Mr. Brian Hinchcliffe reports

NORTH PEAK ADVANCES PROSPECT MOUNTAIN ACQUISITION FORMALITIES; ISSUES 5 MILLION SHARES TO THE ERICKSON GROUP AND TY ERICKSON JOINS BOARD OF DIRECTORS; WORK PROGRAMS CONTINUE TO DEFINE DRILLING TARGETS

North Peak Resources Ltd. has completed key commercial advances incorporated in its acquisition of the Prospect Mountain property located in Eureka, Nev., announced by the company on May 4, 2023. As required by the acquisition terms, a Nevada limited liability corporation named North Peak Gold LLC has been formed, with the company's Nevada subsidiary (North Peak (Nevada) Ltd.) holding an initial 80-per-cent interest and Solarljos LLC (controlled by the Erickson family of Nevada) holding the remaining 20-per-cent interest. The mining claims and rights and related permits that constitute the property are in the process of being transferred into North Peak Gold. The company has the right to acquire the remaining 20-per-cent interest by issuing an additional three million common shares to Solarljos, as described below.

As part of the formation of North Peak Gold and the transfers, Dr. Ty Erickson, MD, has joined the board of directors of the company and five million common shares of the company have been issued to Solarljos. Solarljos now holds 16.65 per cent of the outstanding common shares of the company.

"North Peak has been fortunate since the May agreement to launch a scope of geophysics and other work programs that will shape near-term drilling programs on the mining potential of the Eureka camp," said Brian Hinchcliffe, the company's chief executive officer. "Ty's presence on the board will ensure the contribution of decades-long family ownership of the Prospect Mountain property to North Peak's shareholders."

Dr. Erickson grew up in the Eureka and Ely, Nev., communities in a mining-oriented family. His father, Dr. Einar C. Erickson, PhD, was a noted exploration geologist in Nevada for over 60 years who acquired the Prospect Mountain mine complex over 40 years ago, and his parents both worked at Kennecott in eastern Nevada.

Dr. Erickson has a dual board certification in obstetrics/gynecology and female pelvic medicine and reconstructive surgery, and serves on the faculty as a urogynecologist at the University of Nevada, Las Vegas School of Medicine in Las Vegas, Nev. He trains surgeons on advanced pelvic floor reconstruction in the United States and has taught surgery in 20 countries on four continents. He has been a director on four health care organizations and currently is chairperson of a charitable non-profit, the Janice Foundation, focusing on reducing the suffering of women.

The company has the right to acquire the 20-per-cent interest in North Peak Gold held by Solarljos by issuing an additional three million common shares to Solarljos. The company will have until 90 days after the third anniversary of completion of the transfers to exercise the right. If the company decides not to exercise the right, then the initial 80-per-cent interest in North Peak Gold it holds is to be transferred to Solarljos, and Solarljos will in turn return to the company the five million common shares that have been issued to it.

The company's Nevada subsidiary, North Peak (Nevada), is acting as manager for North Peak Gold and operator of the property. Solarljos is not required to contribute any funds or assume any liabilities for the benefit of North Peak Gold or in connection with exploration and operations at the property on account of its 20-per-cent interest.

About Prospect Mountain

The property lies in the Battle Mountain Eureka trend, in an area known as the Southern Eureka gold belt, where three styles of mineralization have been identified, gold-only, Carlin-style mineralization, carbonate replacement deposit mineralization (CRD), and carbonate-hosted, porphyry-related skarn lead, zinc and gold mineralization associated with cretaceous intrusions. At the property, the CRD mineralization is heavily oxidized to depths of at least 610 metres (2,000 feet) below the top of the ridge line.

A plan of operations is in place which covers part of the property (totalling 81 acres) and entitles an operator to pursue surface exploration, underground mining of up to 365,000 tons per annum and certain infrastructural works. It includes a permit to extract water from a well and to build water containment facilities.

About North Peak Resources Ltd.

The company is a Canadian-based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol NPR. The company is focused on acquiring historic sites, with low-cost producing gold and other metals properties, with near-term production potential and eight-plus-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).

We seek Safe Harbor.