Vega Mining Announces Completion of Private Placement

VEGA MINING INC.

Suite 3123, 595 Burrard Street

Vancouver, British Columbia

V7X 1J1

NEWS RELEASE

VEGA MINING ANNOUNCES COMPLETION OF PRIVATE PLACEMENT

May 29th, 2023 – Vancouver, British Columbia – Vega Mining Inc . (the “Company”) announces that it

has completed a non-brokered private placement (the “Offering ”) of 44,500,000 common shares (each, a

“Share”) at a price of $0.0 2 per Share for gross proceeds of $ 890,000. The proceeds of the Offering will

be utilized by the Company for general working capital purposes and to retire existing payables.

All Shares issued in connection with the Offering are subject to a statutory hold period until September

30, 2023 in accordance with applicable securities laws. In addition, a portion of the Shares are subject to

volunteer pooling arrangement from which they will be released quarterly in eight equal installments over

a twenty-four-month period. No finders’ fees or commissions were paid in connection with completion of

the Offering.

For further information, contact Gordon Friesen at [email protected].

On behalf of the Board,

Vega Mining Inc.

Gordon Friesen, Chief Executive Officer

This news release may contain certain “Forward- Looking Statements” within the meaning of applicable securities

laws. When or if used in this news release, th e 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 intended use of 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 su bject 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 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.