Mr. Rupert Williams reports

NORTH PEAK ANNOUNCES A $5.17 MILLION CLOSING FOR PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT

North Peak Resources Ltd. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $5,168,999. In connection with the private placement, 8,614,999 equity units of the company were issued at a price of 60 cents per unit.

"We are pleased to have raised these funds despite very testing markets conditions, which is a testament to the quality of our high-grade gold and silver property in Nevada. I would like to thank our existing shareholders who strongly supported this raise," commented Rupert Williams, chief executive officer. "The funds will be used to test extensions to existing mineralization identified in the successful 2024 drill program at Wabash and follow up on some of the numerous other surface and geophysical targets identified on the property."

Each unit comprises one common share of the company and one-half of one common share purchase warrant of the company. Each whole warrant entitles the holder to acquire one common share for a period of 18 months from the date of issuance of the warrant (subject to acceleration) at an exercise price of 90 cents per share.

The warrants are subject to an acceleration provision, whereby, if the common shares trade at or above a volume-weighted average price of $1.50 for a period of 20 consecutive trading days, the company has the right to accelerate the expiry date of all or part of the outstanding warrants issued pursuant to the private placement to a date that is not less than 30 days from the notice of such acceleration that is provided by way of press release by the company.

The securities issued in connection with the private placement are subject to a four-month hold period, in accordance with applicable securities laws.

The company intends to use the proceeds from the private placement to continue to explore and develop its mining assets, the continued development of its business, and for general and administrative expenses.

Under the private placement, Mr. Williams, the chief executive officer and a director of the company, acquired 400,000 units at a subscription price of $240,000, Mr. Williams's spouse acquired 300,000 units at a subscription price of $180,000 and Chelsea Hayes, director of business development and a director of the company, acquired 80,000 units at a subscription price of $48,000. Their participation in the private placement constitutes a related party transaction as defined in Multilateral Instrument 61- 101, Protection of Minority Security Holders in Special Transaction, which has been adopted by the TSX Venture Exchange pursuant to its Policy 5.9, Protection of Minority Security Holders in Special Transactions. These transactions are exempt from the formal valuation and minority shareholder approval requirements of such instrument and policy, pursuant to subsections 5.5(b) and (c) and 5.7(1)(b) of MI 61-101 as the distribution of securities was for cash and the fair market value of those securities was not more than $2.5-million.

The company did not file a material change report more than 21 days before the expected closing of the private placement because the details of the participation therein by related parties of the company were not settled until shortly prior to closing of such transactions and the company wished to close on an expedited basis for sound business reasons.

Subject to the final review by the TSX-V and in connection with the private placement, the company has agreed to pay cash finders' fees (7 per cent) to each of the following in respect of the aggregate sales to subscribers under the private placement that were introduced by them: (i) Canaccord Genuity Corp. ($26,040); (ii) Haywood Securities Inc. ($16,099.99); (iii) StephenAvenue Securities Inc. ($4,899.97); and (iv) Red Cloud Securities Inc. ($3,780).

In addition, the company has agreed to issue finder warrants (7 per cent) to each of the following in respect of the number of units sold by the company under the private placement that were introduced by them: Canaccord Genuity (warrants to purchase 43,400 common shares); (ii) Haywood Securities (warrants to purchase 26,833 common shares); (iii) StephenAvenue Securities (warrants to purchase 8,167 common shares); and (iv) Red Cloud Securities (warrants to purchase 6,300 common shares). These warrants are non-transferable, have an exercise price of 60 cents per share and expire 18 months from the date of issuance.

About North Peak Resources Ltd.

The company is a Canadian-based gold exploration and development company that is listed on the TSX-V 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 an eight-plus-year mine life in the northern hemisphere.

The company has acquired an initial 80-per-cent interest in the Prospect Mountain mine complex in Eureka, Nev. (see the company's May 4, 2023, May 23, 2023, and Aug. 25, 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.

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