TORONTO, May 3, 2023 - ‎Orefinders Resources Inc. ‎(TSXV: ORX) (“Orefinders” or the "Company") is pleased to announce that following its annual general meeting of the shareholders held on April 28, 2023 (the “Meeting”), it has received shareholder approval for its previously announced intention to update its listing status from a mining issuer to both an investment and mining issuer (the “Proposed Change of Business”) pursuant to the policies of the TSX Venture Exchange (the “Exchange”). The Company intends to close the Proposed Change of Business upon receipt of final approval of the Exchange.

This update aims to increase the Company's flexibility and optionality to make strategic investments and incubate new opportunities focused on gold and other critical metals. Orefinders’ exploration strategy and core portfolio of assets remain unchanged. This updated listing status allows management to transact corporately as the Company has in the past with the spin offs of QC Copper and Gold Inc., American Eagle Gold Corp., and its activist investment Mistango River Resources Inc. With this new listing status, Orefinders may undertake corporate transactions, acquire strategic equity positions, or incubate new junior companies as opportunities arise.

Further results of the Meeting included the re-election of Stephen Stewart, Anthony Moreau, Charles Beaudry and Alexander Stewart as directors of the Company, along with the approval of the Company’s stock option plan. Further disclosure on the matters approved at the Meeting can be found in the Management Information ‎Circular dated March 24, 2023 available on SEDAR ‎at www.sedar.com.‎

Reader Advisories

Completion of the Proposed Change of Business is subject to final Exchange acceptance.

The Exchange has in no way passed upon the merits of the Proposed Change of Business and has neither approved nor disapproved the contents of this news release.

For further information

Orefinders Resources Inc.:

Stephen Stewart, Chief Executive Officer

Phone: 416.644.1567

Email: stewart@orefinders.ca

Forward Looking Statements

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements)", including details about the business of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements including, but not limited to, the ability of the Company to make strategic investments and identify opportunities due to the Proposed Change of Business, that the company will effectively identify and undertake future corporate transactions, acquire equity positions, or incubate new junior companies, and the receipt of final Exchange approval to affect the Proposed Change of Business. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in the Company's public disclosure documents available at  www.sedar.com.. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. 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