Mr. Rupert Williams reports

NORTH PEAK FULLY ACQUIRES THE PROSPECT MOUNTAIN MINE COMPLEX IN EUREKA, NEVADA; ISSUES 3 MILLION SHARES FOR REMAINING 20%

Further to North Peak Resources Ltd.'s acquisition of 80-per-cent interest in the Prospect Mountain mine complex in Eureka, Nev., in August, 2023, and following its further evaluation of the property, the company has exercised its right to acquire the remaining 20-per-cent interest in the property from Solarljos LLC (controlled by the Erickson family of Nevada) and issued an additional three million common shares to Solarljos.

"When the initial 80-per-cent interest in the property was secured, minimal modern exploration had been conducted. Therefore, it was essential for us to carry out a contemporary geological assessment of the site," stated Rupert Williams, chief executive officer. "Our findings have reinforced our confidence in the potential of the Prospect Mountain mine complex, which is the pinnacle of the historic high-grade gold and polymetallic mining camp in Eureka, Nev."

"This property will benefit greatly from our team's strong track record of applying modern exploration techniques to underexplored historical, high-grade mining camps," added Harry Dobson, chairman. "We are excited to advancing exploration efforts at this property and looking forward to getting some drilling under way this summer once permits are secured."

Success in the 2024 drilling campaign at the property, which focused on the limited historical drilling area in the north of the property, using pre-existing roads and pads to minimize costs provided, included the following results:

• High-grade material still present and new trends identified, such as PM24-039 which intersected 22.9 metres (75 feet) at 12.0 grams per tonne Au (with 6.1 m (20 ft) voids at zero g/t Au), including 3.0 m (10 ft) at 85.7 g/t Au; it was located 35 m (115 ft) northwest of previous drilling and ended in mineralization on a new western trend (see the company's Nov. 12, 2024, press release).
• Mineralization existing from surface, such as PM24-022 which intersected 27.4 m (90 ft) at 7.4 g/t Au (with a 1.5 m (five ft) void at zero g/t Au) from surface, including 6.1 m (20 ft) at 23.1 g/t Au which includes 1.5 m (five ft) at 56.5 g/t Au and 161.4 g/t Ag (see the company's Sept. 4, 2024, press release).
• Wide, low-grade intersections existing between the high-grade lodes such as PM24-004, which intersected 126.5 m (415 ft) at 1.06 g/t Au which included 12.2 m (40 ft) at 4.20 g/t Au (see the company's Aug. 14, 2024, press release).

In addition, various geophysics and geochemistry undertaken across the entire property have provided further evidence of the property's potential, including:

• A two km long conductive anomaly directly beneath the old oxide gold, silver, lead, zinc stopes and mine workings on the property is highlighted by the several geophysical surveys (see the company's July 17, 2023, press release). An initial drill hole confirmed the anomaly was caused by sulphide mineralization.
• A comprehensive property-wide soil sampling exercise was then undertaken and identified both Carlin style and CRD systems. In addition, further soil sampling has been undertaken this year following up on some of the strong areas.
• Additional rock chip and grab samples also support existence of high-grade material, including:
  • 46.5 g/t Au, 569 g/t (16.6 oz/t) Ag, 4.09 per cent Pb, 3.12 per cent Zn over 15 centimetres in the Dean Cave;
  • 33.9 g/t Au, 183 g/t Ag, 0.9 per cent Cu, 1.81 per cent Pb, 1.66 per cent Zn from a surface scrape on the Delaware patented claim;
  • 20.5 g/t (0.66 ounce/tonne) Au chip sample in the Industry tunnel.
  • 16.75 g/t Au, 243 g/t Ag, 3.17 per cent Pb, 2.26 per cent Zn dump grab sample from the historical Krao mine;
  • 10.2 g/t Au, 580 g/t Ag, 11.7 per cent Pb dump grab sample from Antelope patented claim;
  • 5.3 g/t Au, 39 g/t Ag, 7.03 per cent Pb, dump grab sample from the historical Kit Carson mine.

"The geological evaluation and exploration efforts have revealed promising findings, offering substantial optimism for the future development of the property. Notably, advanced geophysical and geochemical studies conducted across the Prospect Mountain mine complex have highlighted the presence of anomalies, and both CRD and Carlin style trends, that were previously unexplored," added David Pym, geologist. "These results reflect the untapped potential of the property and underscore the significance of modern exploration techniques in uncovering new opportunities."

In connection with the exercise of its right to acquire 100 per cent of the property as described above, the company has agreed to ancillary rights with the Erickson family related to the right to nominate one member of the board of the company to be presented to shareholders of the company at each annual general meeting of shareholders, and pre-emptive rights to participate in future issuance of securities of the company in order to maintain their percentage share ownership in the company.

Given North Peak will now be fully focused the Prospect Mountain mine complex, the company has notified the owner of the Kenogami Lake property in Ontario, Canada, that it will not be completing the remaining $150,000 work prior to Jan. 5, 2026, and therefore not exercising its option on that property.

Review by qualified person, quality control and reports

David Pym, CGeol, consulting geologist for 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 press 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 North Peak Resources Ltd.

The company is a Canadian-based gold exploration and development company listed on the TSX Venture Exchange under the symbol NPR and the OTCQB under the symbol NPRLF. Founded by the founding team of both Kirkland Lake Gold and Rupert Resources, the team has a strong record of acquiring mining assets, applying modern exploration techniques and taking them into operational mines.

North Peak's flagship property is the Prospect Mountain mine complex which 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 189 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.

A more complete description of Prospect Mountain's geology and mineralization, including at the Wabash area, can be found in the NI 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.

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