Usha Resources Closes Non-Brokered Private Placement and Raises $1,889,130.80 in Quarter

Each Unit consists of one common share (a “ Share ”) in the capital of the Company and one-half of one transferable Share purchase warrant (each whole warrant a “ Warrant ”) with each whole Warrant exercisable at $0.45 per Share for a period of two (2) years from the date of closing of the Private Placement, subject to an accelerated expiry if the closing trading price of the Company’s Shares is greater than $0.75 per Share for a period of 10 consecutive trading days (the “ Acceleration Event ”), the Company will give notice to the holders of the Acceleration Event and the warrants will expire 30 days thereafter.

All securities issued in the Private Placement are subject to a four-month and one-day hold period and the TSXV hold period. The Company paid finders’ fees totaling $43,421.01 cash and 144,737 non-transferable finder warrants (the “ Finder Warrants ”) to PI Financial Corp., Haywood Securities Inc., and Raymond James Ltd. in accordance with applicable securities laws in total in both tranches of the Private Placement. The Finder’s Warrants are exercisable on the same terms as the Warrants issued in the Private Placement.

The Company has now raised $1,889,130.80 in the current quarter inclusive of the gross proceeds from Warrants exercised during the quarter, greatly strengthening its balance sheet moving forward as it continues to develop its Lost Basin Gold-Copper Project located in Mohave County, Arizona through ongoing exploration.

The Company also wishes to advise that further to its previous news release, it continues to work with the vendors to close its acquisition of 1236598 B.C. Ltd. (“ 1236 ”) through a share exchange agreement (the “ Share Exchange Agreement ”). 1236has an option to acquire a 100% interest in a Copper-Cobalt Property (the “ Property “) located in Silver Bow and Madison Counties, Montana, subject to a 2% net smelter returns royalty, where over 10,000 metres of historical drilling, including by majors such as BHP, Cominco, Homestake, Phelps Dodge and Rio Tinto, have identified the following drill and trench results [i] :

1.2% copper, 0.036% cobalt, and 200 ppb gold over 11.7 metres of massive sulfides

0.15% to 0.3% cobalt and up to 1.14% copper over 96.3 metres (note, only 1 ft was assayed for every 10 ft)

1.8% copper and 450 ppb gold over 1.25 metres

19.0% zinc over 0.7 metres

19.8% zinc over 0.4 metres

Up to 4.7% copper, 0.07% cobalt, and 2.3 g/t gold in trenches

“We are very pleased with the outcome of our fundraising efforts in the quarter,” stated Deepak Varshney, P.Geo., CEO of the Company. “The proceeds will provide the Company with excellent financial footing and flexibility as we move into 2022. We are grateful for the ongoing support and very much look forward to an exciting year ahead.”