Mila Resources Regulatory News (MILA)

This announcement and the information contained herein is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy, subscribe or acquire any securities in the United States, Australia, Canada, Japan or The Republic of South Africa (unless an exemption under the relevant securities laws is available) or in any other jurisdiction in which any such offer or solicitation would be unlawful.

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

16 October 2023

Mila Resources Plc

("Mila" or the "Company")

Publication of Prospectus in relation to the Placing to raise £2 million

Mila Resources Plc (LSE:MILA), the post-discovery exploration accelerator, announces that, it has today published a prospectus (the "Prospectus") in connection with the Placing of 200,000,000 ordinary shares ("Placing Shares") at a placing price of 1p per share ("Placing Price") to raise £2 million (before expenses) as announced on 2 October 2023. The Prospectus has been approved by the Financial Conduct Authority.

The Prospectus contains, inter alia, Notice of a General Meeting of the Company, to be held on 8 November 2023 at 11.00 a.m. at 13th Floor, 88 Wood Street, London EC2V 7DA ("Notice"). The Placing is conditional on the resolutions set out in the Notice being passed and admission of the Placing Shares to the Official List by way of a Standard Listing ("Admission") having become effective on or before 8.00 a.m. on 9 November 2023.

The Placing Shares will, when issued as fully paid, rank pari passu in all respects with the existing issued Ordinary Shares, including the right to receive all dividends or other distributions declared, made or paid after the date of their issue and in respect of Voting Rights.

Each Placee will also be issued with a warrant ("Placing Warrants") to subscribe for 1 new Ordinary Share for every Placing Share. The Placees will be granted warrants over an aggregate of 200,000,000 Ordinary Shares exercisable at 2 pence per Share at any time for 2 years from the date of Admission.

Expected timetable of Principal Events

Forms of Proxy

Shareholders will not receive a hard copy form of proxy for the General Meeting. Instead, they will be able to vote electronically using the link www.signalshares.com. Shareholders should log into their signal shares account or register, if register if they have not previously done so. To register a Shareholder will need the investor code, which will be found on the relevant share certificate or can be obtained from the Company's registrar, Link Group.

Shareholders are urged to submit proxy votes to Link Group at www.signalshares.com as soon as possible, but in any event, by no later than 11.00 am on 6 November 2023, being two business days before the time appointed for the holding of the General Meeting. If a Shareholder should wish to vote using a hard copy form of proxy, it may obtain a form of proxy direct from the Company's registrars, Link Group.

Voting by proxy prior to the General Meeting does not affect a Shareholder's right to attend the General Meeting and vote in person should they so wish.

An application will be made for the Placing Shares to be admitted to trading on the Official List and the London Stock Exchange ("Admission"). It is expected that Admission will become effective and dealings in the new Shares will commence at 8.00 a.m. on 9 November 2023.

Total Voting Rights

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company's enlarged issued ordinary share capital will comprise 526,817,108 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure Guidance and Transparency Rules.

Availability of Prospectus

Further information is set out in the Prospectus, which will be available for inspection from the registered office of the Company during normal office hours on any day, Saturdays, Sundays and public holidays excepted, and which can be accessed electronically from the Company's website at www.milaresources.com

A copy of the Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

**ENDS**

For more information visit www.milaresources.com or contact: