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CASA GRANDE, Ariz. & VANCOUVER, British Columbia--(BUSINESS WIRE)--Elim Mining Incorporated (Elim or the Company), a private copper exploration and development company, is pleased to announce the closing of the first tranche of a non-brokered private placement of common shares of the Company ("Common Shares") for aggregate gross proceeds of $3,811,620.60 (the "Offering"). Under the Offering, the Company issued a total of 12,705,402 Common Shares at a price of $0.30 per Common Share. A second tranche consisting of shares subscribed by a technical consortium (the Consortium) comprised of Samuel Engineering and Q&D is expected to close in January 2021. The Company has agreed with the Consortium that $1,900,000 of the fees payable for certain services on the stockpile project will be satisfied by issuing Common Shares (6,333,333) at the deemed price of $0.30 per Common Share. The Companys largest shareholders, Tembo Capital and RCF, have the right to participate in the offering up to the amount required to maintain their respective shareholdings. The Company intends to use the proceeds of the Offering to advance the resource development drilling at the Cactus Mine and Parks/Salyer properties, additional technical studies of the Stockpile Project, land acquisitions, and general working capital. John Antwi, President and Chief Executive Officer commented, The new inflow of capital supports the Companys overall site development strategy. In particular, the participation of the Consortium is a strong indicator of their confidence in the Stockpile project. Activities will feed into a Preliminary Economic Assessment on the Cactus West and Cactus East deposits, expected in Q2 2021. The Consortium of technical industry professionals will provide the additional input to continue fine-tuning the economics of the Stockpile Project with drilling and metallurgical testing. Having our trusted consultants manage the advancement of the Stockpile allows Elim to remain laser-focused on the advancement of the larger in-ground copper porphyry resources. We look forward to optimizing the multiple potential mining, processing and personnel synergies between the Stockpile Project and Cactus Mine. Pursuant to their subscription, Elim will grant the Consortium, the right of first offer to bid for certain future services related to the Stockpile. All Common Shares issued under the Offering will be subject to a hold period expiring four-months plus one day following the date that the Company becomes a reporting issuer in any province or territory of Canada. The Common Shares issued under the Offering have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any state or other applicable jurisdictions securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Elim Mining Incorporated (www.elimmining.com | www.cactusmine.com) Elim Mining Incorporated is a private company that is building a scalable, multi-phase, multi-billion-pound copper porphyry project on private land in Arizona. The Company is initially focused on resource development of the Cactus Mine, which is a re-start of the former Sacaton mine that was operated by ASARCO through 1984. Concurrently, the Company is exploring the geologic district, including the Parks/Salyer Property. Based on the current land position, the Company has exposure to a porphyry copper system. The Company is managed by mining executives with an aggregate of over 210 years experience in mine operations and business. With a history and reputation for strategically launching, revitalizing, and leading multi-million-dollar mining organizations, the team has achieved tremendous growth and value for investors in a socially and environmentally responsible manner. Forward-Looking Statements Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Elim to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals. Although Elim has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Elim disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Answer: Elim Mining Completes $3.8 Million Equity Financing