Mr. Steve Balch reports

SPRUCE RIDGE COMMENTS ON JOHN RYAN PRESS RELEASE

Further to its press release dated Aug. 4, 2023, upon taking control of Spruce Ridge Resources Ltd.'s records in August of 2022, current management was notified of funds owed to the company by the former president and chief executive officer, John Ryan. The amount owing has not been repaid and current management does not believe the funds were advanced for legitimate business purposes. The receivable was assessed in the annual financial statements for the year ended April 30, 2023, and was impaired in the full amount of $631,030. The company has commenced legal proceedings for recovery of the receivable.

Mr. Ryan has commenced a counterclaim in respect of these matters and has disseminated a press release. The company maintains that it will be pursuing the full extent of its legal claims against Mr. Ryan. The company intends to defend against Mr. Ryan's counterclaim, and further announcements will be made.

We seek Safe Harbor.