Mr. Richard Kern reports

ICONIC ANNOUNCES OPTION AGREEMENT FOR NEW PASS GOLD PROPERTY

Iconic Minerals Ltd. has entered into a property option agreement made as of May 3, 2024, with Gold Basin Resources Corp., whereby Gold Basin can acquire from Iconic and Iconic's wholly owned subsidiary (together with Iconic, the vendors) a 50-per-cent interest in and to the New Pass gold property consisting of 107 unpatented mineral claims (2,140 hectares) located three hours east of Reno, just off Highway US-50E in Churchill county, Nevada.

Richard Kern, Iconic's president and chief executive officer, stated: "We are pleased to announce the signing of the option agreement and are encouraged that Gold Basin will be focusing its efforts to advancing New Pass, and we look forward to holding a vested interest in Gold Basin as it unlocks value through the future advancements of the property."

Transaction details

Pursuant to the option agreement, the vendors granted to Gold Basin the exclusive option to acquire an undivided 50-per-cent right, title and interest in and to the unpatented mineral claims comprising the property, in consideration of the payment of an aggregate of $750,000 in cash and the delivery of an aggregate of $750,000 in common shares in the capital of Gold Basin, to be paid and delivered as follows:

1. Within five business days after the commencement date (as defined in the option agreement), an initial cash payment of;
2. On or before the later of five business days after the commencement date and May 15, 2024, a further cash payment of $300,000;
3. On or before the later of five business days after the commencement date and May 31, 2024, $750,000 in consideration shares;
4. On or before the later of five business days after the commencement date and July 31, 2024, a further cash payment of $150,000;
5. On or before the later of five business days after the commencement date and Dec. 31, 2024, a further cash payment of $200,000.

Additionally, within five business days of the earlier of the date that (i): Gold Basin (or its affiliate) enters into a joint venture agreement with White Knight Gold (U.S.) Inc. (WKG) and White Knight Resources Inc. (WKR), or McEwen Mining Nevada Inc. (or their permitted assigns), for the continued development of the property; (ii) Gold Basin acquires the 50-per-cent interest in the property currently held by WKR, WKG and McEwen; and (iii) Gold Basin disposes of all or any of its 50-per-cent interest in the property, Gold Basin shall deliver a further $750,000 in consideration shares to the vendors. Upon the satisfaction of the option exercise conditions, Gold Basin shall be deemed to have exercised the option in full and earned an undivided 50-per-cent legal and beneficial interest in the property. With the exception of the cash payment set forth in item (i) above, all of the foregoing cash payments and share issuances are optional and Gold Basin will not be obligated to make any such cash payments or share issuances. However, if Gold Basin fails to do so as required, the option may be terminated upon notice by the vendors to Gold Basin and, following such termination, Gold Basin will not retain any interest in the property. All securities issued pursuant to the option will be subject to a four-month-and-a-day regulatory hold period in Canada.

We seek Safe Harbor.