Minto Metals Corp. reported results from the 2022 Magnetotellurics survey over the Minto Mine Property. The Company commissioned Quantec Geoscience Ltd. to conduct a SPARTAN MT survey, a deep-penetrating Magnetotellurics (MT) survey over the Minto Mine Property.

The goal for the MT survey was to extend the geophysical coverage for the Minto Mine Property to depths below the extents of previous geophysical surveys, diamond drilling and current mining infrastructure to assess the potential for additional economic mineralization. Quantec completed the survey, consisting of a total of 184 SPARTAN MT sites, between July 10, 2022 and August 28, 2022 with results received by the Company in late November 2022.á MT is a passive electromagnetic technique that maps resistivity by measuring telluric currents induced in the earth by natural sources such as lightning, solar flares and ionospheric resonances. SPARTAN MT is full-tensor audio-magnetotelluric technology that acquires data in the 10 kHz to 0.001 Hz frequency band.

Results from the MT survey highlighted three significant low resistivity, moderate to high conductive anomalies on the Minto Mine Property: A large low resistivity anomaly below the Minto Mine Property orebodies extending to a depth of approx. -300m elevation (ELEV) (approximately 650 metres below the lowest current mine development or roughly 1,000 meters below surface; A low-moderate resistivity anomaly to the NE of the Minto Mine Property workings that appears to follow the regional NW-SE structure. The anomaly extends from 200m ELEV to approx.

-900m ELEV (approximately 1,100 meters of interest); andá A large, low resistivity anomaly at the south end of the Minto Mine Property that likely represents the younger-aged, Little Ridge /Casino Formation mafic volcanics and associated sediments. Discussion: The Minto Mine Property orebodies appear within the upper portion and cluster around MT anomaly A that extends to depths up to 650 metres below the current mining infrastructure. The relationship between mineralized orebodies at the Minto Mine Property and the low resistivity anomaly is not currently constrained due to lack of drilling.

Two conceptual targets have emerged based on these results and previous geophysics surveys (Titan DC-IP /MT circa 2010): 1) the entirety of the low resistivity Anomaly A; and 2) the transitional zone between low and moderate resistivity at Anomalies A, B and several other isolated, targets. This data is being integrated into the Minto geological model and will be a key input for ALS Goldspot Discoveries Corp.'s work with machine-learning prospectivity and target generation. Outlook: The Company has completed its drilling program for 2022 and are awaiting results from 19 drill holes that targeted Minto North and Minto East.

Minto expects to report on these results in early January 2023. The Company was recently informed of a January 2023 delivery date for Phase 1 Targeting being conducted by ALS Goldspot Discoveries Corp. that includes machine learning derived prospectivity heat-maps highlighting areas with a high probability for mineralization, prioritized drill targets and an updated 3D geological model.

The Company is planning an aggressive resource growth and discovery drill program for 2023 that will include drill-testing the MT anomalies highlighted in this news release and will provide guidance following board of director approval.