Southstone Announces Private Placement

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Southstone Minerals Limited

2751 Graham Street

Victoria, British Columbia, V8T 3Z1

TSX Venture : SML

www.southstoneminerals.com

SOUTHSTONE ANNOUNCES PRIVATE PLACEMENT

VICTORIA, BRITISH COLUMBIA — 18 OCTOBER 2023 — Southstone Minerals Limited (“Southstone” or the

“Company”) (TSX.V – SML) announces a non-brokered private placement by the issuance of 1,360,000 at a

price of $0.05 per share, for gross proceeds of C$68,000.

The private placement is anticipated to be subscribed to by an Insider of the Company and would therefore

constitute a "related party transaction" under MI 61-101. The Company is exempt from the MI 61-101

valuation and minority approval requirements for related party transactions in connection with the Private

Placement under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined

under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transactions

exceeds 25% of the Company's market capitalization (as determined under MI 61-101).

Closing of the private placement is subject to receipt of approval by the TSX Venture Exchange.

The proceeds of the private placement shall be used solely for working capital.

ON BEHALF OF THE BOARD OF DIRECTORS OF SOUTHSTONE MINERALS LIMITED

Terry L. Tucker, P.Geo.

Executive Chairman

For additional information, please contact Terry L. Tucker at [email protected]

Neither 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.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of Company contains statements that constitute “forward-looking statements.” Such forward-looking

statements involve known and unknown risks, uncertainties and other factors that may cause Southstone’s actual results,

performance or achievements, or developments in the industry to differ materially from the anticipated results,

performance or achievements expressed or implied by such forward-looking statements.