Mr. Brian Hinchcliffe reports

NORTH PEAK REPORTS AT LEAST 8 ZONES UP TO 9.5% ZINC AND 4.6% LEAD ON ITS FIRST EXPLORATION HOLE IN EUREKA, NEVADA, ALONG WITH A NEW GOLD ZONE OF 0.6 G/T AU OVER 3.1 METERS

North Peak Resources Ltd.'s 3,253-foot first exploration core hole (PM23-001) has successfully drilled the conductive mobile MT geophysical anomaly identified from summer 2023 surveys on its Prospect Mountain property in Eureka, Nev. (see the company's Oct. 27, 2023, press release).

This first exploration hole was drilled to the west from the easily accessible Diamond mine portal and intersected at least eight mineralized zones of the carbonate replacement (CRD) style that were within altered Hamburg dolomite, the host rock of the Diamond mine workings above. Significant intersections include 9.5 per cent zinc, 221.6 grams per tonne silver, 0.8 per cent copper and 0.3 per cent lead over one metre (3.28 feet), 7.3 per cent Zn, 54.6 g/t Ag and 0.8 per cent Pb over 1.9 m (6.23 ft), and 355 g/t Ag and 4.6 per cent Pb over 0.3 m (one ft). An intersection of 0.6 g/t Au over 3.1 m was located along the Jackson fault that was historically thought to be devoid of gold, indicating potential Carlin-style gold leakage along the fault.

"This initial drill hole was positioned to enable us to target the MT anomaly identified from an operationally efficient location in winter," commented Mike Sutton, director and senior geologist. "The hole intersected some of the faults that run across the property, and this will help us test theories of the fault systems that exist in the Eureka camp and drive the multiple types of mineralization that exist in the camp, in particular how to best drill the other large targets further north on the property."

PM23-001 was successful in intersecting several zones of pyrite, sphalerite, galena plus/minus chalcopyrite mineralization in the projected area of the MT geophysical anomaly. Given the accompanying zinc-rich and low-gold nature of the massive sulphide mineralization intersected, it is thought that this hole intersected halo-style mineralization peripheral to larger, more conductive bodies that should have higher galena and gold farther north in the system. These low lead-zinc ratios are indicative of distal halo mineralization; in surface soil sampling, higher lead-zinc ratios are intimately associated with historical workings and increase markedly to the north.

A BHEM (borehole electromagnetic) survey is being undertaken to evaluate the optimal orientation for potential wedging of this hole, as it should help to identify the location of the best conductors (sulphides) relative to the position of the original hole.

North Peak previously released assay results from one historical hole (WS02) drilled in 2017 from surface at Prospect Mountain, which intersected 8 per cent Zn over seven m located 90 m (295 ft) above the underground workings (stopes) at shaft No. 2, and 12.9 g/t Au, 195 g/t Ag, 0.8 per cent Pb and 0.5 per cent Zn over 2.5 m at 280 m (919 ft) southwest of the underground workings (see the company's July 5, 2023, press release). WS01, drilled vertically to 294.8 m (967 ft) at the same collar as WS02, intercepted 3.3 per cent Zn over 4.8 m (15.8 ft) from 112.5 to 117.3 m (369 to 384.8 ft), including 12.1 per cent Zn over 0.4 m (1.3 ft) from 115.2 to 115.6 m (377.9 to 379.2 ft). These results from WS01 and WS02 are consistent with the localized gold and polymetallic intercepts found in PM23-001.

Toward the end of PM23-001 (west of the underground workings), marbelization of the dolomite is present and granitic dike was intersected. This could indicate a heat source for the fluids.

Prospect Mountain geology and mineralization

There are three styles of mineralization present in the Eureka district that includes Prospect Mountain, carbonate-hosted porphyry-related skarn lead (Pb), zinc (Zn), gold (Au) mineralization associated with Cretaceous intrusions, Au, silver (Ag), Pb, Zn carbonate replacement mineralization (CRD) and Au-only Carlin-style mineralization. CRD mineralization in the area is heavily oxidized to depths of at least 610 m (2,000 ft) below the top of the ridge line. Prior to this drilling program, no primary mineralization had 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 plumbojarosite 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. In the oxidized zone, zinc is generally in the form of hemimorphite, smithsonite and hydrozincite. Iron from weathering of pyrite and arsenopyrite is largely in the form of haematite and various hydrous iron species (limonite), and has coloured fracture surfaces around the mineralization, sometimes over a distance of tens of metres. Gold is generally associated with the haematite masses and is free leaching. All mineralization appears to be structurally controlled, with the intersections of faults being preferred sites. Limestone (and dolomites) are the host rocks. A more complete description of Prospect Mountain's geology and mineralization can be found in the National Instrument 43-101 technical report on the Prospect Mountain property, Eureka county, Nevada, United States, dated and with an effective date April 10, 2023, prepared by David Pym (Msc), CGeol, of LTI Advisory Ltd., and Dr. Toby Strauss, CGeol, EurGeol, of Merlyn Consulting Ltd., which has been filed on SEDAR+ under the profile of the company and on the company's website.

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

Mr. 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.

All samples referenced herein were prepped by ALS Elko, 1345 Water St., Elko, Nev., U.S. Gold was assayed at ALS Reno, 4977 Energy Way, Reno, Nev., U.S. All base metals and silver were assayed by ALS Vancouver, 2103 Dollarton Hwy, North Vancouver, B.C., Canada. Gold was assayed by 30-gram fire assay analysis with atomic absorption spectroscopy or gravimetric finish (Au-AA23/5 or Au-GRA21). Base metals and silver were analyzed using four-acid digestion inductively coupled plasma mass spectrometry (ME-MS61), with overlimit assays using aqua regia and four-acid digestion with ICP-MS analysis (*-OG62). All ALS Geochemistry sites operate under a single global geochemistry quality manual that complies with ISO/IEC 17025:2017, coupled within a global LIMS platform. There is no relationship, fiduciary or otherwise, between ALS and the company.

If the results are greater than 10 parts per million Au, then 30-gram fire assay analysis (gravimetric finish) is completed. The company's QA/QC 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). Five per cent of samples will be sent to a second lab for referee. Core recovery averaged 92 per cent.

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 ft) 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.

We seek Safe Harbor.