Mr. Timothy Froude reports

SOKOMAN MINERALS SIGNS LOI WITH CAMPDEN HILL HOLDINGS PTY LTD ON THE IRON HORSE PROPERTY, LABRADOR

Sokoman Minerals Corp., pending TSX Venture Exchange approval, has agreed, pursuant to a letter of intent (LOI) with Australian-based private company Campden Hill Holdings Pty. Ltd. (Campden Hill), to provide Campden Hill with an option to purchase the Iron Horse property from Sokoman Minerals Corp. Campden Hill is controlled by an investment group with experience in mineral exploration and investment in multiple jurisdictions globally, including more than a decade in investing across various commodities in Canada.

The property is in the eastern portion of the Labrador trough, Canada's most prolific iron-ore-producing region. The property is host to significant iron deposits and has critical mineral showings of uranium and rare earth elements (REEs).

The property was staked in 2011 as a joint venture between Golden Dory Resources (now Sokoman Minerals Corp.) and Metals Creek Resources to evaluate the uranium potential of the area. Initial prospecting identified iron ore potential, and, in 2012, Sokoman acquired 100-per-cent ownership (subject to net smelter return royalties) from Metals Creek. Diamond drilling (eight holes) testing the iron ore potential intersected significant thicknesses of iron mineralization as taconite, including a 354-metre intercept grading approximately 28 per cent Iron (Fe). Direct shipping ore (DSO) potential was also noted, with assays of 53 per cent Fe from parts of the property. Following the extended decline in iron ore prices over the past decade, the iron ore exploration was ended and the property was placed on care and maintenance as a non-core asset.

Timothy Froude, PGeo, president and chief executive officer of Sokoman, states: "We are happy to have found a quality partner for the Iron Horse project. We look forward to working with Campden Hill, including offering logistical and technical support, to evaluate and advance the property. This transaction allows Sokoman to remain focused on its flagship gold projects at Moosehead and Fleur de Lys, and continue its strategy of finding quality partners to share the risk and reward on its other holdings. This strategy follows the recent deal for the former Golden Hope project (now Killick lithium) and four other property deals with various partners across Newfoundland."

James Thompson, director of Campden Hill, states, "We are pleased to be able to work with the Sokoman team as we look to further explore and develop the Iron Horse project in conjunction with our neighbouring land package in Labrador."

The letter agreement describes the terms upon which Sokoman Minerals (the optionor) has agreed to provide Campden Hill Holdings (the optionee), or its permitted transferee, with an option to acquire 100 per cent of the Iron Horse property in Labrador, Canada, 23 claims held by Sokoman, more particularly described as follows:

1. Summary of terms of option:
   • Subject to the satisfaction of the terms and conditions of this agreement, the optionor agrees to provide the optionee with the option to purchase, all right, title and interest in the property, subject to underlying NSR (net smelter return) obligations. During the term of this agreement, all expenditures and reports required to maintain the property in good standing will be the responsibility of the optionee.
   • The aggregate price to exercise the option is $300,000, with potential for a future bonus payment of up to $500,000, which will be payable by the optionee to the optionor in accordance with Section 1 as follows:
     1. $20,000 (deposit) within five days of the date of execution of this agreement for an exclusive three-month due diligence period;
     2. $100,000 (the initial option exercise payment) in cash or shares (at election of optionee) during the three-month period following the date of execution of this agreement, together with delivery of the option notice;
     3. $180,000 (year 1 payment) comprising $30,000 in cash and $150,000 in cash or shares (at the election of the optionee) on the date that is no later than 12 months following the payment of the initial option exercise payment;
     4. $500,000 (bonus payment) in cash or shares (at election of the optionee) on the date that a bankable feasibility study is completed.

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 chief executive officer of Sokoman Minerals.

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: the 100-per-cent-owned flagship, advanced-stage Moosehead, Crippleback Lake and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The company entered into a strategic alliance with Benton Resources Inc. through three large-scale, joint venture properties, including Grey River, Golden Hope and Kepenkeck in Newfoundland. Sokoman is one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.

In October, 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the United States, and exactly the right partner to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5 per cent of the Killick lithium project (formerly Golden Hope project) by financing up to $12-million in exploration expenses and issuing $10-million common shares in three stages. The Killick lithium project has been transferred to Killick Lithium Inc., a 100-per-cent-owned subsidiary of Vinland Lithium Inc. Newly created Vinland has received $2-million in financing from Piedmont for a 19.9-per-cent interest, with the balance of ownership between Sokoman and Benton. Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn-in stages. Sokoman and Benton will retain a royalty of 2-per-cent NSR on future production. Piedmont will have exclusive marketing rights for the promotion and sale of any lithium products produced from the project on a life-of-mine basis, and the right of first refusal on 100 per cent offtake rights to the lithium concentrates.

Projects optioned with optionee fully vested:

• East Alder project optioned to Canterra Minerals Inc. (Sokoman retains 850,000 shares of Canterra plus 1-per-cent NSR);
• Startrek project optioned to Thunder Gold (Sokoman retains 1.75 million shares of Thunder Gold plus 1-per-cent NSR).

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

We seek Safe Harbor.