Mr. Russell Richards reports

EARLY WARNING REPORT ISSUED WITH RESPECT TO THE ACQUISITION OF SECURITIES OF NORTHERN SHIELD RESOURCES INC.

From July 18, 2023, through July 20, 2023, Russell Richards, the chair of the board of Northern Shield Resources Inc., acquired an aggregate of 4.4 million common shares in the capital of the corporation. The acquired shares were purchased in three separate transactions as follows: 2,657,000 common shares on July 18, 2023, at a price of 5.0 cents per common share; 1,564,000 common shares on July 19, 2023, at a price of 5.0 cents per common share; and 179,000 common shares on July 20, 2023, at a price of 5.5 cents per common share. Total consideration paid for the acquired shares was $220,895. The acquisition was conducted through the facilities of the TSX Venture Exchange.

Prior to the acquisition, Mr. Richards beneficially owned, controlled or directed an aggregate of four million common shares, representing approximately 5.2 per cent of the issued and outstanding common shares in the capital of the corporation. Following the acquisition, Mr. Richards beneficially owns, controls or directs an aggregate of 8.4 million common shares, representing approximately 10.9 per cent of the issued and outstanding common shares on a non-diluted basis and approximately 14.37 per cent on a partially diluted basis, assuming the exercise of all 2.65 million common share purchase warrants of the corporation held by Mr. Richards.

Mr. Richards purchased the acquired shares for investment purposes. Mr. Richards may acquire additional securities or dispose of securities either on the open market or through private acquisitions in the future depending on market conditions, reformulation of plans and/or other relevant factors, and subject to applicable securities laws.

An early warning report will be electronically filed under applicable securities laws and will be available on the corporation's SEDAR profile.