project, and a 0.5% net profits interest on Winki II, El Aguila I, El Aguila II and Hornia (ex Petrificados).

For further information: Please visit the Company website www.fredoniamanagement.com or contact: Omar Salas, Chief

Financial Officer, Direct: +1-416-846-7807, Email: [email protected].

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.