Mr. Glenn Mullan, a shareholder, reports

Glenn J. Mullan has acquired ownership of an aggregate 1.28 million units of International Prospect Ventures Ltd. under a private placement offering by the issuer sold at a price of five cents per unit, each unit composed of one common share in the capital of the issuer and one-half of one non-transferable share purchase warrant, each whole warrant entitling the purchase of one common share in the capital of the issuer at a per-share price of seven cents until April 4, 2026, and indirectly through a wholly owned company, 300,000 common shares at a deemed price of five cents per debt settlement share being an aggregate of 1.58 million common shares, and 640,000 warrants, which increased Mr. Mullan's percentage of common shares held by approximately 1.68 per cent. The securities were issued by the issuer from its treasury.

Immediately before the transactions that triggered the requirement to issue this release, Mr. Mullan owned, directly and indirectly, an aggregate of 4,182,634 common shares of the issuer, representing approximately 8.175 per cent of the issuer's then issued and outstanding common shares and owned options entitling the purchase of an aggregate 845,000 common shares of the issuer and warrants entitling the purchase of an aggregate 1,612,222 common shares of the issuer, or, assuming exercise of the options and the warrants, a total of 6,639,856 common shares or approximately 12.38 per cent of the issuer's common shares on a postconversion beneficial ownership basis.

Immediately after the transactions that triggered the requirement to issue this release, Mr. Mullan owns, directly and indirectly, an aggregate 5,762,634 common shares of the issuer, representing approximately 9.86 per cent of the issuer's now issued and outstanding common shares, and owns options entitling the purchase of an aggregate 845,000 common shares of the issuer and warrants entitling the purchase of an aggregate 2,252,222 common shares of the issuer, or, assuming exercise of the options and warrants, a total of 11,112,078 common shares or approximately 18.05 per cent of the issuer's common shares on a postconversion beneficial ownership basis.

The securities were acquired for investment purposes by Mr. Mullan, and he will evaluate his investment in the issuer and will increase or decrease his investment by future acquisitions or dispositions of securities of the issuer at his discretion, as circumstances warrant. As of the date hereof, Mr. Mullan has no immediate future intention to acquire additional securities of the issuer, or dispose of securities of the issuer that he owns. Mr. Mullan may, in the future, exercise warrants that he owns and, thus, acquire further common shares in the capital of the issuer.

A report respecting this acquisition, which is incorporated herein by reference, will be electronically filed with regulators in Alberta, British Columbia, Ontario and Quebec, and will be available for viewing through the Internet at the Canadian SEDAR+ under the issuer's issuer profile. To obtain a copy of the report, contact Mr. Mullan at 819-824-2808.