Mr. Alexander McAulay reports

NEWPATH ANNOUNCES CLOSES PRIVATE PLACEMENT FINANCING

Further to the announcement on Sept. 29, 2023, Newpath Resources Inc. has closed its private placement. The company issued 2,005,000 units at a price of 15 cents per unit for total proceeds of $300,750.

Each unit is composed of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share of the company for a period of 12 months from the closing of the private placement, subject to acceleration, at an exercise price of 20 cents per share.

The acceleration clause of the warrants will provide that, if, over a period of 10 consecutive trading days between the date of issuance and the expiry of the warrants, the daily volume-weighted average trading price of the common shares of the company on the Canadian Securities Exchange (or such other stock exchange where the majority of the trading volume occurs) exceeds 35 cents for each of those 10 consecutive days, the company may, at any time after such an occurrence, give written notice (by news release) to the holders of the warrants that the warrants will expire at 4 p.m. Vancouver time on the 30th day following the giving of notice unless exercised by the holders prior to such date. Upon receipt of such notice, the holders of the warrants will have 30 days to exercise their warrants. Any warrants which remain unexercised at 4 p.m. Vancouver time on the 30th day following the giving of such notice will expire at that time.

In connection with the private placement, the company agreed to pay finders' fees consisting of an aggregate of $30,075 in cash and a total of 200,500 finders' warrants. Each finder's warrant entitles the holder to acquire one common share at a price of 20 cents per share for a period of 12 months from the closing of the private placement, subject to acceleration.

All units to be issued pursuant to the private placement will be subject to a four-month hold expiring Feb. 7, 2024, under applicable securities laws in Canada.

The proceeds raised from the private placement are expected to be used for exploration and general working capital.

About Newpath Resources Inc.

Newpath is a Canadian exploration company listed on the Canadian Securities Exchange under the symbol PATH. Newpath's early-stage Orefield critical metal exploration project, which is composed of three claim groups (Alpha/Bravo, Charlie and Delta), totals 3,164 claim units covering approximately 667,106 hectares (approximately 667 square kilometres) west and southwest of Lake Nipigon in Northern Ontario. The company also wholly owns the Northshore gold project located in the Schreiber-Hemlo greenstone belt.

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