Edmonton – August 29 , 2022 – Benchmark Metals Inc. (the “Company” or “Benchmark“) (TSX-V: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) – The Company wishes to announce that Co-Founder and Chief Financial Officer, Sean Mager, and Qualified Person, Michael Dufresne, P. Geol., have resigned as directors of the Company, in order to welcome the appointments of two new independent directors to the board of directors (the “Board”), Keith Peck and Peter Gundy, in their place. Sean Mager will continue to act as the Chief Financial Officer of the Company.

Keith Peck is Chair and CEO of Lincoln Peck Financial Inc., a financial advisory firm focused on the resources sector, and a Chartered Business Valuator with over 35 years of investment banking experience, including as vice-president and director of RBC Dominion Securities Inc., Haywood Securities Inc. and vice-chair of Yorkton Securities Inc. Mr. Peck has significant public company experience, including acting as the chair of Camino Minerals Corporation. Mr. Peck was a founder of Centenario Copper Corporation which was acquired by Quadra Mining Ltd. in 2009. Mr. Peck was more recently chair of Orezone Gold Corporation and was a director and audit committee chair of Bluestone Resources Inc.

Peter Gundy was a co-founder of Potash Corporation of Saskatchewan (a predecessor to Nutrien) and the founder of Neo Material Technologies Inc (“NEM”), serving as NEM’s chief executive officer and chair from 1992 to 2008. NEM became a global leader in the production of advanced rare earth metals also used in the electronics industries and automotive sectors. In 2012, NEM was sold to Molycorp for $1.1 billion. Mr. Gundy has served as a director with numerous publicly traded companies, and currently serves on the board of Andean Precious Metals, where he is chair of both its audit committee and nomination and corporate governance committee.

In addition to changes in the composition of the Board, the Company has appointed Keith Peck as the independent Lead Director of the Board. John Williamson will remain as executive Chairman and CEO. As Lead Director, Mr. Peck will provide leadership to the Board and the independent directors and facilitate the functioning of the Board independently of management, working together with the executive Chairman. The Company has also reconstituted its Audit Committee to be comprised solely of independent directors, within the meaning of National Instrument 52-110 – Audit Committees. Effective immediately, the members of the Audit Committee are Mr. Peck, Mr. Gundy and Mr. Toby Pierce. Mr. Gundy has been appointed Chair of the Audit Committee. In accordance with best governance practices, the reconstituted Board has also resolved to form an independent Governance, Nominating and Compensation Committee (“GNC Committee”), comprised of Mr. Peck, Mr. Gundy and Mr. Pierce. The new GNC Committee will assist the Board with respect to governance, nominating and compensation matters relating to the Company.

John Williamson, Chairman and CEO, said: “We are very pleased to welcome Keith and Peter to Benchmark’s Board. As seasoned veterans with proven track records in the resources sector, and deep expertise in public company governance, strategy, capital markets and strong financial and business acumen, we are confident these changes and governance enhancements will complement the existing Board structures and help strengthen Benchmark’s performance and long-term value for the benefit of all of the Company’s shareholders and key stakeholders. On behalf of the Board, I’d also like to thank Michael and Sean for their past Board service.”

About Benchmark Metals

Benchmark Metals Inc. is a Canadian based gold and silver company advancing its 100% owned Lawyer’s Gold-Silver Project located in the prolific Golden Horseshoe of northern British Columbia, Canada. The Project consists of three mineralized deposits that remain open for expansion, in addition to +20 new target areas along the 20-kilometre trend. The Company trades on the TSX Venture Exchange in Canada, the OTCQX Best Market in the United States, and the Tradegate Exchange in Europe. Benchmark is managed by proven resource sector professionals, who have a track record of advancing exploration projects from grassroots scenarios through to production.