Mr. Patrick Laracy reports

SPRINGDALE COPPER-GOLD PROJECT IN NEWFOUNDLAND CONTINUES TO PROVIDE ENCOURAGING EXPLORATION RESULTS

Vulcan Minerals Inc. has provided the following exploration update on its Springdale copper-gold project in north-central Newfoundland.

Highlights:

• Newly discovered Teapot prospect -- quartz veins assay up to 6.65 grams per tonne Au and up to 1.4 per cent copper in separate samples;
• Gold and copper soil geochemical anomalies at Pine Pond and West Brook highlight new exploration targets.

Teapot prospect

In 2023, the company discovered a new zone of shear-zone-hosted gold-bearing quartz veins at the Teapot prospect while conducting ground follow-up on soil geochemical sampling completed in 2022. Mineralization at Teapot consists of gold in chalcopyrite-, galena- and sphalerite-bearing quartz veins hosted in sheared mafic volcanic rocks. Sheared mafic rocks are traceable for up to 500 metres in discontinuously exposed outcrop.

Thirty-three rock samples were collected in the Teapot area. Eight samples assayed greater than 100 parts per billion (ppb) gold with highlights of 6.65 grams per tonne (g/t) Au and 1.3 g/t Au. The showing requires prospecting along the full extent of the shear trend to evaluate its significance.

Soil geochemical surveys

GroundTruth Exploration Inc. conducted soil geochemical surveys over two grids in the Springdale project, namely at Pine Pond and West Brook. A total of 923 soil samples were collected over the two grids. Sampling was carried out on 100 m spaced grid lines with 50 m sample intervals.

Pine Pond grid

The Pine Pond soil grid covers the Maple Leaf North, Maple Leaf South and Oak Leaf prospects. Historical sampling at Maple Leaf North and Maple Leaf South includes 55.4 g/t Au and 33.5 g/t Au in grab samples. Historical sampling at Oak Leaf includes 31.5 g/t Au and 19.3 g/t Au in grab samples and 840 g/t Au in heavy mineral stream concentrates.

Results for 409 soil geochemical samples taken over the Pine Pond grid indicate a linear, northeast-southwest-oriented, gold-in-soil anomaly in the immediate vicinity of the Maple Leaf North prospect extending over 300 m. The highest gold value in this anomaly is 125 ppb Au. A second northeast-southwest-trending gold-in-soil anomaly extends over 200 m approximately 100 m south of the Oak Leaf prospect with a high value of 73 ppb Au. A 100 m gold-in-soil anomaly with a high value of 73 ppb also occurs on the south end of the grid near Pine Pond Brook.

Copper-in-soil anomalies are widespread at Pine Pond with the values concentrated near the Maple Leaf North (259 parts per million (ppm)) and to the southwest of Oak Leaf. The copper-in-soil anomaly at Oak Leaf is continuous over 300 m with a high value of 514 ppm Cu.

A historic trail was rehabilitated in 2023 providing access to the Pine Pond area which will facilitate further exploration work, including ground follow-up of all soil anomalies.

West Brook grid

The West Brook soil grid is located at the northern extent of the Springdale project. Results from 473 samples identify several gold-in-soil anomalies with four samples assaying between 50 and 100 ppb most notably along the West Brook valley fault.

Copper-in-soil anomalies along this valley are more pronounced on the northwest side of the grid with 15 samples above the 98th percentile of 150 ppm.

President Patrick Laracy commented: "The Springdale project continues to provide very encouraging exploration results. These results focus on new prospect areas outside of the advanced Colchester copper-gold deposits and demonstrate the potential for more copper-gold accumulations on the property. Our objective is to identify new targets while enlarging the historic deposits which will contribute to the regional critical mass of tonnage needed to re-establish the production potential of this historic copper mining camp. We are currently formulating our 2024 exploration work program as we continue to add value to the project."

Quality assurance/quality control

Vulcan used Eastern Analytical Ltd. and SGS Canada Inc. for analysis of rock samples in 2023. Eastern is located in Springdale, Nfld., and is an ISO/IEC 17025 accredited laboratory. Vulcan employed Eastern's ICP-34 multielement analysis package grouped with its gold by fire assay package and, for base metals assaying greater than detection limits, an ore-grade multiacid digestion package by atomic absorption was used to finish the analysis. SGS Canada analytical laboratories operate under a quality management system that complies with ISO/IEC 17025. Vulcan employed SGS's four-acid digestion/inductively coupled plasma optical emission spectroscopy multielement analysis package grouped with 30-gram, fire assay, atomic absorption spectroscopy finish for gold. A four-acid digestion/ICP-OES ore-grade analysis package is utilized for base metals assaying greater than detection limits. Rock samples were delivered by Vulcan to SGS in Grand Falls-Windsor for preparation prior to analysis at the SGS Burnaby laboratory.

Vulcan contracted GroundTruth to complete the soil geochemical survey at the Springdale gold project. Soil traverses were carried out on 100 m spaced grid lines with 50 m stations. Samples were collected using hand augers to target C-horizon soil. GroundTruth collected four field duplicate samples per 100 samples. Samples were delivered by GroundTruth to SGS in Grand Falls-Windsor for preparation prior to analysis at the SGS Burnaby laboratory. Vulcan employed SGS's two-acid leach/inductively coupled plasma mass spectrometry multielement analysis. SGS's analytical laboratories operate under a quality management system that complies with ISO/IEC 17025 and undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Preliminary inspection of these control samples shows them to be within the expected limits.

About Vulcan Minerals Inc.

Vulcan Minerals is a precious and base metals exploration company based in St. John's, Nfld. The company has strategic land positions in multiple active Newfoundland gold and base metal exploration and development belts. It also holds approximately 30.5 per cent of the shares in Atlas Salt Inc. Atlas Salt is an industrial minerals company currently developing the Great Atlantic salt deposit in western Newfoundland. It recently filed an environmental registration document with the provincial government, a critical step toward permitting mine construction and development.

Mr. Laracy, PGeo, president, is the qualified person responsible for the technical contents of this news release as defined in National Instrument 43-101.

We seek Safe Harbor.