Mr. Timothy Froude reports

SOKOMAN PROVIDES DRILLING UPDATE - MOOSEHEAD GOLD PROJECT, CENTRAL NEWFOUNDLAND

Sokoman Minerals Corp. has provided the following update on the continuing drilling program at the 100-per-cent-owned Moosehead gold project. Diamond drilling in the 463 zone and adjoining footwall environment has intersected gold mineralization which helps to determine the plunge of the favourable structure hosting the 463 zone and other proximal parallel mineralized zones in the footwall under the main Eastern trend. The best intersections from the drill holes reported today are MH-23-536 and 542, which targeted the down-plunge extension of the 463 zone, which has an earlier intercept of 39.60 metres grading 12.50 grams per tonne (g/t) gold (Au), including 10.5 m at 41.97 g/t Au (see the Dec. 15, 2022, news release).

Tim Froude, president and chief executive officer of Sokoman, says: "Drilling will continue at Moosehead with two rigs, focused mainly on testing the Alpha IP [induced polarization] targets outlined last winter. We have also begun trenching near-surface IP anomalies and soil geochemical anomalies. We are also defining a deeper target, below 500 metres, using our understanding of the structural geology of the main Eastern trend from consultant Dr. David Coller. We expect to be drilling until the Christmas break."

The associated table gives the drill results for the 463, South Pond and 75 zones, and also several reconnaissance holes.

Drill holes MH-23-536 and 542 were drilled to follow up a 1.4-metre intersection of visible gold-bearing quartz veins that gave 12.41 g/t Au from 409.75 m downhole (see the April 13, 2023, news release) an 80 m stepout, 56 m down plunge from MH-22-463 in the 463 zone. Results indicate that the zone remains open down plunge. Other holes testing the 463 zone area returned only anomalous results.

The South Pond drilling focused on the down-plunge extension of drill holes MH-20-123 -- five m at 26.87 g/t Au -- and MH-20-141 --- 4.20 m at 64 g/t Au (see the July 20, 2021, news release). Multiple zones of lower-grade gold mineralization were intersected suggesting the zone remains open to depth.

The 75 zone was tested with three holes, with only one hole (MH-23-529) giving significant mineralization. Additional drilling is planned to try to extend the high-grade mineralization intersected in MH-21-263, that gave 4.80 m at 12.86 g/t Au.

Reconnaissance holes include MH-23-538, 539, 541, 543 and 544, drilled near the Bowtie area to the north of North Pond, with MH-23-545 drilled near the northeastern property boundary testing a magnetic high. Only one hole, MH-23-539, returned anomalous gold values.

The company has started testing IP targets defined by the winter Alpha IP survey that defined several first- and second-priority targets below and to the west of the Western trend, as well as targets in the 253 zone, 200 m to the east of the main Eastern trend. Results of the first two holes -- MH-23-547 and 549 -- testing the Western trend area, are pending.

Qualified person

This news release has been reviewed and approved by Mr. Froude, PGeo, a qualified person under National Instrument 43-101, and president and CEO of Sokoman Minerals.

Analytical techniques and quality assurance/quality control (QA/QC)

Samples, including duplicates, blanks and standards, were submitted to Eastern Analytical Ltd. in Springdale, Nfld., for gold analysis. All core samples submitted for assay were saw cut by Sokoman personnel with one-half submitted for assay and one-half retained for reference. Samples were delivered in sealed bags directly to the lab by Sokoman personnel. Eastern Analytical is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples with visible gold were submitted for total pulp metallics and gravimetric finish. All other samples were analyzed by standard fire assay methods. Total pulp metallic analysis includes: the whole sample is crushed to minus-10 mesh; then pulverized to 95 per cent minus-150 mesh. The total sample is weighed and screened to 150 mesh; the plus-150 mesh fraction is fire assayed for Au, and a 30-gram subsample of the minus-150 mesh fraction is fire assayed for Au; with a calculated weighted average of total Au in the sample reported as well. One blank and one industry-approved standard for every 20 samples submitted is included in the sample stream. Random duplicates of selected samples are analyzed in addition to the in-house standard and duplicate policies of Eastern Analytical Ltd. All reported assays are uncut.

About Sokoman Minerals Corp.

Sokoman Minerals is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, advanced-stage Moosehead, as well as Crippleback Lake (available for option); East Alder along the Central Newfoundland gold belt; and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The company also entered into a strategic alliance with Benton Resources through three large-scale joint venture properties, including Grey River, Golden Hope and Kepenkeck in Newfoundland.

Sokoman now controls, independently and through the Benton alliance, over 150,000 hectares (greater than 6,000 claims -- 1,500 square kilometres), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly emerging gold districts. The company also retains a 1-per-cent net smelter return (NSR) interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold Corp. (formerly White Metal Resources Inc.), and in Labrador, the company has a 100-per-cent interest in the Iron Horse project, which has direct shipping ore (DSO) potential.

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the company's property.

The company would like to thank the government of Newfoundland and Labrador for past financial support of the Moosehead project through the Junior Exploration Assistance Program.

We seek Safe Harbor.