(Information sent by the signatory company)

Canada, January 31, 2023.

Erin Ventures Inc., an international mineral exploration and development company, is pleased to report that it has entered into a Letter of Intent (the "LOI") with a London-based strategic investor, Osmose Limited, to provide equity financing for the development of the Erin Piskanja Boro Project. Pursuant to the Letter of Intent, Osmose has agreed to provide financing, totaling C$3,550,000 plus €22,000,000, in three tranches

The terms of the LOI grant Osmose the exclusive right to provide the Funding, subject to certain terms and activation times for each tranche that are complied with by Osmose. Only if Osmose meets the conditions of each tranche will he retain the exclusive right to finance the next tranche. There will be no exclusivity until Osmose completes the financing round of the first tranche. Erin intends to continue her ongoing discussions with other interested potential strategic partners until Osmose has completed all three funding tranches. The key terms of the LOI are:1. Following the conclusion of a definitive agreement (based on the LOI framework), Osmose has agreed to enter into a non-brokered private placement of Erin shares totaling C$3.55 million at a price of C$0.10 per unit, with each unit consisting of 1 common share and 1 share purchase warrant (with an exercise price of CAD$0.22 per share and a maturity of 2 years), as the first tranche of financing. Osmose agrees to exercise the warrants, if and only if, in doing so, Osmose remains under a 19.9% ​​ownership interest in Erin. Use of proceeds includes completion of the Piskanja Project Feasibility Study and working capital. 2. In addition, Osmose has agreed to provide two tranches of project-level financing (within Balkan Gold, Erin's 100%-owned Serbian operating company), to advance the Piskanja Project towards production, as follows: • i) €10,000,000 within 30 days of Erin's completion of a feasibility study in accordance with Serbian standards, in exchange for an undivided 20% interest in Balkan Gold, as the second tranche of financing. Use of proceeds includes development of the Piskanja project and Balkan Gold working capital.• ii) €12,000,000 within 30 days of Erin's completion of mine designs and plans and processing of the Piskanja project, in exchange for an additional 25% undivided interest in Balkan Gold, as the third and final tranche of financing. Use of proceeds includes development of the Piskanja Project and working capital of Balkan Gold. 3. Erin is still the operator of the Piskanja Project. Osmose will be able to appoint one person (one of five) to the Erin board, and two people (two of five) to the Balkan Gold board, upon completion of their funding commitments.4. A definitive agreement will be based on the framework contained in the LOI, and will contain the usual terms and conditions for a transaction of the nature agreed between the Parties. Tim Daniels, President of Erin, stated: "We are very pleased with the agreement that "We have negotiated with Osmose. Importantly, the amount of capital committed by Osmose is expected to be sufficient to cover the equity component of the development financing needs of the project, through to completion." Tim Daniels added: "As well as the capital, Osmose brings some business knowledge to the partnership that will be very useful in the development of Piskanja. For example, they have extensive business contacts in Europe and will help Erin find potential buyers for boron. They have also offered their experience in seeking, negotiating and examining debt financing for the Piskanja project, and they have a presence, contacts and influence in Serbia, which will be of great help." MMG Capital Ltd has been Erin's sole adviser on this transaction. Completion of this transaction is subject to various conditions, including, but not limited to, Exchange acceptance. About the Piskanja Boron Project Piskanja is a boron deposit wholly owned by Erin with a measured mineral resource of 1.39 million tons (averaging 35.59% B2O3), an indicated mineral resource of 5.48 million tons (averaging 34.05% B2O3) and an inferred mineral resource of 284.7 thousand tons ( averaging 39.59% B2O3), calculated in accordance with the Canadian Institute of Mining Mineral Reserves and Resource Definition Standards (CIM Standards). 59% B2O3), calculated in accordance with the Canadian Institute of Mining's Mineral Resource and Reserve Definition Standards (CIM Standards), as outlined in Erin's report entitled "Technical Report and Preliminary Economic Assessment For The Piskanja Borate Project, Serbia, June 24, 2022." The person responsible for the PEA and the Mineral Resource Estimate it contains is Prof. Miodrag Banješević PhD. P.Geo, EurGeol, a Qualified Person in accordance with the CIM Mineral Reserve and Resource Definition Standards (CIM Standards), and independent of Erin Ventures.

SOURCE: Erin Ventures Inc.ContactContact name: Blake FallisContact description: General ManagerContact phone: 1-250-384-1999