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Sterling Metals Announces Upsize to Brokered Private Placement

April 4, 2023


April 4, 2023 – Toronto, Ontario – Sterling Metals Corp. (TSXV: SAG) (OTCQB: SAGGF) (“Sterling Metals” or the “Company”) is pleased to announce that, further to its press release of March 29, 2023 it has entered into an agreement with PI Financial Corp. (“PI Financial” or the “Agent”) as sole agent and bookrunner, to increase its previously announced marketed best efforts private placement (the “Offering“). The Offering has been upsized to up to 6,700,000 charity flow-through units (the “Charity FT Units”), at C$0.225 per Charity FT Unit, up to 11,914,200 flow-through units (the “FT Units”), at C$0.17 per FT Unit, and up to 16,700,000 hard dollar units (the “HD Units”), at C$0.15 per HD Unit of the Company to raise aggregate gross proceeds of up to C$5,882,500 (the “Offering”).

In addition, the Agent shall have the option to cover over-allotments (the “Agent’s Option”), which will allow the Agent to offer up to an additional 15% of the aggregate Offering, on the same terms. The Agent’s Option may be exercised in whole or in part at any time prior to the Closing Date of the Offering, in any combination of Charity FT Units, FT Units and HD Units.

There is an offering document related to this offering of the HD Units that can be accessed under the Company’s profile at www.sedar.com and at www.sterlingmetals.ca. Prospective investors of HD Units should read this offering document before making an investment decision.

For further information on the Offering, please refer to the Company’s press release of March 29, 2023.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Sterling Metals

Sterling Metals (TSXV: SAG and OTCQB: SAGGF) is a mineral exploration company focused on Canadian exploration opportunities. The Company is currently advancing its 100% owned Sail Pond Project located in the Great Northern Peninsula of Newfoundland and recently acquired the Adeline Project in Labrador. The 13,500 ha Sail Pond Project is a brand-new discovery, first discovered in 2016 with no drilling prior and consists of high grade, silver, copper, lead and zinc associated with quartz-carbonate veining, brecciated dolostone, and 100% sulfosalt veining. The 29,700 ha Adeline Project is a mid-stage exploration project covering an entire sediment-hosted copper belt, with demonstrated potential for important new copper discoveries with significant silver credits. Both projects are easily accessible by road with nearby services and a 30-min flight from one another.

For more information, please contact:

Sterling Metals Corp.

Mathew Wilson, President & CEO

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”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this press release contains forward looking statements concerning the anticipated completion of the Offering. These statements are only predictions. Forward-looking information is based on the opinions and estimates 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 description 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 circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.