Fredonia Mining Inc. Announces Filing of Articles of Continuance and Grant of Stock Options

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NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH US NEWS WIRES

TORONTO, Sept. 20, 2022 (GLOBE NEWSWIRE) — Fredonia Mining Inc. (the “Company”) (TSXV: FRED) is pleased to announce that it has continued from the Province of Alberta to the Province of Ontario (the “Continuation”) pursuant to a resolution passed by the shareholders of the Company at the annual general and special meeting of the Company held on October 12, 2021. The continuance became effective on September 16, 2022. Copies of articles of continuance and by-laws Ontario administrative records of the Company will be available on the Company’s SEDAR profile at www.sedar.com. Further details regarding the extension are contained in the Company’s management information circular dated September 8, 2021, a copy of which is available electronically under the Company’s profile at www.sedar.com .

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The Company also announces that it has granted stock options (the “Choice”) to Mr. Omar Salas, Chief Financial Officer of the Company, to purchase an aggregate of 250,000 common shares at a price of $0.11 per common share. The options are exercisable for a period of 5 years and were granted pursuant to the terms of the Company’s current stock option plan and the terms of Mr. Salas’ consulting agreement. Options are subject to a four month hold period.

This press release is for distribution in Canada only and is not for distribution to US news services or broadcast in the United States. The securities issued have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States or to, or on behalf of, or for the benefit of US persons not registered in the United States or an applicable exemption from US registration requirements. This press release does not constitute an offer of securities for sale in the United States.

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About Fredonia

Fredonia indirectly owns a 100% interest in certain license areas (totalling approximately 18,300 ha.) (collectively, the “Project“), all within the geological region of the Deseado Massif in the province of Santa Cruz, Argentina, including the following main areas: El Aguila, approx. 9,100 ha, Petrificados, approx. 3,000 ha, and the property El Dorado-Monserrat lighthouse and advance covering approximately 6,200 ha located near Anglo Gold Ashanti’s Cerro Vanguardia mine, subject to a 1.5% net smelter return royalty on the project EDM, with a 0.5% interest on the net profits of Winki II, El Aguila I, El Aguila II and Hornia (formerly Petrificados).

For further information: Please visit the company’s website www.fredoniamanagement.com or contact: Omar Salas, Chief Financial Officer, direct: +1-416-846-7807, email: [email protected].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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