LONDON - Gabriel Resources Ltd. (TSXV: GBU) ('Gabriel' or the 'Company') announces the publication of its First Quarter Financial statements and Management's Discussion and Analysis Report for the period ended March 31, 2022.

Summary

Gabriel and its wholly-owned indirect subsidiary, Gabriel Resources (Jersey) Ltd. (together 'Claimants') remain focused on concluding their arbitration case against the Romanian State ('Respondent') under the rules of the International Centre for Settlement of Investment Disputes ('ICSID'), part of the World Bank ('ICSID Arbitration'). The ICSID Arbitration case is well advanced.

In December 2021, the President of the arbitral tribunal ('Tribunal') stated that the Tribunal was deliberating and would render an arbitral award ('Award') in 2022.

In January 2022, the Tribunal confirmed that, in due course, it would revert to the Claimants and Respondent (together 'Parties') about the possibility and timing of any further questions for the Parties to respond to and/or any requirement for an additional oral hearing in the case.

In April 2022, the Tribunal issued a limited list of further questions to the Parties, with the purpose of having a complete record when it concludes its deliberations on the case as a whole and prepares the Award. The Claimants and Respondent submissions responding to the Tribunal's questions are to be filed by June 14 and August 15, 2022, respectively.

Notwithstanding the Tribunal's statement that it would render an Award in 2022, there is no specified timeframe in the ICSID Rules applicable to this case in which an Award is to be made by the Tribunal.

In November 2021, an agreement was concluded for the sale of the remaining mining equipment owned by the Gabriel group ('Group') for US$1.75 million (approx. $2.2 million) and initial payments of US$0.625 million in aggregate were received prior to the 2021-year end. Further instalments totaling US$0.375 million were received in the first quarter of 2022, with additional monthly instalments due until September 2022.

In February 2022, an agreement was concluded for the sale of certain land and buildings owned by the Group in Alba Iulia, Romania for EUR 1 million (approx. $1.45 million), of which EUR 750,000 was received prior to March 31, 2022 and the balance was received on April 19, 2022.

The net loss for the first quarter of 2022 was $0.9 million (Q4 2021 $2.2 million).

As at March 31, 2022, the Company held $2.3 million of cash and cash equivalents (Q4 2021 $3.3 million).

On May 24, 2022, the Company announced a non-brokered private placement (the '2022 Private Placement') of up to 33,105,117 common shares of the Company ('Common Shares') at a price of $0.215 each for gross proceeds of up to US$5.6 million (approximately $7.1 million).

On the basis that the 2022 Private Placement completes, the Company believes that it has sufficient funding necessary to cover its planned activities through to March 2023 and will need to raise additional financing thereafter to fund ICSID Arbitration costs and working capital requirements.

Dragos Tanase, Gabriel's President and Chief Executive Officer, stated: 'We are focused on addressing the questions of the Tribunal in the hope that this will be the last substantive written submission to be made in the case and an Award can be issued within 2022, as indicated by the Tribunal in December 2021. Our immediate goal is to complete the announced private placement to finance the continued operations of Gabriel for the short term and then to assess the strategic direction of the business post Award.'

Contact:

Dragos Tanase

Tel: +40 730 399 019

Email: dt@gabrielresources.com

About Gabriel

Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal business had been the exploration and development of the Roia Montan gold and silver project in Romania. The Roia Montan Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation license for the Roia Montan Project is held by Roia Montan Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Roia Montan S.A., a Romanian state-owned mining company.

Upon obtaining the License in June 1999, the Group focused substantially all of their management and financial resources on the exploration, feasibility and subsequent development of the Roia Montan Project. Despite the Company's fulfilment of its legal obligations and its development of the Roia Montan Project as a high-quality, sustainable and environmentally-responsible mining project, using best available techniques, Romania has unlawfully blocked and prevented implementation of the Roia Montan Project without due process and without compensation. Accordingly, the Company's current core focus is the ICSID Arbitration.

Forward-looking Statements

This press release contains 'forward-looking information' (also referred to as 'forward-looking statements') within the meaning of applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. All statements, other than statements of historical fact, are forward-looking statements.

In this press release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein.

Some of the material factors or assumptions used to develop forward-looking statements include, without limitation, the uncertainties associated with: the ICSID Arbitration, actions by the Romanian Government, conditions or events impacting the Company's ability to fund its operations (including but not limited to the completion of further funding noted above) or service its debt, exploration, development and operation of mining properties and the overall impact of misjudgments made in good faith in the course of preparing forward-looking information.

Forward-looking statements involve risks, uncertainties, assumptions, and other factors including those set out below, that may never materialize, prove incorrect or materialize other than as currently contemplated which could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as 'expects', 'is expected', 'is of the view', 'anticipates', 'believes', 'plans', 'projects', 'estimates', 'assumes', 'intends', 'strategy', 'goals', 'objectives', 'potential', 'possible' or variations thereof or stating that certain actions, events, conditions or results 'may', 'could', 'would', 'should', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.

Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has been no change in the Company's affairs since the date of this press release that would warrant any modification of any forward-looking statement made in this document, other documents periodically filed with or furnished to the relevant securities regulators or documents presented on the Company's website. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to the Company's disclosure obligations under applicable Canadian securities regulations. Investors are urged to read the Company's filings with Canadian securities regulatory agencies which can be viewed online at www.sedar.com.

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