Mr. Scott Emerson reports

KINGSMAN RESOURCES PROVIDES LAS COLORADAS PROJECT YEAR-END SUMMARY

Kingsmen Resources Ltd. has provided a year-end summary of its activities on the Las Coloradas project, located 30 kilometres from Hildago de Parral, Chihuahua, Mexico. Portions of the Soledad structure were mined by ASARCO (American Smelting and Refining Company), the United States-based subsidiary of Grupo Mexico, in the period 1944 to 1952.

Two thousand twenty-two has been a busy and productive year for Kingsmen and the Las Coloradas project. Throughout the year Kingsmen has made significant progress in sourcing and compiling exploration data for the project, in confirmatory sampling of old workings on the project, in regional prospecting and sampling in previously unexplored areas of the project, geological mapping, and, with the assistance of the optionors, sourcing ground magnetic data for important parts of the project.

As the database grows new exploration opportunities are becoming apparent in the recognition of mineralized structures apart from Soledad and Soledad II, and the potential for epithermal gold-silver mineralization. The structures have not been drilled at depth or along strike. As well, new targets are being identified in the consolidated land position where new claims have been added. The Las Coloradas mineralization is located on the southeast flank of a prominent aeromagnetic high interpreted to be a buried felsic intrusive body with potential porphyry, skarn and epithermal vein mineralization.

Kingsmen has completed confirmatory sampling of remnant mineralization in accessible old workings along the Soledad and Soledad II structures, as well as their subsidiary structures. Highlights of sampling results shown below (news releases dated June 7, Nov. 2, Aug. 9, Octo. 26, 2023).

Three important areas of silver mineralization are currently recognized. Two are located on the 1.7 km long Soledad structure and one is on the one km long Soledad II structure. None of these have been drill tested:

• Soledad SE: Of 39 samples two were greater than 500 grams per tonne silver, four were greater than 200 g/t Ag and nine were greater than 100 g/t Ag. As well, a new 300-metre-long silver mineralized structure was identified.
• Soledad NW: Of 24 samples two were greater than 400 g/t Ag, one was greater than 300 g/t Ag, one was greater than 200 g/t Ag and one was greater than 100 g/t Ag.
• Soledad II: Of 21 samples four were greater than 300 g/t Ag, two were greater than 200 g/t Ag and two were greater than 100 g/t Ag.

The company's regional prospecting and sampling in previously unexplored areas to the west, north and northeast of the Soledad structures identified elevated to anomalous silver values associated with a previously unrecognized approximately 2,500-metre-long, northeast-trending zone of structure. Highlights of sampling results shown below:

• 80 samples: two greater than 400 g/t Ag, two greater than 300 g/t Ag, four greater than 200 g/t Ag, 11 greater than 100 g/t Ag and nine greater than 50 g/t Ag.

Pathfinder element concentrations occurring in variable combinations in the areas of interest include gold, arsenic, antimony, lead, zinc, copper, mercury, molybdenum, tellurium and thallium. High pathfinder element concentrations are interpreted to reflect proximity to mineralizing fluid flow. The different combinations of pathfinder elements likely represent different stages or pulses of mineralization. Their distributions provide evidence for district-wide, structurally controlled mineralization. As well, a number of other new sites with anomalous silver values were identified.

Kingsmen's new geological map delivers an excellent understanding of the mineralization and its structural control(s). The company is integrating the newly acquired ground magnetic data with the geological, structural and geochemical databases to identify controls on mineralization and new targets.

Kingsmen's field program is continuing on the newly recognized 2,500-metre-long, northeast-trending zone of structures, and the pathfinder element concentrations identified. The company is also conducting initial prospecting and sampling of previously unevaluated areas of the Las Coloradas project.

Scott Emerson, president, commented: "This year the exploration was successful in tracing both the past-producing Soledad and Soledad II structures, and identifying a new third structure at Las Coloradas. These represent wide, high-grade, near-surface structures with the potential to deliver significant silver deposits. For 2024, Kingsmen remains focused on delivering value to stakeholders, we will continue exploring new areas of the district with both low-cost mapping/geophysical surveys and a planned drill program."

About Las Coloradas

The Las Coloradas project (8.5 square km, 3.3 square miles) represents a consolidation of a historic mining district which covers numerous silver-gold-lead-zinc-copper mines previously exploited by ASARCO (American Smelting and Refining Company), the U.S.-based subsidiary of Grupo Mexico.

Las Coloradas is in the Parral mining district of the central Mexican silver belt and is located approximately 30 kilometres southeast of the city of Hildago de Parral and 40 kilometres east of the San Francisco de Oro and Santa Barbera mining districts where several old major mines are located, such as La Prieta, Veta Colorada, Palmilla, Esmeralda, San Francisco del Oro and Santa Barbara. As well, new major mining projects are currently being explored in the district: Cordero (Discovery Silver Corp.), 35 km north of Parral, and La Cigarra (Kootenay Silver Inc.), 35 km northwest of Parral.

Qualified person

Dr. Kieran Downes, PhD, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure set out in this news release.

About Kingsmen Resources Ltd.

In line with Kingsmen's organic-growth strategy, the company's focus is on exploration and development, and is currently focused on district-scale exploration for high-margin metallic mineral deposits in the prolific mining districts of Parral Mexico. In addition, the company has a 1-per-cent net smelter return on the Los Ricos North project in Mexico operated by GoGold Resources Inc. The company's leaders have extensive experience in the mining and financial sectors. Kingsmen is a publicly traded company and is headquartered in Vancouver, B.C.

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