Mr. Simon Marcotte reports

NORTHERN SUPERIOR AND EVOLUTION MINING ENTER EARN-IN AND JOINT VENTURE AGREEMENT ON OCTOBER GOLD PROPERTY

Northern Superior Resources Inc. has granted Evolution Mining Ltd. an option to acquire a 75-per-cent undivided interest in the mining claims known as the company's October gold project by incurring an aggregate of $7-million in expenditures and making cash payments totalling $1.1-million. Evolution is a leading gold company with a market capitalization of more than $5-billion currently operating five wholly owned mines in Australia and Canada.

The October gold project is a district-scale property consisting of 1,284 claims covering an area of 265 square kilometres located in Northeastern Ontario, 105 km southwest of Timmins, within the southern Swayze portion of the prolific Abitibi greenstone belt, approximately 35 km northwest of Iamgold Corp.'s Cote Lake project and approximately 50 km southeast of Newmont Corp.'s Borden Lake mine.

The October gold project is part of the Ontario assets subject to the spinoff transaction announced by the company on July 10, 2023 (also see press release dated Sept. 6, 2023, in regard to the closing of the related subscription receipt $3-million financing). Upon closing of the spinoff transaction, the agreement will remain in full force and is expected to be assigned to the spinoff company.

Simon Marcotte, president and chief executive officer of Northern Superior, commented: "This partnership will significantly accelerate the development of the October gold project with the support of a leading gold producer equipped with substantial resources. Our Ontario spinoff company will therefore be able to focus on its primary asset, the coveted TPK project, renowned for hosting the largest gold grains-in-till anomaly in North America. Meanwhile, Northern Superior continues to advance its exploration and consolidation strategy of the Chibougamau gold camp in Quebec, where the company owns four advanced projects well suited to be integrated into a single mining operation."

Rodney Barber, senior vice-president, exploration, of Northern Superior and proposed president of the spinoff company, added: "The October gold project is a large property, with significant geologic potential, which covers approximately 11 km of the Ridout deformation zone. The Woman River gold showing also occurs on the property and yielded up to 11.50 g/t Au [grams per tonne gold] from grab samples taken by Northern Superior. Still at a grassroots stage, we were looking for a partner with the resources and expertise to unlock the potential of this project. We are pleased to partner with Evolution and look forward to a productive collaboration."

The option was granted pursuant to an earn-in and joint venture agreement dated Nov. 6, 2023. Under the terms of the agreement, Evolution can earn a 75-per-cent interest in the October gold project by making certain cash payments and financing certain expenditures as follows:

1. Incurring an aggregate of $7-million in expenditures on the October gold project as per the following schedule:
   • An amount of at least $1.5-million on or before the second anniversary of the earn-in agreement;
   • An additional amount of at least $1-million on or before the third anniversary of the earn-in agreement;
   • An additional amount of at least $2-million on or before the fourth anniversary of the earn-in agreement;
   • An additional amount of at least $2.5-million on or before the fifth anniversary of the earn-in agreement.
2. Paying to the company an aggregate cash payment of $1.1-million as per the following schedule:
   • An amount of $350,000 within 20 business days following the execution of the earn-in agreement;
   • An amount of $300,000 within 60 business days following the third anniversary of the earn-in agreement;
   • An amount of $450,000 within 60 business days following the fifth anniversary of the earn-in agreement.

In the event that Evolution completes the option and acquires a 75-per-cent undivided interest in the October gold project, a joint venture shall be formed in accordance with the terms of the agreement.

About the October gold project

The October gold project is a district-scale property consisting of 1,284 claims covering an area of 265 square km located in Northeastern Ontario, 105 km southwest of Timmins and within the Swayze greenstone belt. The October gold project is in the traditional territory of the Flying Post and the Chapleau Cree First Nations. The property is accessible via an all-season highway and network of forestry roads. This property is situated approximately 35 km northwest of Iamgold's Cote Lake project and approximately 50 km southeast of Newmont's Borden Lake mine.

The October gold property is thought to occur on a western extension of the Cadillac-Larder Lake break, straddling an approximate 15 km portion of the Ridout deformation zone. Aside from a favourable structural association for gold mineralization, a proximity to an operating gold mine and a second mine in development, evidence for economic gold potential associated with the property includes widespread anomalous gold values from surface sampling (up to 11.5 g/t, obtained by Northern Superior), previous diamond drilling and two strong gold soil gas hydrocarbon anomalies (1.5 km by three km and two km by two km).

In October, 2021, a multifaceted exploration program was undertaken to define drill targets including: i) initial geological mapping; ii) prospecting; iii) rock sampling and channel sampling program; iv) property-wide lidar survey; v) surficial (Quaternary) geological mapping; vi) orientation biogeochemical and geochemical survey; and vii) a detailed property-wide helicopter magnetic survey.

From August to October, 2022, reconnaissance geological mapping and prospecting were carried out by Northern Superior. Anomalous gold values up to 0.65 g/t were found in three new areas and the historic Woman River showing was located and sampled, yielding assays up to 11.5 g/t Au. Also, grab samples from the southwestern part of the property assayed up to 0.55 g/t Au, 1,650 parts per million copper and 4,100 ppm zinc, in separate samples. These results suggest the property is prospective for both gold and base metal deposits. Consequently, ground magnetometer surveys were completed in two areas: the South Benton grid for 176.45 line km and the Mallard West grid for 132.55 line km. In addition, four diamond drill holes were drilled, for a total of 853 metres, to better understand the geology around the Rideout deformation zone. Although intervals of sericite and silica alteration and pyrite mineralization were encountered, no significant gold assays were returned.

Technical information

The scientific and technical content of this press release has been reviewed and approved by Mr. Barber, PGeo, for Northern Superior, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Barber is the senior vice-president, exploration, of Northern Superior and is not considered independent.

About Northern Superior Resources Inc.

Northern Superior is a gold exploration company focused on the Chibougamau camp in Quebec, Canada. The company has consolidated the largest land package in the region, with total landholdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier and Croteau. Northern Superior also owns significant exploration assets in Northern Ontario highlighted by the district-scale TPK project.

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