Ms. Delayne Weeks reports

ANGKOR RESOURCES SIGNS US $4.0 MILLION JOINT EXPLORATION AND DEVELOPMENT AGREEMENT ON TWO CAMBODIAN MINERAL PROPERTIES

Angkor Resources Corp. has entered into a joint exploration and development agreement with Almighty Natural Resources Ltd. of Dubai to advance exploration to feasibility and applications for gold and copper production permits on two mineral licences in Cambodia.

Highlights

The properties under the JEDA, signed Nov. 3, 2023, include the Oyadao North licence and the Andong Meas licence and all mineral claims on prospects of the two licences, both located in Ratanakiri province.

Angkor will receive an upfront, non-refundable $150,000 (U.S.) payment.

Almighty shall contribute 100 per cent of the costs through exploration, feasibility, production permit application, mine construction and production to earn an 80-per-cent interest in the properties.

Almighty commits to spending $4-million (U.S.) over 48 months on the properties, through exploration, development and production activities.

Angkor shall maintain a 20-per-cent carried interest in the projects and has the option to convert the interest to a 5-per-cent net smelter royalty after the issuance of a mining production permit.

Angkor shall be the operator and shall collaborate with Almighty to combine best technical expertise, expediting work programs, and pursuing feasibility studies and production permits on multiple prospects across the two licences.

Almighty is a mining and development company with multiple mining projects in Zambia and South Africa plus interests in India and Cambodia in the extractive sector.

President of Almighty, Shakti Ranjan Dash, comments on the transaction: "We are pleased to undertake this transaction with Angkor. There are multiple drill-ready targets in both gold and copper and they have established stellar working relationships and agreements with the local communities to collectively develop the properties. We aim to employ and train those local participants while we fast track drilling and exploration to prove commerciality and apply for production permits on both licences. That leads to long-term employment and multiple opportunities for Cambodian locals."

Mr. Dash continues, "This blends well with our mission to develop and empower communities through sustainable means. There are great synergies here, Angkor and Cambodia are the perfect fit for Almighty with the Cambodia's growing infrastructure, and significant potential as a developing world-class mining sector."

Today's announcement follows a previous release of surface data on the Wild Boar prospect where Angkor disclosed the discovery of a two-square-kilometre gold anomaly with grab and float sample grades from 3.08 to 70.7 grams per ton in the anomaly area from earlier exploration conducted. Concurrently, directly north of the Phum Syarung mine site, the teams will drill to identify extensions of the veins of the mine site, which run open to the north into Oyadao North licence and open at depth.

"We are very pleased to be working with Almighty to accelerate the development of both licences. We anticipate drilling the Wild Boar gold prospect on the Andong Meas licence and concurrently be drilling the Phum Syarung North gold prospect on the Oyadao North licence," said Mike Weeks, president of Angkor.

Qualified person

Dennis Ouellette, BSc, PGeo, is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA No. 104257) and a qualified person as defined by National Instrument 43-101. He is the company's vice-president exploration on site and has reviewed and approved the technical disclosure in this document.

About Angkor Resources Corp.

Angkor Resources Corp. is a public company, listed on the TSX Venture Exchange, and is a leading resource optimizer in Cambodia working toward mineral and energy solutions across Canada and Cambodia. Angkor's carbon capture and gas conservation project in Saskatchewan, Canada, is part of its long-term commitment to environmental and social projects and cleaner energy solutions across expanding jurisdictions.

The company holds three mineral exploration licences in Cambodia and its subsidiary, EnerCam Resources, was granted an onshore oil and gas licence of 7,300 square kilometres in the southwest quadrant of Cambodia.

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