Sterling Metals Exercises Option to Acquire 100% of the Adeline Project in Labrador and Provides Exploration Update

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Sterling Metals Exercises Option to Acquire 100% of the

Adeline Project in Labrador and Provides Exploration Update

June 18, 2024 – Toronto, Ontario – Sterling Metals Corp. (TSXV: SAG, OTCQB: SAGGF) (“Sterling” or the

“Company”) is pleased to announce that pursuant to the option agreement dated March 6, 2023, with

Chesterfield Resource Plc. (“ Chesterfield”), it has exercised its option to acquire 100% of the Adeline

Copper-Silver Project located in Labrador, Canada.

Chesterfield and Sterling have committed to complete the sale of by June 30, 2024, for the following

consideration: a cash payment of CAD$200,000 and the issuance of an additional 8 ,500,000 common

shares (each, a “ Common Share ”) in the capital of the Company. As a result of this transaction,

Chesterfield will hold a total of 12,692,000 shares of Sterling, a 5.46% stake in the Company. All securities

issued will be subject to a statutory hold period of four months and one day from the issuance in

accordance with applicable securities laws.

Mathew Wilson, CEO of Sterling Metals, commented, "Since early 2023, we have recognized the

significant potential of the Adeline Project, due to its large scale and substantial copper and silver

showings across the 44km basin. With the Adeline Project now firmly in our portfolio, we are strategically

positioned with two large-scale copper and silver exploration opportunities in Labrador and Ontario, both

of which are ranked among the top 10 mining jurisdictions in the world by the Fraser Institute this year .

This acquisition not only enhances our strategic advantage as an explorer but also provides substantial

leverage to rising copper and silver prices as we advance work programs on both projects to drive future

discoveries."

Exploration Update

The Adeline Project has many copper showings across the extent of the property, however, drilling and

systematic exploration is sparse over the 44km x 11km basin. In December 2023, the Company completed

its inaugural drill program consisting of 11 holes with 10 holes intersecting copper mineralization,

underscoring the robustness of the system . Figure 1 below shows select surface highlights from past

drilling and sampling work conducted by predecessors, and the Company.

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Figure 1: Select sample and diamond drill hole highlights at the Adeline Project, covering the 44km

basin

To assist in improved targeting and the identification of larger accumulation of copper sulfides, the

Company examined several exploration initiatives including the role of hydrocarbons within the

sedimentary rocks in triggering the accumulation of copper mineralization.

The Company has retained ALS GoldSpot Discoveries Ltd. to assist with a remote sensing interpretation of

spaceborne multispectral data and a targeting study in a 687km2 area. The purpose of the study is to:

1. Acquire Worldview-3 spaceborne superspectral 16-bands remote sensing products at ~2m spatial

resolution, then

2. Conduct a mineral mapping and structural linework interpretation from the remote sensing

products to delineate areas of high prospectivity and exploration potential.

The Worldview -3 SWIR data spectral treatment allows for a redox conditions map of outcrops,

differentiating the reduced organic matter -rich beds (hydrocarbon -rich) from the oxidized beds. Then,

integrating the key marker horizons with relevant structures, derived from topography (interpreted

during 2023 Phase 1), to assist in identification and ranking of targets. This exercise will significantly

benefit the from the knowledge acquired from the Summer 2023 field campaign, including rock assays

and descriptions.

About the Adeline Project, Labrador

Comprised of roughly 30,000 hectares and a 44 km strike of copper-silver-rich terrain, Adeline covers the

youngest middle Mesoproterozoic volcano -sedimentary sequences, known as the Seal Lake Group. The

Seal Lake Group consists of supracrustal argillaceous and arenaceous sedimentary rocks, intercalated with

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basalt flows and intruded by gabbro sills. The volcano -sedimentary rocks formed as a result of extensive

continental sedimentation from the transition from subaerial to shallow-marine during a rift-related cycle

of uplift and erosions.

While sediment-hosted stratiform copper deposits are widespread, economically significant occurrences

are infrequent. These deposits contribute to roughly 20 percent of global copper production and known

reserves. Supergiant and giant deposits are formed i n basins that experienced extended periods of fluid

flow, where specific conditions facilitated the accumulation of substantial quantities of metal -rich fluid,

ample reduced sulfur, and significant amounts of reductants.

Qualified Person

Jeremy Niemi, P.Geo., Senior Vice President, Exploration and Evaluation for Sterling Metals has reviewed

and approved the technical information presented herein.

About Sterling Metals

Sterling Metals (TSXV: SAG and OTCQB: SAGGF) is a mineral exploration company focused on large scale

and high -grade Canadian exploration opportunities. The Company is advancing the 24,000-hectare

Copper Road Project in Ontario which has past production, and multiple breccia and porphyry targets

strategically located near robust infrastructure and the 29,000-hectare Adeline Project in Labrador which

covers an entire sediment -hosted copper belt with significant silver credits. Both opportunities have

demonstrated potential for important new copper discoverie s, underscoring Sterling’s commitment to

pioneering exploration in mineral rich Canada.

For more information, please contact:

Sterling Metals Corp.

Mathew Wilson, CEO and Director

Tel: (416) 643-3887

Email: [email protected]

Website: www.sterlingmetals.ca

Neither the 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 certain “forward -looking information” within the meaning of applicable

securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”,

“project”, “intend”, “believe”, “anticipate”, “est imate”, “may”, “will”, “would”, “potential”, “proposed”

and other similar words, or statements that certain events or conditions “may” or “will” occur. These

statements are only predictions. Forward -looking information is based on the opinions and estimate s of

management at the date the information is provided and is subject to a variety of risks and uncertainties

and other factors that could cause actual events or results to differ materially from those projected in the

forward-looking information. For a d escription of the risks and uncertainties facing the Company and its

business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The

Company undertakes no obligation to update forward -looking information if circumstanc es or

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management’s estimates or opinions should change, unless required by law. The reader is cautioned not

to place undue reliance on forward-looking information.