Mr. Peter Bell reports

KERMODE ADOPTS SECURITY BASED COMPENSATION PLAN

Kermode Resources Ltd.'s board has adopted a new form of security-based compensation plan, which was conditionally approved by the TSX Venture Exchange. It remains subject to approval by the shareholders of the company at the company's annual and special general meeting of common shareholders on Oct. 19, 2022.

The new plan replaces the company's 2021 security-based compensation plan. The company currently has six million stock options issued or outstanding, all of which have an exercise price of five cents. Of the outstanding options, four million have an expiry date of Sept. 24, 2026. There are one million with expiry date April 5, 2027, and one million with an expiry date of Aug. 26, 2027. The 2021 plan allows for a total of 11,963,017 stock options to be issued as per the rolling up to 10 per cent plan.

The new plan is a rolling up to 10 per cent and fixed up to 10 per cent design, where the company can issue up to 11,963,017 stock options and 11,963,017 awards other than stock options. The security-based compensation plan can be accessed under the company's SEDAR corporate profile.

About Kermode Resources Ltd.

Kermode is a junior mining company hunting for exploration opportunities around the world.