Mr. J.W. Morton reports

NEW ADDITION TO THE BOARD OF DIRECTORS

Cariboo Rose Resources Ltd. has appointed Gavin Titley to the board of directors. Mr. Titley is currently an exploration manager for NorthWest Copper, a Vancouver-based copper-gold explorer and developer operating in British Columbia. Mr. Titley holds degrees in geology and English from the University of Victoria and has more than a decade of experience working on a variety of exploration projects in B.C. and Yukon. His previous employers include Eastfield Resources, Archer Cathro & Associates, Equity Exploration, and Mincord Exploration Consultants.

Cariboo Rose has granted Mr. Titley incentive stock options to purchase up to 200,000 shares of Cariboo Rose at a price of five cents per share, exercisable for a period of five years.

About Cariboo Rose Resources Ltd.

Cariboo Rose owns seven mineral projects in British Columbia. A summary of these projects is as follows:

Lightning Strike, a 100-per-cent-owned shale-hosted gold silver project modelled on the Spanish Mountain gold project located in similar rocks 95 kilometres to the northwest owned by Spanish Mountain Gold Ltd. and the FG gold project located 35 kilometres to the north owned by Karus Gold Corp. Shale-hosted orogenic gold deposits are one of the most attractive models for large gold deposits in the world and include the giant Murantau and Sukoy Log deposits in Russia. Seven historic drill holes on the Lightning Strike claims include intercepts of 3.42 grams per tonne gold and 228.1 g/t silver over five metres, 0.77 g/t gold over 20 metres, and 19.30 g/t gold over 1.5 metres. Reverse circulation (RC) drill holes completed in 2021 by Cariboo Rose included results of 0.62 g/t gold and 7.2 g/t silver over 38 metres, including 1.43 g/t gold and 16.3 g/t silver over 10.6 metres and 0.54 g/t gold and 14.8 g/t silver over 19.8 metres. The project is fully permitted. Eleven drill holes (1,500 metres) were completed in early October, 2022.

Carruthers Pass is 100 per cent owned, subject to an option with Vizsla Copper Corp., which may earn a 60-per-cent interest by making payments of $650,000 and completing $3-million in exploration. Sediment-hosted massive sulphide mineralization was discovered by Freeport McMoRan Copper and Gold in 1997. A 100-per-cent interest in Carruthers Pass was acquired by Cariboo Rose from Freeport McMoRan Exploration in 2011. The property is located in Northern British Columbia south of the Kemess copper-gold mine. Most significant to the project is a mineralized slab of rock weighing several hundred tonnes protruding from talus with a drill intercept through it of 3.1 metres grading 6.2 per cent copper, 5.8 per cent zinc, 2.37 g/t gold and 192.0 g/t silver, and numerous untested geochemical and geophysical targets. The project is fully permitted. A VTEM (versatile time-domain electromagnetic) airborne geophysical survey and four diamond drill holes were completed late in 2022 at a cost of approximately $2-million.

Coquigold, 100 per cent owned, is an epithermal gold (quartz-adularia) project located in Southern B.C. 10 kilometres north of Shovelnose Mountain (Westhaven Gold Corp.-Shovelnose discovery). Central to Coquigold is an area where in 2008 the B.C. Geological Survey identified and sampled quartz sinter and several areas of silicified (chalcedonic) volcanic and intrusive breccia. Bedrock sampling in 2019 by Cariboo Rose confirmed an epithermal mineralizing event with bedrock samples returning up to 43.1 grams per tonne silver, 559 parts per million arsenic, 13,400 parts per billion mercury and 101 ppm antimony. In December, 2021, an option to earn a 70-per-cent interest was granted to CMP Minerals Inc., which must make option payments totalling $250,000 cash; issue 200,000 common shares; pay an additional $250,000 in cash or shares; and incur $2-million in exploration expenditures, over a four-year period. In May, 2022, 453 soil samples were collected and in December, 2022, a helicopter-borne magnetic gradient, radiometric, and VLF-EM (very-low-frequency electromagnetic) survey (451 line kilometres) was completed followed by a three-hole diamond drill program (274 metres) in December (logging, sampling and analysis still in progress).

Cowtrail, 100 per cent owned, is located in south-central B.C., contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. Reconnaissance drill testing of extensive induced polarization anomalies (vintage 1997, 2004 and 2006) defined a vector of mineralization trending to the west beyond the area drilled. Significant drill intercepts include 1.16 g/t gold over 18.3 m and 0.17 per cent copper and 0.11 g/t gold over 40 m. An untested soil gold arsenic anomaly with coincident strong induced polarization is located a further two kilometres to the west. The project was optioned to BRS Resources Ltd. in November, 2022, which may earn a 60-per-cent interest over a four-year term by making payments totalling $400,000 and completing $2-million in exploration. The project is fully permitted. A diamond drill program is currently under way.

CHG is 100 per cent owned, subject to an option with Basin Uranium Corp., which may earn a 60-per-cent interest by making payments of $300,000 and completing $1.5-million in exploration by November, 2025, and thereafter an additional 10-per-cent interest by completing a bankable feasibility study within 24 months. CHG is located in Southern B.C. near the community of Clinton. CHG (short for Carbonate Hosted Gold) is drained to the east by three creeks with very strong gold silt anomalies in a predominantly limestone terrane. A VTEM airborne geophysical survey was completed by Geotech Airborne Surveys in 2021 and indicates a number of resistivity and magnetic anomalies. Basin Uranium recently completed the first four holes of a seven-hole reverse circulation drill program.

Koster Dam, 55 per cent owned by Cariboo Rose and 45 per cent by ISM Resources Corp., is located in Southern B.C. 10 kilometres north of the former-producing Blackdome gold mine. The target at Koster Dam is a volcanic-hosted gold target related to the Fraser River fault system. Recent programs have located areas of greater than one g/t gold in rubble, greater than three g/t gold in silt and chalcedonic quartz in outcrop. A triaxial magnetic survey and a lidar survey were completed in 2021. Preliminary review indicates a number of linear features in the general vicinity of anomalous rubble, soil and silt results (gold, silver and arsenic). Tripoint Geoservices of Kelowna completed a program of additional geochemical surveying and prospecting in 2022. The project is fully permitted for drilling.

Pat, 100 per cent owned, staked by Cariboo Rose in 2004, located in south-central B.C., is contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper and covers a very strong unexplained magnetic airborne anomaly in prospective Nicola group volcanic rocks. Vizsla Copper holds a first right of refusal on the property.