Mr. Rupert Williams reports

DRILLING AT NORTH PEAK'S INDUSTRY TARGETS UNDERWAY. FOLLOW-UP CHANNEL SAMPLING AT DEAN CAVE COMPLEX STOPES YIELDED FURTHER HIGH-GRADE GOLD UP TO 90.4 G/T

North Peak Resources Ltd.'s reverse circulation drilling has moved onto the Industry tunnel target area, having completed nearly 1,000 feet in the Wabash/Williams area, along with further results from follow-up sampling within the Dean Cave complex at its Prospect Mountain property in Eureka, Nev.

Drilling at the Industry target is following up on a 10,000-square-metre area of greater than 0.1 gram per tonne gold-in-soil anomaly in the Eldorado dolomite between the Eureka and Industry tunnel systems. The target area includes previously unreported grab samples from stopes within the Industry tunnels and the surrounding dumps ranging up to 22.8 grams per tonne Au and 87 g/t Ag (note grab samples are selective in nature and should not be interpreted as representative of the economic potential of the area). No grades were recorded from historical production of the Industry tunnel from 1873 to 1888, however excise figures from historical smelter returns, record Industry tunnel as containing some of the more valuable ores, paying $79.2 (U.S.)/short ton, with a gold equivalence value of 3.83 ounces/short ton in 1888 gold prices. Payables were based on recoverable Au (gold), Ag (silver) and Pb (lead) values.

Further representative channel sampling across gossans on the 400 to 650 levels of the Dean Cave complex yielded best results of:

• 17.3 g/t Au, 178 g/t Ag, 1.99 per cent Pb, 3.93 per cent Zn (zinc) over 0.3 metre (420 L);
• 61.4 g/t Au, 70.3 g/t Ag, 0.46 per cent Pb, 4.02 per cent Zn over 0.3 m (420 L);
• 11.6 g/t Au, 61.9 g/t Ag, 1.12 per cent Pb, 1.43 per cent Zn over 0.6 m (520 L);
• 10.2 g/t Au, 71.5 g/t Ag, 1.43 per cent Pb, 2.38 per cent Zn over 0.3 m (520 L);
• 90.4 g/t Au, 660 g/t Ag, 4.69 per cent Pb, 1.00 per cent Zn over 0.6 m (650 L).

These results highlight the eastern area of the Dean Cave complex in particular as being a high-priority zone, for high-grade oxide ore. A network of intermittently mined old stopes plunge to the northwest at 40 to 50 degrees and roughly follow the intersection of the Domonic and Banner faults, giving a clear drillable exploration target. Other stope systems appear to follow parallel faults. Drilling from Area 3 will target the unexplored area above these stopes and the drill will move here after the Industry targets. There is a clear zoning in Zn/Pb ratios in the samples which correlate well with increasing grade. Values greater than 20 per cent zinc are recorded with Zn/Pb ratios greater than 10:1, gold is typically 0.1 to 10 g/t in these areas, as Zn/Pb ratios approach 1:1 gold grades increase proportionally providing a useful exploration guide for the coming drilling.

Rupert Williams, chief executive officer, commented: "Drilling is progressing well with over 600 m drilled so far. The geology team's mapping and field work continues to support exciting drilling target areas."

Background to the areas

The Dean Cave complex was one of the last areas to be mined in the historic diamond mine, with sporadic activity continuing into the 1980s. The ore in carbonate replacement deposits often occurs in vertical chimneys and layer parallel mantos. The Dean Cave area is one of a series of historical high-grade chimney stopes in the northern part of the diamond mine, known as the Dean Cave complex which include the DMEA/Deadbroke chimney and the East Cave chimney. The Deadbroke/DMEA chimney extends from surface down to at least 400 m and the Dean and East Cave chimneys have only been exploited from underground and extend for at least 100 m upward from the historic 650 level of the mine. At depth they appear truncated by the west-dipping Dominic fault, which may displace their depth extents. The chimney zones occur along an east-northeast-trending fracture zone parallel to the Silver Connor fault near the intersection with steeply dipping northwest fault zones associated with the Banner McIntosh fault system and represent an underground oxide exploration target with high potential for further mineralization, both toward surface and to depth. The Dean Cave stopes for which we have production records averaged 0.229 ounce/tonne (7.8 g/t) Au, 5.83 oz/t (200 g/t) Ag from 291 ore cars.

The DMEA refers to the area that was briefly mined around 1954 following a loan being granted by the Defense Minerals Exploration Administration for development costs. Material generated averaged 0.69 oz/t Au, 50.5 oz/t Ag, 29.4 per cent Pb.

The Industry tunnel area lies at the junction of another northwest fault system and the Silver Connor fault, which we know to be helpful in localizing mineralization in the area. It has a large number of surface workings and three historical mines Industry, Industry upper and Eureka tunnel which exploited the area at different levels. Historical production is unknown but is likely quite modest based on the size of the dumps.

Review by qualified person, quality control and reports

David Pym, CGeol, a consulting geologist to 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.

Samples in this case are channel samples and grab samples taken from outcrops in historic stopes and caves. Samples are loaded into a plastic crate and dispatched to the ALS Global prep lab in Elko, Nev. A standard, a blank and a field duplicate were inserted after every 20 samples, for a QA/QC (quality assurance/quality control) rate of 15 per cent. Six standards from CDN Resource Laboratories were rotated through the samples. The standards had gold values ranging from 0.433 to 7.34 parts per million.

Samples are dried crushed and pulverized and assayed for gold with a 30-gram fire assay and a 44-element ICP MS suite. Overlimit samples for gold, silver, lead, zinc and copper are automatically reassayed by suitable methods.

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 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 181 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 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.

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. Launched by the founding team behind 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.

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.

We seek Safe Harbor.