Montreal, Canada, October 31, 2023 – SRG Mining Inc. (TSXV: SRG) (“SRG” or the “Company”) announced significant progress has been made towards meeting the closing conditions of the proposed private placement, announced on July 10, 2023, to Carbon ONE New Energy Group Co., Ltd (“C-ONE”).

Under terms of the agreement, SRG will issue 28,222,380 common shares to C-ONE (or its designated affiliate) through a private placement at a price of C$0.60 per share (the “Private Placement”). The subscription amount is approximately C$16.9 million (US$12.7 million) (the “Subscription Amount”).