Mr. Brian Hinchcliffe reports

NORTH PEAK REPORTS ASSAY RESULTS OF 14.9 G/T GOLD OVER 1.2 METERS (INCL. 49 G/T GOLD OVER 0.4 METERS) FROM PREVIOUSLY DRILLED BUT UN-ASSAYED CORE HOLE AT PROSPECT MOUNTAIN; SEPARATE 8.0% ZINC INTERSECTION OVER 7 METERS

North Peak Resources Ltd. has released partial assay results from one of two core drill holes drilled in 2017 from surface at the Prospect Mountain mine complex in Eureka, Nev., and which have now been partially assayed.

Highlighted results for this hole (WS02) include:

• An intersection of 14.9 grams per tonne gold, 227 g/t silver, 0.9 per cent lead and 0.55 per cent zinc over 1.2 metres from 444.0 m down hole, which included 49 g/t Au, 579 g/t Ag, 1.6 per cent Pb and 0.4 per cent Zn over 0.4 m (there were 30 centimetres of core loss after this very-high-grade section);
• An intersection of 8.0 per cent Zn over 7.0 m from 100.8 m down hole, including four intervals of greater than 10 per cent Zn, with a maximum result of 23 per cent Zn.

"These unexpected results extend potential gold mineralization some 280 metres west of shafts No. 2 and No. 3 and the mine workings at Prospect Mountain, but also contribute to the vision for the re-emergence in the Eureka camp of underground mining," said Brian Hinchcliffe, North Peak's chief executive officer. "To that end, the company can report completion of a MobileMT airborne geophysics survey and the first phase of channel sampling on the main 7925 level, as well as the start-up of other programs all directed towards identifying drill targets."

"While it's exciting to receive these results from a previously drilled hole, it is early days and additional drilling needs to be completed before true widths and grade-cutting levels for gold can be established," added Mike Sutton, a director of North Peak.

Hole WS02 was drilled in 2017. Noteworthy is the fact that the hole was drilled without the benefit of any modern techniques to target anomalies (like numerous types of geophysics); it was a real wildcat hole. The fact that several significant new mineralized zones were identified bodes well for future exploration. Also noteworthy is the lack of historical zinc production from the property workings. It is possible that because it has been oxidized above the water table and thus is difficult to identify (generally white minerals in a white host rock), there are substantial amounts of zinc present.

The zinc intersection of 8.0 per cent Zn over 7.0 m is located 90 m (295 feet) above the underground workings (stopes) at shaft No. 2. The zone is characterized by recrystallized zebra striping into an intense breccia zone with bands of strong alteration, limonite clays, pervasive oxidation and a gossan seam.

The high-grade gold intersection of 14.9 g/t is located on strike from the 4th of July stope, which is 280 m southeast. It is in a very good limonite cave breccia zone, similar to what was mined in the past. From 396 m to 488 m is a highly altered structural zone with many displays of alteration and mineralization. Marble zone starting at around 401 m to 428 m then turns into banded to pervasively bleached and altered zones with hematite and limonite clays. A cave breccia zone (443 m to 446 m) with a strong limonitic clay portion (446 m to 447 m). Following the cave breccia zone are bands of oxidation and bleaching, as well as a few quartz veins commonly containing malachite. From 457 m to 475 m is another zone of strong recrystallization and marbleization. Between 1,470 m and 1,560 m are patchy to pervasive zones of silicification. The new mineralized zones are generally located well away from the mining that took place over the past 150 years. They are thought to represent carbonate replacement deposit mineralization.

Follow-up drilling is expected to be undertaken in 2023 to delineate strike and dip of the new horizons. Drilling will also test several priority geophysical targets identified on the property. A MobileMT airborne geophysics survey has been completed, and the company is awaiting final results. Two magnetic surveys are also being undertaken -- one is a drone survey that North Peak is collaborating with i80 and Golden Lake. A ground gravity survey will also take place soon. It is thought the contrast between dense lead mineralization will offer a strong contrast to the host light limestones. Soil and chip samples are being taken across the property to further define targets on surface. Underground channel sampling is being completed to try and identify targets to vector using the geochemical anomalies that frequently are present as large haloes around deposits.

