Mr. Peter Bell reports

KERMODE UPDATES GREY COPPER & JONATHAN'S POND PROJECT IN NEWFOUNDLAND

Kermode Resources Ltd. has initiated the option agreement for Grey Copper and Jonathan's Pond, as initially announced on June 30, 2022, and updated Dec. 9, 2022. The project comprises mineral tenures numbered 034777M and 035343M for 381 hectares and 034994M for 376 hectares (not 807 hectares as previously reported). The area of the two projects is approximately 758 hectares owned by arm's-length vendors.

Kermode may acquire 100 per cent of the project for the consideration as shown in the attached table.

In addition, the deal shall have a 2-per-cent net smelter return royalty payable to the group, where 1 per cent can be bought down for $1-million entirely or in part. All shares issued are subject to resale restrictions under applicable securities legislation and the rules of the TSX Venture Exchange. No finders' fees were paid in connection with this transaction.

About Kermode Resources Ltd.

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