Indigo Exploration Announces Full Exercise of Warrants: Receiving an Additional $0.55 Million

Vancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - Indigo Exploration Inc. (TSXV: IXI) (FSE: INEN) (the "Company") is pleased to report that the Company has received an additional $549,593 in proceeds from the exercise of 5,495,932 warrants at a price of $0.10 per share. This represents the entire balance of the warrants that were issued in conjunction with the May 2020 financing. Combined with the amount that the Company's previous announcement on May 8^th, 2023, the Company has netted a total of $1,263,828.

"The strong vote of confidence expressed by all shareholders and stakeholders, through the full exercise of warrants, provides the Company with sufficient capital to cover the planned work programs at its three lithium brine projects for 2023," commented Paul Cowley, CEO of Indigo Exploration. "We continue to execute on our focused exploration and development program and look to provide exploration updates over the coming weeks."

About Indigo Exploration

Indigo Exploration is an emerging petro-lithium brine explorer with 147,904 hectares of Metallic and Industrial Minerals permits in Central Alberta, Canada. The Company's three primary lithium projects are the Fox Creek (114,522 hectares), Leduc (23,488 hectares) and Peace River (10,048 hectares) which are located within the heart of lithium exploration and development in Western Canada. The Company also owns the Hantoukoura Gold Permit in Burkina Faso which covers 23,800 hectares.

per: "Paul Cowley"

President and CEO 604-340-7711 pcowley@indigoexploration.com www.indigoexploration.com

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