Mr. Russell Fromm, a shareholder, reports

RUSSELL FROMM ANNOUNCES FILING OF EARLY WARING REPORT RELATED TO ACQUISITION OF COMMON SHARES OF LOYALIST EXPLORATION LIMITED

Russell Fromm has filed an early warning report regarding the acquisition of an aggregate of 5,944,300 in the capital of Loyalist Exploration Ltd. on the facilities of the Canadian Securities Exchange. Prior to the acquisition, the acquiror beneficially owned or controlled, directly or indirectly, an aggregate of 24,175,000 shares and 12.2 million share purchase warrants, of which 11.5 million warrants are subject to a provision whereby the holder may not exercise such warrants if such exercise would result in the holder beneficially owning or controlling, directly or indirectly, an aggregate of 10 per cent or more of the issued and outstanding common shares of the issuer on a non-diluted or partially diluted basis, representing approximately 9.18 per cent of the issuer's issued and outstanding common shares on an undiluted basis and approximately 9.42 per cent of the issuer's issued and outstanding on a partially diluted basis. Following the acquisition, the acquiror beneficially owns or controls, directly or indirectly, an aggregate of 30,118,000 shares and 12.2 million warrants, representing approximately 11.44 per cent of the issuer's issued and outstanding common shares on an undiluted basis and approximately 11.67 per cent of the issuer's issued and outstanding on a partially diluted basis.

The acquired securities were acquired for investment purposes. Depending on market and other conditions, Mr. Fromm may from time to time in the future increase or decrease his ownership, control or direction over securities of the issuer, through market transactions, private agreements or otherwise.

In satisfaction of the requirements of National Instrument 62-104 (Take-Over Bids and Issuer Bids) and National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues), an early warning report respecting the acquisition of securities by the acquiror will be filed under the issuer's SEDAR+ profile.