Mr. Brian Stecyk reports

PEDRO RESOURCES LTD. ANNOUNCES EXTENSION TO COLLABORATION AGREEMENTS

Pedro Resources Ltd., further to its press releases dated July 19, 2023, Oct. 30, 2023, and Nov. 3, 2023, has reached an agreement to extend the term of its collaboration agreements with Fixed Earth Innovation Ltd. and Dirty Dirt Services Ltd. from five years to 20 years, and to amend the term of the collaboration agreement with FCS Solutions Ltd. and Oil-Out Ltd. to contemplate an initial term of five years which may be extended to up to 20 years.

Furthermore, the company has opted to increase its financial commitment toward Fixed Earth from $200,000 to $225,000 to increase investments in microbe growth facilities, and research in PFAS degrading microbes, metal remediation methods, and gel capsule and lichen research. The company additionally granted Fixed Earth the right to appoint one board member to its board of directors and the right to receive stock options subject to the policies of the Canadian Securities Exchange and the company's stock option plan.

The collaboration between the company and Fixed Earth, Dirty Dirt, FCS and Oil-Out will drive the company's proposed change of business, providing the company with a wealth of expertise and capabilities to work toward the goal of becoming a leading biotechnology company focused on environmental clean earth solutions.

Brian Stecyk, chief executive officer of the company, expressed enthusiasm about the extension of the collaboration agreements, stating: "As we continue to work on our proposed change of business, we are thrilled to extend our partnership with Fixed Earth, Dirty Dirt, FCS and Oil-Out. This extension reflects the strength of the company's collaborative efforts and our commitment to delivering long-term value to our shareholders."

The collaboration agreements equip the company with a set of biotechnological resources and capabilities to provide a wide range of contaminant remediation services. Significant positive use of microbes to resolve issues in multiple market areas has already been achieved by the company's partners. Following completion of the proposed change of business, the company intends to expand upon the work and successes already achieved by its partners with immediately marketable products and continue to conduct research to expand its microbial portfolio.

The proposed change of business is subject to the receipt of all necessary approvals, including without limitation regulatory approval from the Canadian Securities Exchange. The collaboration agreements are subject to a number of conditions, including but not limited to, Canadian Securities Exchange approval. There can be no assurance that the change of business will be completed as proposed or at all.

Resignation of director

The company further announces the resignation of Kent Couillard to the board of directors of the company. Management of the company would like to thank Mr. Couillard for his valuable contributions to the company and wishes him all the best in his future endeavours. The company has commenced a search to replace Mr. Couillard and will announce his replacement in due course.

About Pedro Resources Ltd.

Pedro Resources is a Canadian exploration company listed on the Canadian Securities Exchange focused on mineral exploration and development.

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