Mr. Peter Bell reports

KERMODE ANNOUNCES STOCK OPTIONS & UPDATES TERMS FOR PROPOSED OPTION ON LITTLE BAY COPPER PROJECT IN NEWFOUNDLAND

Kermode Resources Ltd. has granted one million stock options to certain consultants of the company exercisable at a price of five cents per share for a period of five years from the date of grant. The options have been granted in accordance with the company's stock option plan. The company also reports that one million stock options have expired, which were previously issued to former corporate secretary John Fahmy.

Update to letter of intent for Little Bay copper

Kermode announces changes to the proposed terms to acquire the Little Bay copper project as in the non-binding letter of intent previously announced Feb. 17, 2022.

Total work commitments under the new deal are $4.25-million over four years. Over the life of the deal, the total payments include 33 million common shares in the capital of Kermode plus $262,000 in cash. The agreement provides for a 2-per-cent royalty with a buyback of 1 per cent for $2-million. The vendor group is six private Canadian individuals.

         CONSIDERATION FOR LITTLE BAY

Timing       Cash   Securities   Exploration or other
                                     work commitments

Signing   $12,000    1,500,000
Year 1         $0    3,000,000               $100,000
Year 2         $0    6,000,000               $250,000
Year 3         $0    7,500,000               $400,000
Year 4   $250,000   15,000,000             $3,500,000
Total    $262,000   33,000,000             $4,250,000

The company Planet X Exploration Services Ltd. has a right of first refusal for all exploration work contracted by Kermode over the life of the option deal. The agreement is subject to the approval of the TSX Venture Exchange and satisfactory due diligence investigations by Kermode.

Update to letter of intent for Rye Patch silver

Kermode continues negotiations with the project vendor for the Rye Patch project and will provide further updates.

About Kermode Resources Ltd.

Kermode is a junior mineral exploration company engaged in acquiring and advancing mineral properties globally.

We seek Safe Harbor.