Mr. Michael Smith reports

HERCULES RESOURCES CORP CLOSES CAD$5-MILLION EQUITY CAPITAL FACILITY WITH CRESCITA CAPITAL LLC

Hercules Resources Corp., further to its press releases dated April 9, 2024, and April 23, 2024, has now paid to Crescita Capital LLC: (ii) a commitment fee of $300,000 through the issuance of 1,142,857 common shares of the company at a deemed price of 26.25 cents per share; and (ii) an initial consulting fee of $2,500, which will be paid through the issuance of 9,524 common shares at a deemed price of 26.25 cents per share (collectively, the securities).

As previously announced, the commitment fee secures a non-revolving equity draw down facility in the aggregate amount of up to $5-million, pursuant to an amended and restated investment and advisory agreement.

The company obtained written approval for the equity investment facility, the agreement and the transactions contemplated thereunder from shareholders holding more than 50 per cent of the outstanding shares of the company, as required by the policies of the Canadian Securities Exchange.

The securities issued to Crescita are not subject resale restrictions under applicable securities laws. The company obtained a waiver from the CSE in respect of Section 6.1(4)(a) of the CSE's policies, which would otherwise have required the application of a four-month hold period on the fee shares and the consulting fee shares. The company intends to seek similar waivers for all other securities issued under the equity investment facility, from time to time.

About Hercules Resources Corp.

Hercules is a Canadian gold exploration company engaged in the acquisition, exploration and development of projects located in highly prospective and mining-friendly nations of Ecuador and Canada.

The company is dedicated to delivering value to its stakeholders through innovation, operational excellence and sustainable practices.

We seek Safe Harbor.