Mr. Michael Farrant reports

NEW BREAK DISCUSSES CRITICAL MINERALS POTENTIAL AT MORAY PROPERTY AND CLOSES FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

New Break Resources Ltd. is discussing the critical minerals potential of the Moray property, in light of significant developments with respect to contiguous properties.

The 8,483-hectare Moray property is located approximately 49 kilometres south of Timmins, Ont., and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. While the principal focus to date at the Moray property has been to evaluate the gold potential and more specifically, the analogous nature of gold mineralization at Moray to that at the nearby Young-Davidson gold mine, the northwestern border of the Moray property is also contiguous with the Texmont project, owned by TSX Venture Exchange-listed Canada Nickel Company Inc., and the southern boundary is contiguous with the Edleston project, owned by Australian-listed Aston Minerals Ltd.

About Aston Minerals' Edleston project

The Edleston project boasts JORC Code (2012) mineral resource estimates of 155 million tonnes grading 0.28 per cent nickel and 0.011 per cent cobalt indicated and 889 million tonnes grading 0.27 per cent Ni and 0.011 per cent Co inferred as well as a gold zone having 14 million tonnes grading 0.90 gram per tonne Au for 400,200 ounces indicated and 34.1 million tonnes grading one g/t Au for 1,099,800 ounces inferred. Disclaimer: The mineralization style and setting associated with the Edleston project is not necessarily indicative of the mineralization observed on the Moray property.

About Canada Nickel and the Texmont project

Canada Nickel purchased the past-producing Texmont mine in March, 2023, which adds to its portfolio of properties within its Timmins nickel district and hosts a non-compliant National Instrument 43-101 historical mineral resource estimate of 3.2 million tonnes grading 0.9 per cent Ni. In January, 2024, Agnico Eagle invested $34.7-million in Canada Nickel, which will be used to continue to unlock the potential of the Timmins nickel district, which it believes has the potential to be one of the world's largest nickel sulphide districts.

Moray property -- historical nickel-copper occurrences

The Moss Lake ultramafic unit was drilled in 1974 by Pan Ore Gold Mines Ltd., which drilled three holes for a total of 306.3 metres. Only some assays were reported, including drill hole PO-2 that intersected 0.24 per cent Ni over 6.5 feet in a contact between a rhyolite breccia and serpentinite.

The Ni-Cu occurrences at Moray are associated with serpentinized ultramafic rocks with coincident magnetic highs. Rio Tinto Canadian Exploration Ltd. optioned the property from Pan Ore in 1975. In 1976 and 1977, Rio Tinto drilled the Dexter Lake grid with 11 holes (R-76-1 to R-76-3, R-76-5 to R-76-9 and R-10 to R-12). The assay results were not disclosed. However, management believes that it is apparent from the drilling that it was following a massive and disseminated sulphide horizon. The drill log for drill hole R-76-2 details a sulphide horizon from 275.5 to 284 feet with up to 85 per cent pyrite, pyrrhotite, chalcopyrite, sphalerite and galena. In 1999, Claim Lake Resources Inc. located and relogged several of the Rio Tinto drill holes, including R-76-2, R-76-5, R-76-6 and R-76-7. Claim Lake stated, "The key sulphide-bearing interval in R-76-2 was not recovered either because it was not stored on site (most likely) or because it could not be identified." Claim Lake also stated: "The nickel and base metal exploration potential of the property has been enhanced. Original drilling was designed to test the association of airborne EM conductors with base metals, but neither the base metal nor the nickel potential appears to have been fully tested."

Moss-Trembly nickel and base metal showing at Dexter Lake

A new nickel showing was reported by Moss Resources Inc. in 1998 (Moss Resources news releases Aug. 18, 1998, and Sept. 17, 1998). Previous historical results reported by Moss Resources include 2.2 per cent Ni and 0.13 per cent Cu over five feet, 0.67 per cent Ni over 26 feet and 0.31 per cent Ni over 182 feet.

Ontario Junior Exploration Program

On Feb. 29, 2024, New Break submitted two final reports to the Ontario Ministry of Mines, relating to the Moray project in respect of the 2023 to 2024 Ontario Junior Exploration Program. If accepted, the company expects to receive reimbursements of $36,224 under the third intake, of which $30,000 has been received to date, and $200,000 under the fourth intake, none of which has been received to date. All reimbursements received will be put back into exploration of the Moray project during 2024.

Qualified person

Peter C. Hubacheck, PGeo, consulting geologist to New Break and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.

Corporate update -- non-brokered private placement

The company also wishes to announce that effective March 5, 2024, it has closed the final tranche of the non-brokered private placement first announced on Dec. 23, 2023, and extended on Jan. 23, 2024, through the issuance of 250,000 units at a price of eight cents per unit for gross proceeds of $20,000. Each unit consists of one common share of the company and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share of the company at a price of 12 cents for a period of 24 months from the date of issuance.

The warrants are subject to an acceleration clause, whereby if the closing price of the common shares of the company on the Canadian Securities Exchange (the CSE) is equal to 25 cents or higher for five non-consecutive trading days, over a 365-day period, the company may accelerate the expiry of the warrants to the date that is 20 business days from the date of the issuance of a news release by the company announcing the exercise of the acceleration right.

The proceeds from the sale of the units will be used for general working capital purposes. No finder's fees were paid in connection with the closing. All securities issued pursuant to this private placement are subject to a statutory hold period of four months and one day expiring on July 6, 2024, in accordance with applicable Canadian securities laws. The completion of the closing is subject to certain conditions, including, but not limited to, the receipt of all required regulatory approvals, including final approval of the CSE.

Jim O'Neill, an officer of New Break, purchased a total of 125,000 units. This issuance of securities constitutes a related party transaction as such term is defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) of MI 61-101, on the basis that the issuance of the securities does not exceed 25 per cent of the fair market value of the company's market capitalization.

About New Break Resources Ltd.

New Break is a Canadian mineral exploration company with a dual vision for value creation. In Northern Ontario, New Break is focused on its Moray project, in a well-established mining camp, within proximity to existing infrastructure, while through its highly prospective Nunavut properties that include the Sundog and Esker projects, it provides its shareholders with significant exposure to the vast potential for exploration success in one of the most up-and-coming regions in Canada for gold exploration and production. New Break is supported by a highly experienced team of mining professionals committed to placing a premium on environmental, social and corporate governance.

We seek Safe Harbor.