Opawica Explorations Inc. Closes $3.12 Million First Tranche of Private Placement

3043 – 595 Burrard Street, Vancouver, BC Canada V7X 1L7

T (604) 681 -317 0, F (60 4) 681 -3552 , i r@opaw ica.com

www.opawica .com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

OPAWICA EXPLORATIONS INC. CLOSES $3.12 MILLION

FIRST TRANCHE OF PRIVATE PLACEMENT

Vancouver, B.C. – May 31, 20 21 – Opawica Explorations Inc. (the “Company” ) (TSX.V: OPW) is

pleased to announce that further to its news release of May 12, 2021, the Company has closed the first

tranche of a non-brokered private placement to raise gross proceeds of $3,129,500 (the “Offering”). The

Company raised $ 2,164,500 through the sale of 5,411,250 non flow-through units priced at $0. 40 (the

“NFT Units”). Each NFT Unit consists of one common share and one-half of one share purchase warrant,

with each whole warrant exercisable into one further common share at a price of $0. 60 for a term of two

years. The Company raised an additional $ 965,000 through the sale of 1,930,000 flow-through units

priced at $0.50 (the “FT Units”). Each FT Unit consists of one flow -through common share and one half

of one share purchase warrant, with each whole warrant exercisable into one further common share at a

price of $0.60 for a term of two years.

The proceeds from the sale of the flow -through portion of the Offering will be used for exploration

activity on the Company’s 100% owned Bazooka a nd Arrowhead properties located near Rouyn -

Noranda, Quebec, where drilling is expected to commence this year subject to completion of the Offering.

In addition, a portion of the flow -through proceeds will be spent on the Company’s mineral property

interests in the province of Newfoundland and Labrador. The proceeds from the sale of the n on flow-

through portion of the Offering will be used for project acquisitions and for general working capital.

Finder’s fees of $85,425 and 107,313 finder’s warrants exercisable at $0.60 per common share for a term

of two years was paid on a portion of the Offering.

All securities issued are restricted from trading until October 1, 2021.

A final tranche of the Offering is expected to close on or before June 4, 2021.

Philippe Havard , a di rector of the Company, subscribed for 25,000 NFT Units . This participation

constitutes a “related party transaction” for the purposes of Multilateral Instrument 61 -101, Protection of

Minority Security Hold ers in Special Transactions (“MI 61-101”). The Company is relying upon

exemptions from the requirement to obtain a formal valuation and se ek minority shareholder approval for

the Offering on the basis that the fair market value of the participation by related parties in the Offering is

less than 25% of the Company’s current market capitalization.

About Opawica Explorations Inc.

Opawica is a Canadian mineral exploration company with a strong portfolio of precious and ba se metal

properties within the Rouyn -Noranda region of the Abitibi go ld belt in Quebec and in Central

Newfoundland and Labrador. The Company's management has a great record in discovering and

developing successful exploration projects. The Company's object ive is to increase shareholder value

through the development of explo ration properties using cost -effective exploration practices, acquiring

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further exploration properties and seeking partnerships by either joint venture or sale with industry

leaders.

FOR FURTHER INFORMATION CONTACT:

Blake Morgan

President and Chief Executive Officer

Opawica Explorations Inc.

Telephone: 604-681-3170

Fax: 604-681-3552

Disclaimer for Forward-Looking Information

This news r elease includes certain “forward -looking statements” under applicable Canadian securities l egislation that are not

historical facts. Forward -looking s tatements inv olve ris ks, uncertainties, and other factors t hat could cause actual results,

performance, pr ospects, and opportunities to differ ma terially from those expressed or implied by such for ward-looking

statements. For ward-looking statements in this news release include, but are not limit ed to, statements w ith respect to the

expectations of management r egarding the proposed Offering, the exp ectations of management regarding the us e of proceeds of

the Offering, closing c onditions for the Offer ing, and Exchange app roval of the proposed Offer ing. Although the C ompany

believes that the expectations reflected in the forward -looking information are reasonable, there can be no assurance t hat such

expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual

results, performance or developments to differ materially from those contai ned in the statements including that: th e Company

may not complete the Offering on terms favorable to t he Company or at all; the Exchange may not appro ve the Offering; th e

proceeds of the Offering may not be used as s tated in this news release; the Company may be unable to satisfy all of the

conditions to t he C losing; and those additi onal risks set out in t he Compa ny’s public d ocuments filed on SEDAR at

www.sedar.com. Alth ough the Company believes that the assumptions and factors used in preparing the forwa rd-looking

statements are reasonable, undue reliance should not be placed on the se statements, which only apply as of the date of this news

release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by

law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of

new information, future events, or otherwise.

Neither the TSX Venture E xchange nor its Regulation Services Pro vider (as that term is defined in the po licies of th e TS X

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

THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS

SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL

SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN.

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER T HE UNITED STATES SECURITIES ACT OF 1933, AS

AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES

OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.