O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) is pleased to announce that it has received initial results from its 2,886 metre infill drilling campaign completed between November 2023 and January 2024 on the Norlartic Extension area within the Marban Alliance project, in Val-d’Or, Québec, Canada.

Highlights:

• 9.6 g/t Au over 6.2 metres in hole O3MA-23-539 at a vertical depth of 36 metres, including 104 g/t over 0.5 metre on Norlartic Extension

• 3.7 g/t Au over 5.9 metres in hole O3MA-23-539 at a vertical depth of 21 metres on Norlartic Extension

• 1.2 g/t Au over 17.2 metres in hole O3MA-23-546 at a vertical depth of 106 metres on Norlartic Extension

O3 Mining’s President and Chief Executive Officer, Mr. José Vizquerra commented: “These new intercepts from our 2023 infill drilling program at Marban Alliance will provide additional data to advance our understanding of the existing resources at Marban Alliance. Located at the Norlartic Extension deposit, these results strengthen our confidence in expanding the Norlartic Extension satellite pits in our anticipated Feasibility Study. We will continue to report on results from our winter drilling campaign in the Marban Alliance project as assays are received.”

The 2023 drilling campaign on the Norlartic Extension focused on best intercepts of the 2022 drilling campaign (see news releases of O3 Mining dated (i) July 6, 2022 and entitled “O3 Mining Intersects 2.3 g/t Au Over 14.8 Metres Outside Resource Pit Shells at Marban Engineering“, and (ii) February 27, 2023 and entitled “O3 Mining Intersects 3.7 g/t Au over 11.0 Metres at Norlartic Extension, Marban Engineering“). In the area adjacent to the main Marban pit, three satellite pits were defined in the Corporation’s pre-feasibility study using only historical drilling. A strike length of 200 metres hosting multiple Norlartic Extension dyke swarms was drilled down to 250 metres vertical at a spacing of 40 metres, corresponding to the drill spacing used elsewhere on the property. The results released today along with those from 2022 show two near-surface mineralized lenses of at least 200 metres long each. Complete assay results for nine of the 18 drill holes from this campaign have been received to date. Once all assays are received, the 2022 and 2023 results on Norlartic Extension will be integrated into an updated mineral resource estimate to be used in a future feasibility study on the Marban Alliance project.

The dyke swarm hosting the gold mineralization at Norlartic Extension is geologically identical to the one hosting the Norlartic and Kierens mineralization. They correspond to mafic and intermediate fine-grained dykes, which have been successfully traced along a two-kilometre trend and serve as a marker to the mineralized corridor.

Table 1: Near Surface Drill Hole Intercepts. Only intercepts with metal factor above 5.0 (g/t Au x metres) are reported, cut-off 0.3 g/t Au and above 200 metres from surface. See Table 2 below for full technical parameters.

Figure 1: Photos of visible gold at 48.0 metres in hole O3MA-23-539

Figure 2: Marban Alliance Project Map

Figure 3: Location of significant intercepts at Norlartic Extension

Table 2: Technical parameters of holes of the 2023-2024 campaign at Norlartic Extension

2024 Infill Drilling Campaign Update

The 2024 infill drilling campaign at Marban Alliance mainly focuses on the Malartic H deposit to convert inferred in-pit resources into the indicated category. The ongoing Malartic H program consists of approximately 28,000 metres of drilling, and approximately 10,000 metres of core are currently awaiting assay results.

Qualified Person

The scientific and technical content of this news release has been prepared, reviewed, and approved by Mr. Sébastien Vigneau, P.Geo. (OGQ #993), Principal Geologist of O3 Mining, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Quality Assurance/Quality Control

O3 Mining reviewed all available QA/QC reports, downhole deviations and dips, collar location, original logs and available laboratory certificates. O3 Mining individualy inspected and validated all of mineralized intervals in drill holes core.

About O3 Mining Inc.

O3 Mining Inc. is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support and expertise of a team of industry leaders as it grows towards becoming a gold producer with several multi-million-ounce deposits in Québec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties (75,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.

Figure 1: Photos of visible gold at 48.0 metres in hole O3MA-23-539 (CNW Group/O3 Mining Inc.)

Figure 2: Marban Alliance Project Map (CNW Group/O3 Mining Inc.)

Figure 3: Location of significant intercepts at Norlartic Extension (CNW Group/O3 Mining Inc.)