TSXV:OIII | OTCQX:OIIIF - O3 Mining 

TORONTO, Oct. 11, 2022 /CNW/ - O3 Mining Inc. (TSX.V: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is please to announce that O3 Mining has filed on SEDAR (www.sedar.com) a Pre-Feasibility Study ("PFS"), in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), for its 100% owned Marban Engineering project in Val-d'Or Québec, Canada.

The technical report, entitled "NI 43-101 Pre-feasibility Study of the Marban Engineering Project" and dated October 7, 2022 (with an effective date of September 6, 2022), was prepared for O3 Mining by Ausenco Engineering Canada Inc. with the assistance of G Mining Services and WSP Canada (the "Marban PFS").

Reference should be made to the full text of the Marban PFS for the assumptions, qualifications and limitations relating to the PFS. The Marban PFS is available on SEDAR (www.sedar.com) under O3 Mining's issuer profile.

The Corporation is please to report there are no material differences between the key results, assumptions and estimates contained in the Marban PFS and O3 Mining's news release dated September 6, 2022 (entitled "O3 Mining Completes Pre-Feasibility Study For Marban Engineering with Post-Tax NPV of C$463 Million, Unlevered IRR of 23.3% and Annual Production Of Over 160Koz Gold").

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Louis Gariépy, P.Geo (OIQ #107538), Vice President Exploration of O3 Mining, who is a "qualified person" within the meaning of NI 43-101.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success, and expertise of the Osisko team as it grows towards being a gold producer with several multi-million-ounce deposits in Québec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties (66,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders. Further information can be found on our website at https://o3mining.com

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results,

performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE O3 Mining Inc.