Stuhini Exploration Ltd. announced that it has completed the exercise of its option and now owns a 100% interest in the Ruby Creek project located in northwestern British Columbia, Canada. Pursuant to an option agreement dated July 29, 2019, as amended October 28, 2019 (the "Option Agreement") between the Company and Global Drilling Solutions Inc. ("Global Drilling"), Global Drilling granted the Company an option to acquire a 100% interest in the Property by issuing an aggregate total of 7,300,000 common shares of the Company ("Common Shares") and making aggregate cash payments of $1,060,000 to Global Drilling over a four-year term, subject to acceleration at the sole discretion of the Company, on such terms and conditions provided for in the Option Agreement. In accordance with the Option Agreement, prior to the date hereof, the Company had issued to Global Drilling an aggregate total of 5,550,000 Common Shares and has made cash payments to Global Drilling in an aggregate total amount of $420,000.

The Board of Directors of the Company (the "Board") has unanimously determined that it is in the best interests of the Company to accelerate the final option payment (the " Final Option Payment") consisting of the issuance of 1,750,000 Common Shares and the payment of $640,000 to Global Drilling pursuant to the terms of the Option Agreement. The Company fulfilled the Final Option Payment and exercised its option to acquire the Property on June 5, 2023. The Board voted unanimously to complete the exercise of the option for the Property early in order to attain 100% ownership because the company believe that it positions the Company more favourably to search for a potential suitor or strategic partner.

The price of molybdenum, based on the LME Platts Molybdenum futures prices, has more than doubled since first optioned the Property. The Board also considers that the remaining of 26,989 hectares of the Property outside of the 2,466-hectare lease associated with the molybdenum deposit is prospective for base and precious metals and provides additional potential value to the Property beyond the molybdenum resource.