Chibougamau Extends Several Conditions of the West Block Option

ROUYN-NORANDA, Québec, Dec. 24, 2024 -- Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1-Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US), herein called Chibougamau, wishes to inform shareholders that per the agreement with TomaGold Corp. (TSXV: LOT) dated August 11, 2023, Chibougamau has received the initial cash and share payments. In addition, Chibougamau has received the first anniversary shares payment but, due to market conditions, has extended both the required first anniversary $50,000 cash and $600,000 work expenditure requirement to June 30, 2025.

Chibougamau will report to shareholders on the status of the West Block agreement at or shortly following the June 30, 2025 date.

This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc. in his capacity as a Qualified Person (Q.P.) under NI 43-101.

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 the release.

Forward-Looking Statements
Except for historical information this News Release may contain certain "forward-looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available under "disclaimer" on the Company's website.

61,065,536 shares issued and outstanding