Mr. Brayden Sutton reports

SORRENTO RESOURCES TO ACQUIRE NEWFOUNDLAND LITHIUM AND PRECIOUS METALS PROJECTS FROM GOLD HUNTER RESOURCES

Sorrento Resources Ltd. has entered into a mineral property purchase agreement dated June 5, 2023, pursuant to which the company will acquire from Gold Hunter Resources Inc. a 100-per-cent interest in a portion of the claims comprising the PEG lithium property, the Harmsworth and Tom Joe properties, as well as three properties along the Doucers Valley fault, all located in the province of Newfoundland and Labrador. The predominance of the properties is gold-focused and complement Sorrento's Wing Pond property, and the addition of the PEG property, which is prospective for pegmatite-hosted lithium and is road accessible.

Chief executive officer Brayden Sutton states: "We are delighted with the acquisition of these Newfoundland projects. In particular the PEG property is the only recorded lithium showing in Newfoundland. The Snowshoe lithium pegmatite showing is largely unexplored with little sampling previously completed. This represents a fantastic opportunity to discover potential lithium pegmatites in the heart of Newfoundland. Additionally, the Harmsworth show promise for VHMS potential within some of the most prospective VMS host rocks in Newfoundland."

Central Newfoundland property description:

• PEG property:
  • 4,525 hectares;
  • Four licences;
  • 181 claims;
  • Location: central Newfoundland;
  • Access: by road (222 kilometres southwest of Gander);
  • Commodities: lithium (rare earth elements (REE));
  • Deposit potential: pegmatite-hosted lithium (and REE);
  • Status: mineral showing, prospect development. Historical reports indicate: "Anomalous lithium values up to 399.4 ppm [parts per million] were obtained from samples of coarse-grained pegmatite containing light green-coloured muscovite. The light green colour suggests that it may be lithium-bearing."
• Harmsworth:
  • 1,250 ha;
  • One licence;
  • 50 claims;
  • Location: central Newfoundland;
  • access: by road (211 km southwest of Gander);
  • Commodities: gold and silver;
  • Deposit potential: volcanogenic-hosted massive sulphides (VHMS);
  • Status: early-stage exploration opportunity. Two thousand twenty-two reconnaissance and prospecting discovered favourable indications of VHMS mineralization on the property -- the property has been recently (approximately 2021) clear cut with abundant freshly exposed outcrops.
• Tom Joe:
  • 2,300 ha;
  • Three licences;
  • 92 claims;
  • Location: central Newfoundland;
  • Access: by road (131 km west of Gander);
  • Commodities: gold and silver;
  • Deposit potential: orogenic -- quartz carbonate vein-hosted gold;
  • Status: early-stage exploration opportunity.

Northern Peninsula property description:

• Jackson's Arm:
  • 1,075 ha;
  • One licence;
  • 43 claims;
  • Location: Northern Peninsula, Newfoundland;
  • Access: by road (112 km northeast of Deer Lake);
  • Commodities: gold and silver;
  • Deposit potential: orogenic -- quartz carbonate vein-hosted gold;
  • Status: early-stage exploration opportunity.
• Silver Mountain:
  • 425 ha;
  • One licence;
  • 17 claims;
  • Location: Northern Peninsula, Newfoundland;
  • Access: by road (99 km northeast of Deer Lake);
  • Commodities: gold and silver;
  • Deposit potential: orogenic -- quartz carbonate vein-hosted gold;
  • Status: early-stage exploration opportunity;
• Taylor's Pond:
  • 2,075 ha;
  • One licence;
  • 83 claims;
  • Location: Northern Peninsula, Newfoundland;
  • Access: by road (99 km northeast of Deer Lake);
  • Commodities: gold and silver;
  • Deposit potential: orogenic -- quartz carbonate vein-hosted gold;
  • Status: early-stage exploration opportunity.

The three Northern Peninsula properties were strategically located adjacent to the prospective Doucers Valley fault system, where Magna Terra continues its discovery efforts at the Viking/Thor and Rattelling Brook gold deposits.

Alongside the work proposed at the Wing Pond property, Sorrento intends on advancing the projects with systematic exploration initially focusing on acquiring high-value remote sensing data across all the properties to refine exploration targeting. At the PEG property a boots-on-the-ground mapping and prospecting program is contemplated to further substantiate the lithium potential at the Snowshoe showing, while at Harmsworth an inaugural systematic soil sampling has been planned to further evaluate VMS prospectivity.

Transaction details

As consideration for the property, the company will pay to Gold Hunter $50,000 in cash and issue one million common shares, which shares will be subject to a statutory hold period of four months and one day following completion of the acquisition.

The property is subject to a 2-per-cent net smelter return royalty held by Fair Haven Resources Inc. as well as a 1-per-cent net smelter return royalty to be granted to Gold Hunter upon closing, which is expected to occur on or around June 13, 2023.

The Fair Haven NSR is subject to the right to buy back 50 per cent of the NSR at any time for $1-million. The company will also have the right to buy back 50 per cent of the Gold Hunter NSR at any time for $1-million. Both the Fair Haven NSR and Gold Hunter NSR are subject to rights of first refusal in favour of the company in connection with any proposed sale or transfer of such royalty.

Qualified person

Luke van der Meer, PGeo, is an independent consultant for the company and a independent qualified person as defined by National Instrument 43-101 Standards of Disclosure of Mineral Projects, and he has reviewed and approved the scientific and technical information in this news release.

About Sorrento Resources Ltd.

Sorrento is engaged in acquisition, exploration and development of mineral property assets in Canada. The company's objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Wing Pond property. The Wing Pond property is located roughly 40 km east-northeast of Gander, Nfld., Canada, in central Newfoundland.

We seek Safe Harbor.