Mr. Steve Balch reports

SPRUCE RIDGE ENTERS INTO SETTLEMENT WITH FORMER CEO

Further to the press releases dated Aug. 4, 2023, and Aug. 23, 2023, Spruce Ridge Resources Ltd. has reached a settlement with its former chief executive officer and director, which includes a settlement payment of $180,000 plus HST and certain credit card expenses to the former CEO and director, and the transfer from the former CEO and director to the company of five million shares of the company with a value of $425,000, which shares are to be cancelled. The receivable that was assessed in the annual financial statements for the year ended April 30, 2023, and impaired in the full amount of $631,030 has been recorded as recovered in the financial statements of the company for the six months ended Oct. 31, 2023. This recovery reflects recognition of the value of the shares cancelled and a reduction in the amount owing equal to the settlement payment. The settlement agreement was made without any admission of liability of any party.

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