Mr. Alexander McAulay reports

NEWPATH EXERCISES OPTION TO ACQUIRE 100% INTEREST IN CORE ALPHA/BRAVO CLAIMS

Further to Newpath Resources Inc.'s news releases dated Dec. 12, 2022, and May 30, 2023, it has satisfied the requirements to acquire a 100-per-cent interest to 973 unpatented mineral claims over approximately 206 square kilometres in Northwestern Ontario pursuant to an option agreement dated Dec. 7, 2022, between the company and arm's-length parties (the optionor).

Summary of the transaction

Pursuant to the terms and conditions of the agreement, the company acquired the 100-per-cent interest in the property in consideration for an aggregate of 1.5 million common shares in the capital of the company registered in the name of the optionor and the payment of all staking costs related to the acquisition of the property. Pursuant to the agreement, the company issued 500,000 shares to the optionor on Dec. 7, 2022, and the remaining one million shares on Dec. 4, 2023.

All shares issued in connection with the agreement are subject to a four-month hold period under applicable Canadian securities laws.

The property is also subject to a royalty agreement pursuant to which the optionor will retain a 2-per-cent net smelter returns royalty, of which 25 per cent may be purchased by the company for $500,000 up until the fifth signing anniversary of the agreement. The remaining 75 per cent of the royalty may be purchased by the company for $2.5-million until the 10th signing anniversary of the agreement. Additionally, the company has agreed to make the following advanced royalty payments to the optionor, starting on the sixth signing anniversary of the agreement:

• $20,000 per year between the sixth and 10th signing anniversaries;
• $40,000 per year, between the 11th and 12th signing anniversaries;
• $500,000 as a one-time payment on the 21st signing anniversary.

These payments will be deducted from any royalty payments.

Acknowledgment of first nations

Newpath Resources is committed to fostering lasting, transparent, trust-based relationships with the indigenous communities where the company operates. The company respectfully acknowledges that its Alpha/Bravo project is on the traditional territories of many nations including Biinjitiwaabik Zaaging Anishinaabek, Fort William First Nation, Kiashke Zaaging Anishinaabek, Red Rock Indian Band, the Metis Nation of Ontario and Red Sky Metis Independent Nation.

Newpath Resources recognizes the great privilege of conducting work on these lands and recognizes the accountability and commitment it owes to the communities who have resided here since time immemorial. Newpath shares a common interest in ensuring that the lands and waters will continue to provide cultural, environmental and economic well-being for indigenous communities for generations to come.

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 3,180 claim units covering approximately 67,448 hectares (approximately 674 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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