Mr. Jonathon Deluce reports

MELKIOR ANNOUNCES SUMMER & FALL EXPLORATION PLANS, INCLUDING PHASE 2: 3,000M DRILLING AT GENEX

Melkior Resources Inc. has provided an update on its exploration plans for the summer and fall across its portfolio of projects. The company is focused on exploration at its Genex project in Timmins and Beschefer East in the Detour camp (Quebec), while the Carscallen project is being operated by Agnico Eagle under the option and joint venture agreement announced on Sept. 28, 2020.

Highlights:

• The summer field program is currently under way at the Genex project, consisting of prospecting, MMI (mobile metal ion) soil, Beepmat and stripping channel sampling. This will target the surface footprint expansion of the historical Genex deposit and better understand the mineralization orientation for follow-up drilling.
• An estimated 3,000 metres of drilling is planned at Genex over the remainder of the year.
• The company's 2022/2023 drill program succeeded in infill and expansion, notably: GEN-22-01, 0.96 per cent copper (Cu) and 0.22 gram per tonne (g/t) gold (Au) over 27.0 metres, including 2.29 per cent Cu and 0.32 g/t Au over 7.78 metres.
• Soil program is planned to start at Beschefer East this summer/fall to narrow down targets for a Q1 2024 drill program.

Jonathon Deluce, chief executive officer of Melkior, remarks: "This will be a very exciting rest of the year for Melkior as we focus on advancing Genex and Beschefer East while monitoring our partnership with Agnico Eagle at Carscallen. Our maiden drill program at Genex has proven the expansion potential of the project and we are currently busy in the field expanding the surface footprint of the historical deposit to prepare for our next drill program. We believe the company is well positioned to benefit from the resumption of this gold and commodity bull market. We appreciate the support of our shareholders during these challenging market conditions."

Genex:

• The company has commenced its summer 2023 field program consisting of prospecting, Beepmat surveying, MMI soil, and stripping and channel sampling.
• The MMI soil program will cover the lines cut for the IP (induced polarization) survey over the potential southwestern extension of the Genex system. The MMI will follow up on the geophysical anomalies to determine priority stripping and drill targets. The Beepmat survey will also cover this southwestern grid to investigate the source of the IP conductors.
• For the prospecting, and stripping and sampling program, the potential extensions around the historical Genex mine were broken down into 17 specific targets to review in the field. The prospecting area comprises a main volcanic sequence with mafic, intermediate to felsic units. Polymetallic sulphides can be found in all parts of the volcanic sequence, which can be recognized by a fine grain structure, which can be layered, massive or brecciate. Alteration minerals, quartz, blackish chlorite, carbonate and sericite are common. Mineralization takes the form of fine dissemination, stringer, clots or quartz-carbonate veins and veinlets.
• The Genex system hosts a complex network of both massive sulphide and stringer mineralization, and the company believes the fieldwork will help highlight the large surface expansion potential of the historical deposit while providing a better understanding of the orientation of extensions. The company believes these programs will produce strong drill targets for the remainder of the year.
• The company currently has an estimated 3,000 metres of drilling planned over the remainder of the year. Any high-priority targets identified in the summer field program will be tested immediately, with a larger drill program planned this fall.
• The company's maiden 2022/2023 drill program was successful in both infill and expansion drilling, highlighted by:
  • GEN-22-01: 0.96 per cent Cu and 0.22 g/t Au over 27.0 metres, including 2.29 per cent Cu and 0.32 g/t Au over 7.78 metres;
  • GEN-22-04: 1.14 g/t Au, 0.52 per cent Cu, 0.36 per cent zinc (Zn) and 14.17 g/t silver (Ag) over 15.65 metres, including 5.0 g/t Au, 1.98 per cent Cu and 61.26 g/t Ag over 2.7 metres;
  • GEN-22-12: 3.35 per cent Cu, 0.46 g/t Au and 9.6 g/t Ag over 6.0 metres;
  • GEN-22-24: 0.75 per cent Cu and 12.08 g/t Ag over 8.45 metres.

Beschefer East:

• On June 14, 2023, the company announced a definitive option agreement on the Beschefer East project to earn 100 per cent over three years from SOQUEM Inc.
• The company is in the final stages of planning its soil sampling program to target the higher metal factor source among the three two-to-three-kilometre gold structures identified in prior exploration work. This will be the first surface geochemical survey completed since identifying these targets.
• The company believes this survey, combined with the prior geophysical targeting, will provide strong follow-up drill targets for the maiden (Melkior operated) drill program planned for Q1 2024.
• The top target for follow-up is the potential strike extension of the Beschefer project, where historical drilling has identified 55.63 g/t gold over 5.57 metres, including 224 g/t over 1.23 metres. The extension of this structure has seen limited testing on the Beschefer East side.

Val d'Or:

• Sparton Resource's Bruell gold project, which borders Melkior's Val d'Or project (east boundary), saw 8,430 metres of drilling in 2023 to date, operated by Eldorado Gold Corp. with positive results, including 13.77 g/t Au over 3.0 metres in BU-23-14.
• The company is reviewing the Sparton/Eldorado results to determine the next steps at the project, including some follow-up drilling or potential opportunities to recognize value through optioning the ground to one of the current companies working in the area.

Corporate update:

• Melkior is positioned well for 2023/2024 with over $2.6-million in working capital and only 31.1 million shares outstanding.
• The company appreciates the support of its shareholder base through these challenging market conditions. However, with the assets being explored combined with its strong share structure, the company is well positioned to benefit when the market turns.

About Melkior Resources Inc.

Melkior is an exploration-stage resource company in world-class mining jurisdictions with a strong partner. Melkior's flagship Carscallen project is being advanced by Agnico Eagle through an option agreement pursuant to which Agnico Eagle has the option (but not the obligation) to acquire up to a 75-per-cent interest to the Carscallen project by spending $110-million on the Carscallen project over a 10-year period. See the company's news release dated Sept. 28, 2020, for more information. Melkior, under 100-per-cent ownership, is focused on advancing its Genex, Val d'Or, White Lake and Maseres projects. Agnico Eagle also owns approximately 6 per cent of the issued and outstanding common shares of company.