Mr. Brian Hinchcliffe reports

NORTH PEAK ANNOUNCES DRILLING UNDERWAY AND DIRECTED AT GEOPHYSICAL TARGETS UNDER THE DIAMOND MINE ON PROSPECT MOUNTAIN, EUREKA

North Peak Resources Ltd. has launched its drilling campaign this week at its Prospect Mountain property in Eureka, Nev., following completion of planned geophysical surveys and geochemical sampling programs, and the receipt of necessary approvals. These surveys and sampling programs were undertaken over the summer months to define both surface and underground drilling targets across the potential CRD (carbonate replacement deposit) (gold, silver, lead and zinc) and Carlin (gold and silver)-style mineralization Prospect Mountain might host beneath its extensive system of shafts and mine workings.

This first phase of drilling will consist of approximately 6,600 feet (2,012 metres) starting from the Diamond mine portal and targeting multiple intersections of the roughly two-kilometre-long conductive anomaly, located directly beneath the old oxide gold, silver, lead and zinc historical stopes of the Diamond mine, that was located by the helicopter magnetotelluric (MT) survey carried out in June. A comprehensive gravity survey and drone-based magnetic survey followed in July and August, and the results of these two surveys were used to help develop the exploration model and drill targets. A limited induced polarization (IP) survey carried out in September yielded a very strong chargeability IP anomaly that overlaps and extends upward from the MT anomaly into the old workings area, giving strong support to the MT anomaly.

"The team have developed a drilling plan that will target the heart of both the IP anomaly and the MT anomaly, and it can be carried out from a practical location near the mine's infrastructure," said Brian Hinchcliffe, North Peak's chief executive officer. "Our property sits in the centre of the largely north-south mineralized Eureka camp, and the drilling will be aimed due west beneath the old mining workings and toward the massive MT target sitting just beneath the camp's water table."

Magnetotellurics is a passive electromagnetic system designed to measure resistivity/conductivity of the Earth and is especially useful for penetrating to deeper levels than comparable geophysical methods. The aim of the survey was to look for conductors beneath the water table that potentially represent the sulphide equivalents of the Prospect Mountain oxide mineralization. The 220 line km survey was conducted by Expert Geophysics Ltd. and flown at 100 m line spacing using its mobile MT system.

The rocks surrounding the old oxide workings within the Hamburg and Eldorado dolomites are highly resistive with no conductivity. Directly beneath the deepest part of the property workings, at the level of the projected water table, is a discrete greater than two km long conductive body that plunges to the southeast. The strongest part of the anomaly sits directly beneath the largest bodies of historical workings on the property, around the Shaft 1 area. While factors other than sulphides, such as graphitic shales and saline ground water, can cause conductivity, the groundwater tested on the property is not known to be saline and there are no graphitic shales projected to be in the area beneath the historical mines on the property. This increases the likelihood that the conductive anomaly is caused by sulphides and it is of a different character to the large formational anomalies highlighted by the survey to the west of the Sharp/Cave Canyon fault that are more likely to be related to lithology. The very strong IP chargeability anomaly overlaps the MT anomaly and extends to the depth limits of the IP survey, indicating both anomalies are caused by the same source giving added weight to the interpretation.

Mike Sutton, PGeo, a director of the company, is the qualified person, as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, who reviewed and approved scientific and technical disclosure in this news release.

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.

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-silver Carlin-style mineralization, carbonate replacement gold-silver-lead-zinc 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 m (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 property in Eureka, Nev. (see the company's May 4 and May 23, 2023, and Aug. 25, 2023, press releases).

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

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