MTB Metals Corp. — Capital/Financing Update 2020

Jul 17, 2020

==> picture [293 x 83] intentionally omitted <==

Trading Symbol (TSX-V: MTB; Frankfurt: M9UA) 410-325 Howe Street Vancouver, British Columbia Canada V6C 1Z7 Tel: (604) 687-3520 Fax: 1-888-889 4874 www.mountainboyminerals.ca

Not for dissemination in the United States or through U.S. newswires

July 16, 2020

MOUNTAIN BOY CLOSES $1,250,000 FLOW-THROUGH FINANCING

Vancouver, BC – Mountain Boy Minerals Ltd (“Mountain Boy” or the “Company”) (TSX.V: MTB; Frankfurt: M9UA) announces it has closed the Flow-Through private placement announced July 3[rd] , 2020 and increased on July 15[th] , 2020. A total of 4,166,669 Flow-through shares were issued at an offering price of $0.30 per Common Share for gross proceeds to the Company of $1,250,000.

The net proceeds of the Offering will be used for exploration of the Company’s projects in BC’s Golden Triangle, including planned drilling of the American Creek project. The common shares issued under this placement are subject to a four-month hold period until November 16[th] , 2020. Insiders purchased $115,411 of this Flow-through financing. Finder’s fees of $44,430 in cash were paid to eligible parties. Mountain Boy now has 49,027,051 common shares issued and outstanding.

On behalf of the Board of Directors:

Lawrence Roulston President & CEO (604) 687-3520

For further information, contact:

Nancy Curry VP Corporate Development (604) 220-2971

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.

This news release may contain certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other

factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

2