There are more assays pending from hole WS02. There were 30 centimetres of core loss after the very-high-grade gold section (43.9 g/t).

One other surface hole -- WS01 -- was also drilled from the same collar vertically, but it has not yet been logged or sampled.

Prospect Mountain geology and mineralization

There are three styles of mineralization present in the district, carbonate-hosted, porphyry-related skarn: (i) lead, zinc and gold mineralization associated with Cretaceous intrusions; (ii) gold, silver, lead and zinc carbonate replacement deposit mineralization; and (iii) gold-only Carlin-style mineralization. CRD mineralization in the area is heavily oxidized to depths of at least 610 m (2,000 feet) below the top of the property ridge line. No primary mineralization has thus been observed on the property to date, except for isolated veins and remnant small pods of sulphide. The historical mined ore consists of a reddish, poorly consolidated, fine-grained mass of material which is often found in open-space fissures and caves within the dolomite or as discontinuous pods and chimneys that can extend over a considerable length. Lead minerals present in the ores are mainly plumbojarocite and cerrusite. Zinc was expected to be mostly removed during weathering but in limited sampling of dump material and stopes, appears to be roughly equal to lead in the Prospect Ridge ores. Zinc is generally in the form of hemimorphite, smithsonite and hydrozincite. Iron from weathering of pyrite and arsenopyrite is largely in the form of hematite and various hydrous iron species and has coloured fracture surfaces around the mineralization, sometimes over a distance of tens of metres. Gold appears to be generally associated with the hematite mass and is free leaching. All mineralization appears to be structurally controlled, with the intersections of faults being preferred sites. Limestones (and dolomites) are the host rocks.

Review by qualified person, quality control and reports -- Prospect Mountain

Michael Sutton, PGeo, a director of the company, is the qualified person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of the company. The qualified person has not reviewed the mineral tenure, nor independently verified the legal status and ownership of the property or any underlying property agreements. Neither the company nor the qualified person can at this time independently verify the historical information on the property.

All core referenced herein were prepared and gold samples assayed by Bureau Veritas, located at 605 Boxington Way, suite 101, Sparks, Nev. The laboratory has ISO 17025, ISO 14001 and OHSAS 18001 certifications. All base metal assays were assayed by Bureau Veritas, located at 535 Thurlow St., suite 801, Vancouver, B.C., with the same certifications. All core samples are sealed at the core-processing facility and shipped directly to the lab. All samples are assayed for gold by 30 g fire assay analysis with AAS finish. Base metals are analyzed using ICP-ES/MS (MA200), with overlimit assays using aqua regia and multiacid digestions with AAS analysis. If the results are greater than 10 parts per million, then 30 g fire assay analysis (gravimetric finish) is completed. The company's quality assurance/quality control program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards and blanks are inserted randomly at one each per 20 samples (unless visible gold or extremely concentrated base metals are observed where a blank is inserted in the following sample). It is planned that 5 per cent of samples with grades above 0.005 ounce per ton (but none of nil value) are to be sent to a second lab. All samples greater than 0.15 ounce per ton are to be included and the rest in increments of grades. Core recovery in the zinc zone at 330.6 m to 353.5 m averaged 94 per cent, while the gold zone averaged 77 per cent if the 0.3 m core loss is included (not included in grades given), or 89 per cent otherwise.

Hole WS02 was historical core held by the owners in a secure location on their property, but the company cannot guarantee the chain of custody.

About North Peak Resources Ltd.

The company is a Canadian-based gold exploration and development company. The company is focused on acquiring historical sites with low-cost gold-producing and other metals properties with near-term production potential and a greater-than-eight-year mine life in the Northern Hemisphere.

The company recently acquired an initial 80-per-cent interest in the Prospect Mountain mine complex in Eureka, Nev. (see the company's May 4 and May 23, 2023, press releases).

The company can give no assurances at this time that its properties and interests will fulfill the company's business development goals described herein. Trading in the securities of the company should be considered highly speculative.

We seek Safe Harbor.