Mr. Michael Williams reports

VENDETTA REPORTS HIGH GRADE EXPLORATION INTERSECTIONS IN ZONE 2 AND 3 AT THE PEGMONT LEAD-ZINC PROJECT, QUEENSLAND

Vendetta Mining Corp. has released the drill results from the 2022 exploration drilling program on the Pegmont lead-zinc and Killer Bore projects in Queensland.

Highlights:

• PVD209: 8.95 metres of 9.09 per cent lead plus zinc (8.95 per cent Pb, 2.29 per cent Zn);
• PVD211: 5.32 metres of 12.43 per cent Pb+Zn (9.38 per cent Pb, 3.05 per cent Zn);
• PVD213: 4.80 metres of 9.13 per cent Pb+Zn (6 per cent Pb, 3.14 per cent Zn);
• PVD218: 5.14 metres of 12.78 per cent Pb+Zn (8.88 per cent Pb, 3.90 per cent Zn).

Drilling occurred at the northeastern end of zone 3 and the western portion of zone 2. In addition, exploration drilling was conducted at the Killer Bore zinc project, located approximately five kilometres to the west of Pegmont. The program was ended with the early onset of the wet season.

Michael Williams, Vendetta's president and chief executive officer, commented: "It's unfortunate that the rain forced the early cessation of the program at Killer Bore. This was the most prudent cause of action as it is located in a sandy plain and presented a high risk of not being able to move the drill equipment for a long period due to the conditions at the time. We are excited to get back into the field and definitively follow up on the high-grade historic zinc results at Killer Bore."

Exploration drilling zone 3 and 2

A total of eight holes were drilled in the northeastern end of zone 3 attempting to extend the mineral resource in that area. The holes targeting the upper flat portion of the Z fold were successful; however, up dip from that the mineralized beds were structurally attenuated.

In zone 2 five holes were drilled to extend the mineral resource in zone 2 up dip; two were successful and the other three holes intersected weakly mineralized garnet-rich beds.

Exploration drilling at Killer Bore

The company drilled two holes out of a planned 10-hole program at Killer Bore before suspending drilling due to the early onset of the wet season. The first hole, VKD001 (minus-45-degree dip toward 270-degree azimuth), intersected 0.14 per cent Zn over 4.8 metres, from 96.36 metres down hole, at the targeted position of the pyrrhotite iron stone horizon. The second hole VKD002 (minus-45-degree dip toward 270-degree azimuth), attempted to drill 100 m down dip of the VKD001 mineralized bed; however, it was suspended above target depth due to the onset of the rain.

Preparation for 2023 exploration drill program

Planning for the 2023 drilling program has commenced. Exploration drilling is expected to take place in zone 5, following up on the successful 2021 program; see the company's news release dated Nov. 8, 2021.

At Killer Bore the planned program will resume, with the aim of conclusively testing the two prospects with historic intersections in three holes: AND041 (three m at 15.44 per cent Zn), ANP418 (four m at 8.26 per cent Zn) and DDH01KB001 (four m at 10 per cent Zn), as described in more detail in the company's news release dated Aug. 9, 2021.

Notes on drilling and assay quality assurance/quality control

All boreholes were drilled in HQ2 diamond core. All reported intersections are from diamond core samples taken on nominal one m lengths but varied to match geological contacts. Samples of the core are obtained using a diamond saw to half cut the core, retaining a half for a permanent core record. Assay intervals shown herein are summarized using length-weighted down-hole intervals. Approximate true thickness range is based on visual assessment of the core to bedding angles. All diamond core is orientated using digital core orientation systems; these data will be incorporated into the 3-D interpretations.

Samples used for the results described herein were prepared and analyzed at ALS Laboratory Group in Townsville, Queensland. Analysis was undertaken using a four-acid digest and inductively coupled plasma (ALS method: ME-ICP61 for seven elements) with overlimit (greater than 10,000 parts per million lead and zinc and greater than 100 ppm silver) high-grade samples being read with an atomic absorption spectrometer (AAS) (ALS methods: Pb-OG62 (Pb greater than 10 per cent), Pb-OG62h (Pb greater than 20 per cent), Zn-OG62 (Zn greater than 10 per cent) and Ag-OG62 [Ag greater than 100 ppm)). Blanks and commercially prepared certified reference materials (standards) were added into the sample sequence for every hole submitted. These were analyzed by the company and no issues were noted with analytical accuracy or precision.

A series of pulp duplicates are currently being submitted for analysis.

Drill hole collars are located using hand-held GPS. Down-hole surveys were undertaken using a true north-seeking gyroscope with stations nominally every six metres down hole.

Bulk density determinations are made on every sample sent for analysis that was deemed visually to be above 3 per cent Pb+Zn.

About Pegmont

Vendetta's 100-per-cent-owned Pegmont lead-zinc project is situated in the Mount Isa-McArthur mineral province, Australia, which hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several significant lead-zinc-silver mines.

The current mineral resource estimate at the project is as follows:

• Indicated: 5,758,000 tonnes at 6.5 per cent Pb, 2.6 per cent Zn, 11 grams per tonne Ag;
• Inferred: 8,277,000 tonnes at 5.1 per cent Pb, 2.8 per cent Zn, eight g/t Ag.

The results of a preliminary economic assessment (PEA) on Pegmont were released by the company by news release dated Jan. 28, 2019. The PEA outlined a 10-year mine plan that generates a strong economic return with a (base case) pretax internal rate of return of 32 per cent (24 per cent after tax) and net present value (8 per cent) of $201-million ($128-million after tax) using long-term consensus metal prices of 91 cents/pound lead, $1.09/lb zinc and $16.50/ounce silver.

The PEA indicated a strong sensitivity to metal prices and U.S.-dollar/Australian-dollar exchange rate with a pretax IRR of 37 per cent (27 per cent after tax) and NPV (8 per cent) of $249-million ($158-million after tax), using metal prices as of Jan. 22, 2019, of 94 cents/lb lead, $1.25/lb zinc and $15.30/oz silver and U.S.-dollar/Australian-dollar exchange rate of 71 cents.

About Vendetta Mining Corp.

Vendetta Mining is a Canadian junior exploration company focused on advanced-stage exploration and development at the Pegmont lead-zinc project in Australia. Vendetta has an option to acquire a 100-per-cent interest by completing certain work requirements and making option and advance royalty payments.

Qualified person

Peter Voulgaris, MAIG, MAusIMM, a director of Vendetta, is a non-independent qualified person as defined by National Instrument 43-101. Mr. Voulgaris has reviewed the technical content of this press release, and consents to the information provided in the form and context in which it appears.

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