Mr. Albert Timcke reports

NLR ANNOUNCES AMENDMENT TO DEBT AGREEMENT WITH MIRABEL CAPITAL AND PROVIDES PROJECT UPDATE

Northern Lights Resources Corp. has amended its debt agreement with Mirabel Capital Ltd. (the investor) and provided an update on its current portfolio of exploration projects.

Amendment to debt agreements

As announced by the company on Jan. 15, 2024, as of that date, Northern Lights had approximately $229,825 (U.S.) (correction to $237,504 (U.S.) amount stated in the company's Jan. 15, 2024, announcement) of debt payable to the investor, in cash, on or before Feb. 23, 2024. The amended terms were memorialized in an amendment, dated April 27, 2023 (the first amendment), to the initial security purchase agreement that the company entered into with the investor on May 27, 2021.

The inability of the company to make the lump sum cash payment of $229,825 (U.S.) by Feb. 23, 2024, triggered a default interest provision totalling $55,677 (U.S.) under the terms of the first amendment and the underlying agreement.

The company has negotiated and entered into an agreement amendment (the second amendment) dated Feb. 23, 2024. Under the terms of the second amendment, the company must make a lump sum cash payment of $285,502 (U.S.) on or before the amended agreement the company entered into with the investor on Feb. 23, 2025. No further interest is payable if the company pays the outstanding debt owing by Feb. 23, 2025.

Please see the Northern Lights profile on SEDAR+ for further details of the company's debt agreements with Mirabel Capital.

Project update

The company would also like to announce that it is currently reviewing new exploration properties to add to its project portfolio, which currently includes the fully permitted, 100-per-cent-owned and exploration-ready Secret Pass project located in Arizona, and its 1-per-cent net smelter return (NSR) royalty exposure to the Medicine Springs project in Nevada.

Secret Pass project

The Secret Pass project includes the Tin Cup prospect and the FM zone prospect.

In 2021, Northern Lights completed a 610-metre drill program at the Tin Cup prospect that included four diamond drill holes. The assay results from the initial Tin Cup drill program showed the presence of significant gold mineralization with assays up to 29.9 grams per tonne (g/t) gold. See the company's announcement of March 7, 2022, for further information.

Following on from the success of the initial four holes completed at Tin Cup, Northern Lights is planning to restart exploration at Secret Pass, including:

• A deep-penetrating induced polarization (IP) survey over the area between the Tin Cup and FM zones. The FM zone is located approximately one kilometre east of the Tin Cup prospect. The IP survey will explore depths of approximately 400 metres and will assist in further defining the drill targets associated with zones of high chargeability located along strike and to depth over the identified soil anomaly zone between Tin Cup and the FM zone. Approximately 16 line km are planned in the IP survey;
• Three additional holes at Tin Cup;
• Two drill holes at the FM zone.

The Secret Pass project mineral claims are in good standing, with permits in place for the proposed drill holes. Northern Lights intends to restart the exploration activities at Secret Pass when the company has sufficient financing to complete the exploration program.

Medicine Springs project

On Dec. 15, 2022, Northern Lights announced the sale of its remaining 25-per-cent interest in the Medicine Springs project option to Reyna Silver Corp. As part of the consideration on the sale of the Medicine Springs option, Reyna Silver agreed to grant Northern Lights a 1-per-cent NSR interest over the entire Medicine Springs project.

Since initially optioning the Medicine Project from Northern Lights in 2020, Reyna Silver has completed a structural survey, a geophysical survey (magnetotelluric) and eight diamond drill holes (approximately 3,185 metres total) on the Medicine Springs project targeting the identification of a district-scale silver-rich carbonate replacement deposit (CRD) mineralization system.

Reyna Silver has reported that the exploration work completed on Medicine Springs to date indicates strong silver and zinc mineralization has been found in seven out of nine subparallel structures cutting through an area 660 m wide and 1.75 km long. All the structures show multiple stages of high-grade mineralization surrounded by wide zones of dispersed mineralization. The structures continue in both directions, well beyond the initial drilling area, and many additional structures along and adjacent to the corridor remain to be tested.

These results reinforce Medicine Springs as a prime candidate for a large-scale, well-mineralized CRD system (see Reyna Silver's announcement dated Nov. 8, 2023, for further details).

New exploration projects

Northern Lights is currently reviewing several exploration projects for potential acquisition. The projects being reviewed have a copper and/or gold focus, and are in mining-friendly jurisdictions in North America.

The addition of one or more projects will provide further optionality to the Northern Lights project portfolio.

Competent person statement

Information in this report relating to exploration results is based on information reviewed by Lee R. Beasley, a certified professional geologist who is a member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a qualified person for National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.

About Northern Lights Resources Corp.

Northern Lights Resources is a growth-oriented exploration and development company that is advancing two projects: The 100-per-cent-owned Secret Pass gold project located in Arizona; and Northern Lights also has exposure to the Medicine Springs project in Nevada through an equity position in Reyna Silver Northern Lights Resources is a growth-oriented exploration and development company that is advancing two projects: the 100-per-cent-owned Secret Pass gold project located in Arizona and the Medicine Springs project in Nevada through an equity position in Reyna Silver Corp. plus a 1-per-cent future net smelter return royalty on the Medicine Springs project plus a 1-per-cent future NSR royalty on the Medicine Springs project.

We seek Safe Harbor.