Group Eleven Receives TSXV Approval for Warrant Extension

VANCOUVER, July 19, 2023 - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") announces that the TSX Venture Exchange has approved the previously announced extension of warrants (the "Warrants") of the Company which were to otherwise expire on July 28, 2023.

The Company has extended the expiry date of the 12,916,667 Warrants granted on July 28, 2020, with each Warrant entitling the holder to purchase one common share of the Company, as follows:

Certain Warrants which were extended are held by insiders of the Company, and the extension of such Warrants constitutes, to that extent, a "related party transaction" within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Shareholders ("MI 61-101"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation.

Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

Neither 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.

SOURCE Group Eleven Resources Corp.