Thunder Bay, Ontario--(Newsfile Corp. - August 16, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") announces that, further to its July 17, 2024 news release, it has closed its brokered flow-through private placement financing for aggregate gross proceeds of $1,146,411.75 (the "Financing").

Haywood Securities Inc. acted as lead agent and sole bookrunner, together with a syndicate of agents including Red Cloud Securities Inc. and Canaccord Genuity Corp. (collectively, the "Agents").

The Company has issued 6,947,950 flow-through units ("Units"), each Unit consisting of one flow-through common share (the "Flow-Through Shares") and one half (1/2) of a common share purchase warrant, each full warrant being exercisable at $0.25 for one non-flow-through common share of the Company for a period of 2 years from the date of issue.

Each Flow-Through Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act").

The gross proceeds from the Financing will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Units effective on or before December 31, 2024.

All securities issued under the Financing will be subject to a statutory hold period in Canada expiring four months and one day from the closing date of the Offering. The Financing is subject to final acceptance of the TSXV.

In accordance with TSX Venture Exchange policies, the Company has paid a cash fee of $80,249.00 and issued 486,356 compensation options to the Agents. Each compensation option is exercisable to acquire one common share of the Company at $0.165 per share for a period of 2 years from the date of issue.

About Benton Resources Inc.

Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.

Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu- Au-Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1 and 2 drill programs returned impressive results including 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu. All intercepts are core length.