Mr. Alex Bugden reports

SORRENTO RESOURCES CLOSES $375,000 FINANCING

Further to its news release dated April 21, 2025, Sorrento Resources Ltd. has closed a non-brokered private placement for total gross proceeds of $374,999.85.

The company has allotted and issued 4,999,998 units at a purchase price of 7.5 cents per unit. Each unit consists of one common share and one-half transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of 15 cents for a period of 36 months from the closing date.

In relation to the placement, the company has paid finders' fees of $2,800 and issued 37,333 finders' warrants to an arm's-length party, entitling the holder to acquire one share at a price of 15 cents per share for a period of 36 months.

The proceeds of the placement will be utilized for exploration activities at the Lord Baron and Harmsworth projects, repayment of outstanding loans (see press release dated Nov. 7, 2024) and general working capital purposes. All securities issued pursuant to the placement are subject to a hold period expiring Sept. 7, 2025.

Current insiders of the company have subscribed for 1,466,665 units for gross proceeds of $109,999.87. The issuance of the units to the insiders of the company is considered a related party transaction subject to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101, as the participation by the insiders does exceed 25 per cent of the fair market value of the company's market capitalization.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired three million units pursuant to the placement at 7.5 cents per unit for total consideration of $225,000. Prior to the placement, Mr. Sprott beneficially owned or controlled 1.2 million shares of the company, representing approximately 4.7 per cent of the outstanding common shares of the company on a non-diluted basis.

As a result of the placement, Mr. Sprott now beneficially owns or controls 4.2 million shares and 1.5 million warrants of the company, representing approximately 13.7 per cent on a non-diluted basis and 17.8 per cent on a partially diluted basis assuming the exercise of such warrants.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future, depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear under Sorrento Resources' profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, suite 1106, Toronto, Ont., M5C 3C5).

About Sorrento Resources Ltd.

Sorrento Resources 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 metals properties of merit, including the Wing Pond project, the Lord Baron project, the PEG lithium project and the Harmsworth volcanogenic massive sulphide project, all located in Newfoundland.

We seek Safe Harbor.