LONDON - Further to the news releases of May 24, 2022 and June 20, 2022, Gabriel Resources Ltd. (TSXV trading symbol GBU - 'Gabriel' or the 'Company') is pleased to announce that it has completed closing of the final tranche of its previously announced non-brokered private placement of 33,105,117 common shares of the Company at a price of $0.215 per Common Share for gross proceeds of US$5.6 million, subject to stock exchange and other approvals as applicable.

In the second and final closing of the Private Placement, the Company has issued an aggregate of 3,154,341 Common Shares for gross proceeds of approximately US$0.53 million (approximately $0.67 million). The Common Shares issued in the closing announced today are subject to a statutory 4-month hold period expiring October 30, 2022.

The Company is progressing with its arbitration case against Romania before the World Bank's International Centre for Settlement of Investment Disputes ('ICSID Arbitration') and intends to use the proceeds of the Private Placement to finance the costs of the ongoing ICSID Arbitration and for general working capital requirements.

The Private Placement was conditionally approved by the TSX Venture Exchange (the 'Exchange') on May 25, 2022. The Private Placement remains subject to final acceptance by the Exchange and the receipt of all other applicable approvals. The Company will not pay a cash finder's fee in connection with the Private Placement.

The securities described herein 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 accordingly may not be offered or sold within the United States or to 'U.S. persons', as such term is defined in Regulation S promulgated under the U.S. Securities Act ('U.S. Persons'), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account of benefit of, persons in the United States or U.S. Persons.

Contact:

Dragos Tanase

Tel: +40 730 399 019

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.

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