Mr. Brayden Sutton reports

CORPORATE UPDATE

In connection with the completion of Sorrento Resources Ltd.'s 2023 financial year-end, the company has determined to issue as compensation to its independent directors 75,000 shares each for an aggregate of 225,000 shares issuable all at a deemed price of 19 cents per share. All of the securities issuable will be subject to resale restrictions under the policies of the Canadian Securities Exchange expiring four months and one day from the date of issuance, which is expected to occur on Sept. 12, 2023.

The participation in the compensation issuance by insiders of the company constitutes a related party transaction as such term is defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the compensation issuance did not exceed 25 per cent of the company's market capitalization.

About Sorrento Resources Ltd.

The company 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 kilometres east-northeast of Gander, Nfld., Canada, in central Newfoundland.

We seek Safe Harbor.