Mr. Richard Kern reports

ICONIC ANNOUNCES TERMINATION OF OPTION AGREEMENT FOR NEW PASS GOLD PROPERTY

Iconic Minerals Ltd. has terminated the property option agreement which was formed on May 3, 2024 (see news release dated May 6, 2024) with Gold Basin Resources Corp., whereby Gold Basin had the option to acquire from Iconic and Iconic's wholly owned subsidiary 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 U.S.-50E in Churchill county, Nevada.

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.

The option agreement has been terminated as Gold Basin failed to deliver upon the option exercise conditions as was required, and, as such, Gold Basin holds no interest in the property.

About New Pass gold property

New Pass project, located in central Nevada, approximately 27 miles west of Austin with a National Instrument 43-101 technical report dated Dec. 2, 2020, contains an inferred mineral resource of 15,515,488 short tons (14,075,414 metric tonnes) at 0.022 ounce per ton (0.75 gram per metric tonne) gold equivalent or 341,750 ounces of gold equivalent composed of 282,986 ounces of gold at an average grade of 0.018 ounce per ton (0.62 gram per metric tonne) and 3,139,054 short tons (2,847,702 metric tonnes) of silver at an average grade of 0.202 ounce per ton (6.92 grams per metric tonne).

These resources were determined at a cut-off grade of 0.01 oz/ton gold equivalent and a gold to silver ratio of 60 to 1. For this ratio, metallurgical recoveries and net smelter returns are assumed to be 100 per cent. The inferred resource was done using 137 drill holes over a strike length of 3,800 feet. Vulcan software was utilized to create a block model of the resource volumes and weighted-average grade. A breakdown of the gold and silver credits is shown below.

The potential exploration target of the property consists of the area between the two main inferred resource outlines plus downdip extensions to the most westerly drill holes and updip extensions to the surface, which are open ended, and the potential exploration target in the report was not extended beyond the limits of drilling along strike.

Qualified persons

The updated NI 43-101 report dated Dec. 2, 2020, was updated under the guidance of geologist Robert A. Lunceford, and the results of the NI 43-101 report dated Sept. 3, 2010, were originally prepared under the guidance of geologist Paul D. Noland (BSc, PGeo), who is designated as the qualified person with the ability and authority to verify the authenticity and validity of these data.

Richard Kern, certified professional geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the company as he is the chief executive officer of Iconic.

We seek Safe Harbor.