Mr. Errol Farr reports

LOYALIST EXPLORATION ANNOUNCES NEW DIRECTOR, CREATION OF ADVISORY BOARD AND GRANT OF RSU'S

Loyalist Exploration Ltd. has appointed Michael Cachia as director of the company, effective today.

Mr. Cachia is a chartered professional accountant with an extensive history of providing services to entities in the natural resource sector, and he is a partner in a Toronto-based firm of chartered professional accountants. He will serve as the audit committee chairman. He is a director and the audit chair of Enerev5 Metals Inc. He is also a director of Western Kidd Resources Inc., a private mineral exploration company located in the Timmins camp.

The company also wishes to announce the formal creation of the company's advisory committee with its formal charter being approved by the board of directors today. The formation of the advisory committee commences with the appointment of Kevin Filo to the advisory committee, along with Birks Bovaird and Jean Roy.

Mr. Filo is a founder, director and the corporate secretary of Mink Ventures Corp., a Timmins-based nickel, copper, cobalt explorer. Mr. Filo obtained an honours bachelor of science (1980) degree in geology from Laurentian University in Sudbury, Ont., and has been a professional geologist for over 35 years. Mr. Filo is president of Filo Exploration Services Ltd., a private geological consulting firm, established in 1983. Over the past 15 years, Mr. Filo also acted as president and vice-president of a number of successful private exploration project generator companies. From December, 2018, until April, 2022, Mr. Filo was vice-president, corporate development, for Pelangio Exploration, and, prior to this, he was part of the Pelangio Mines Inc. acquisition team that acquired the former Placer Dome Canada Detour Lake mine on Pelangio's behalf. This project eventually became an established Canadian gold producer operated by Agnico Eagle Mines.

The company also wishes to announce the company has issued a total of 15 million restricted share units to certain officers, directors and advisers of the company in accordance with the company's long-term incentive plan. Each RSU entitles the holder to acquire one common share on vesting. The RSUs will vest fully on the one-year anniversary of the grant date.

Errol Farr, Loyalist's president and chief executive officer, commented: "Loyalist is very excited that Michael Cachia has agreed to join the board and that Kevin will join the advisory committee. I have known Michael for a number of years, and his dedication and tireless work ethic have been an inspiration. Kevin's historical experience with our Tully property and the Timmins district will help guide the company's exploration and development strategy designed to enhance value for all Loyalist shareholders."

About Loyalist Exploration Ltd.

Loyalist is a mineral exploration company concentrating on acquiring, exploring and developing quality mineral properties in Canada. The company is currently focused on its buy Timmins strategy, with the recent acquisitions of the Tully gold property, the Loveland nickel/copper/gold property and the Gold Rush gold/silver property, all located in the Timmins, Ont., mining district. The company expects to commence a significant permitting project at Tully and exploration activities on all three properties, as well as expanding the company's Timmins-based property portfolio.

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