Mr. Kiril Mugerman reports

KINTAVAR ANNOUNCES MAIDEN COPPER AND SILVER MINERAL RESOURCE ESTIMATE AT SHERLOCK ZONE, MITCHI PROJECT

Kintavar Exploration Inc. has successfully completed its maiden mineral resource estimate (MRE) for the Sherlock zone, Mitchi project. The independent MRE was prepared by InnovExplo Inc. in accordance with National Instrument 43-101 regulations.

Highlights:

• Measured and indicated resource of 2.99 million tonnes (Mt) at 0.4 per cent copper (Cu) and four grams per tonne (g/t) silver (Ag) constrained within a shallow open pit, with a cut-off grade of 0.2 per cent Cu;
• Estimate is based on 66 drill holes totalling 10,150 metres completed between 2017 and 2022;
• Mineral resource estimate confirms the potential of hub-and-spoke model for the Mitchi project;
• Current study confirms the deposit is amenable to open-pit mining operations with at-surface mineralization and relatively low strip ratios;
• A preliminary economic assessment will be completed to evaluate the capital costs of a hub-and-spoke model centred around the Sherlock zone and the existing infrastructure around the Fer a Cheval outfitter;
• Genevieve Ayotte, CPA, joining the board of directors;
• Shareholders are invited to join the annual general meeting on Friday, June 16, 2023, at 10 a.m. through Teams.

"The Sherlock zone maiden mineral resource estimate achieved its goal. The study's objective was to delineate the first open pit for our hub-and-spoke model that we envision for the Mitchi project. With the first shallow open pit with mineralization from surface established, we can proceed to the next stages in development and exploration. The upcoming preliminary economic assessment (PEA) will establish all the economic parameters for such operation. The PEA will need to take into consideration all the infrastructure already presents around the Fer a Cheval outfitter, a major operational hub in the area. The PEA results will guide the next infill drilling program, while other exploration activities will focus on identifying the best potential open-pit targets that could feed ore to the same mill," commented Kiril Mugerman, president and chief executive officer of Kintavar Exploration.

The resource estimate was based on a traditional metallurgical study (flotation) completed in 2019 and a well-established XRF (X-ray fluorescence) sorting technology for which a study was completed earlier in 2023.

All samples have been sent and prepared (PREP-31) by ALS Global laboratory in Val d'Or. For base metals and silver, the pulp was sent to ALS Global laboratory in Vancouver for multielemental analysis by four-acid digestion (ME-ICP61) with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish. Samples with assays higher than 10,000 parts per million (ppm) Cu, Zn (zinc) or Pb (lead), or 100 ppm Ag, were reanalyzed with overlimits methods (CU-OG62, ZN-OG62, PB-OG62 or AG-OG62) at the ALS Global Vancouver laboratory. Quality controls include systematic addition of blank samples and certified copper standards to each batch of samples sent to the laboratory.

New director appointment and annual general meeting

Kintavar is very pleased to announce the nomination of Ms. Ayotte as a new candidate for directorship. The new director will be proposed at Kintavar's next annual general meeting (AGM). The AGM will take place on Friday, June 16, 2023, at 10 a.m. (ET) at McMillan LLP 1000, Sherbrooke W., Suite 2700, Montreal, Que. Shareholders are invited to attend in person or by joining remotely through Teams.

Ms. Ayotte is a member of the certified professional accountants of Quebec, and graduated from HEC Montreal with a bachelor's in business management and a DESS in public accounting (2008). Outside of Ms. Ayotte's accounting profession, she also serves as president of Women in Mining, Montreal. Since 2008, Ms. Ayotte has developed extensive mining knowledge, specifically in public accounting at PricewaterhouseCoopers LLP (PwC). As a director in audit at the Montreal office, she has worked with many Canadian mining companies, including Arianne Phosphate, which she joined as its chief financial officer in 2022. "Genevieve is an experienced professional with detailed knowledge of Kintavar from her time worked at PWC. Her involvement in the mining industry in Quebec and extensive knowledge in public accounting will be an important asset as we move the Mitchi project to the next phase of development," mentioned Mr. Mugerman.

National Instrument 43-101 disclosure

The qualified persons independent of the issuer, responsible for estimating the resources of the Mitchi property, within the meaning of NI 43-101, are Olivier Vadnais-Leblanc, PGeo, and Simon Boudreau, PEng, of InnovExplo.

Mr. Vadnais-Leblanc and Mr. Boudreau declare that they have read this press release, and that the scientific and technical information relating to the resource estimate presented therein is correct.

Alain Cayer, PGeo, MSc, vice-president of exploration for Kintavar, is a qualified person under NI 43-101 guidelines who supervised and approved the preparation of the technical information in this news release.

The NI 43-101 mineral resource estimate and technical report will be filed on SEDAR within 45 days of this press release.

About Kintavar Exploration Inc.

Kintavar Exploration is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. Its flagship project is the Mitchi-Wabash copper-silver district (approximately 39,000 hectares, 100 per cent owned) located 100 kilometres north of the town of Mont-Laurier and 15 km east of the town of Parent in Quebec. Both properties cover an area of more than 300 square km accessible by a network of logging and gravel roads with access to hydroelectric power already on site, major regional roads, including railroad and a spur. The properties are located in the northwestern portion of the central metasedimentary belt of the Grenville geological province. The projects primarily focus on sediment-hosted stratiform copper-type mineralization (SSC) but include iron oxide-copper-gold (IOCG) and skarn-type targets. Osisko holds a 2-per-cent NSR (net smelter return) on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin. Kintavar also has exposure in the gold greenstones of Quebec by advancing the Anik gold project in a partnership with Iamgold and several early-stage projects that were optioned by Gitennes Exploration.

Kintavar supports local development in the Mitchi-Wabash region where it owns and operates the Fer a Cheval outfitter, a profitable and cash-flow-generating operation where it employs local work force. It as well works with local first nations to provide training and employment.

We seek Safe Harbor.