Mr. Jeff Swinoga reports

EXPLOITS ANNOUNCES ASSAY RESULTS FROM HOLE BE-23-030 AT BULLSEYE

Exploits Discovery Corp. has released the assay results from the final hole completed during phase 1 exploration drilling on its 100-per-cent-owned Bullseye property located along the Appleton fault zone (AFZ) in central Newfoundland.

Highlights include:

• BE-23-030 encountered several concentrations of quartz veining over its 502-metre length, generating a 46.12-gram-per-tonne gold assay value from a 0.40-metre core sample.
• Several fine grains of visible gold were noted within the local veining that contributed to the 46.12 g/t Au screen-metallic assay. This new mineralization was intersected at a vertical depth of approximately 190 metres below surface and remains open in all directions.
• Assay results from all 30 drill holes completed during the 11,292-metre phase 1 drilling campaign have been received and publicly reported.
• The design of phase 2 drilling program has commenced at Bullseye focusing on:
  • Expansion of the Horseshoe gold zone discovery (announced on June 13, 2023);
  • Possible extension of New Found Gold Corp.'s (NFG) Everest gold discovery onto Bullseye South;
  • Extension of NFG's Jackpot gold discovery on Bullseye South. Information obtained through the coming results of NFG's regional seismic survey shall be incorporated into Exploits' interpretation;
  • Assess west side of the Appleton fault (similar to Keats West) as well as farther east of Bullseye.

Jeff Swinoga, president and chief executive officer, commented: "We are very pleased that our initial drilling campaign at Bullseye resulted in our first high-grade discovery called the Horseshoe gold zone. We have also been successful in identifying at least two new high-grade areas of gold mineralization beyond Horseshoe. These two new areas generated double-digit gold assays in hole 28 and 30. We believe there is definitely more gold at Bullseye to discover. Our all-local and talented team, based in Gander, Nfld., is excited by the numerous opportunities identified by our first successful drilling program at Bullseye. Equally, we are looking forward to identifying new gold targets with the data accumulated this summer on our large Gazeebow South, with over 7.4 kilometres along the Appleton fault."

Bullseye (Horseshoe) interpretation

Mineralization at the Bullseye property is hosted within a fold-thrust sequence of northeast-striking, steeply dipping, turbidite sequence. These rocks were deposited and deformed during the closure of the Iapetus Ocean and subsequent continent-continent collision. The Appleton fault zone is a regional-scale deformation zone that developed during this period. The AFZ likely serves as a primary conduit for gold-bearing fluids. Brittle faults within the envelope surrounding the AFZ form a vast network of gold-rich quartz veins.

Visible gold has been noted within eight drill holes contributing to the locally high-grade intercepts. Several wide intervals of gold mineralization, in the one to three g/t range, are linked to quartz veining with elevated sulphide content. Notable sulphide minerals, such as pyrite, arsenopyrite and boulangerite, have been observed within the veins and in the surrounding host rocks. Within the Horseshoe zone, visible gold is found in brecciated and locally annealed vuggy quartz veins, with features characteristic of epizonal gold deposits.

Corporate update

The company also announces that effective Aug. 21, 2023, Chris Huggins has resigned as director. The company wishes to thank Mr. Huggins for his contributions to the company and wishes him success on his new endeavour. Mr. Swinoga commented, "I personally, and on behalf of our board, want to thank Chris Huggins for his significant contributions to Exploits and congratulate him on his new CEO position at a company also exploring in Newfoundland and Labrador."

Update on claim grievances and appeal

In a staking rush on Oct. 20, 2020, the company staked three mineral licences (31452M, 31453M and 31454M) in central Newfoundland. The Newfoundland and Labrador mineral claims recorder rejected these licence applications. The company has grieved the mineral claims recorder's rejection of these licence applications under the Mineral Act. The hearing was held in June, 2023, before the Mineral Rights Adjudication Board, and the adjudication board ruled against the company. The company plans to appeal to the Supreme Court of Newfoundland and Labrador. Mr. Swinoga commented, "While we respect the adjudication board's decision, it is important to note as we prepare our appeal that the adjudication board and the company are agreed that the company complied in all respects with the mineral regulations and the Mineral Act in the staking of these licences."

Bullseye gold property

The Bullseye claims were staked by Exploits in September, 2022, and are contiguous to the very active targets currently being drilled by both New Found Gold and Labrador Gold. The claims are considered by the company's geologists to be highly prospective because they directly overlay a 1,200-metre-by-400-metre segment of the Appleton fault and its related splay structures. Over a dozen exploration drill rigs have been employed by the three companies operating within this structural-stratigraphic setting over the past two years.

Quality assurance/quality control (QA/QC)

All prospective NQ core is logged and delineated for sampling by an Exploits' professional geologist. The core is subsequently halved by a diamond-bladed core saw by the company's technicians with one-half being placed in a bag with a unique sample identification. The remaining half core is retained within the company's secure storage facility in Gander, Nfld. Sample bags are sealed and then shipped directly to Eastern Analytical Ltd. Certified standards and blanks are inserted at defined intervals following the company's QA/QC documented procedures, representing approximately 5 per cent of all samples sent for assaying. All core samples are currently analyzed at Eastern Analytical of 403 Little Bay Rd., Springdale, Nfld., a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits. Samples are analyzed using fire assay (30 grams) with atomic absorption finish (Au-FAA 30 parts per billion process) and/or a four-acid digestion followed by multielement inductively coupled plasma optical emission spectroscopy analysis. All samples with visible gold or assaying above 10 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Metallic screen assays are reported as weighted averaged ppb directly calculated from the lab.

National Instrument 43-101 disclosure

Ken Tylee, PGeo, vice-president of exploration with Exploits, is a qualified person within the provinces of Ontario and Newfoundland and Labrador as defined by NI 43-101. Mr. Tylee has reviewed and approved the technical information presented herein.

About Exploits Discovery Corp.

Exploits is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland and Labrador, Canada. The company is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold's success along the Appleton fault zone and parallel structures within the Exploits subzone.

Exploits is utilizing its experienced, talented local team and geologic understanding with the vision to become one of the most successful explorers in Canada.

We seek Safe Harbor.