Mr. Ron Little reports

WOLFDEN REPORTS CONTINUED PROGRESS ON PICKETT MT. REZONING

The Maine Land Use Planning Commission (LUPC) has accepted Wolfden Resources Corp.'s responses to a series of questions related to its Pickett Mountain project rezoning application and submitted the completed documentation on to third party review, including other state agencies and consultants. The application proposes to rezone a 374-acre parcel of its wholly owned 7,135-acre landholdings in the township of T6 R6 Northern Maine, from a general management (M-GN) designation to planned development (D-PD) to allow for the construction, operation and reclamation of a state-of-the-art, small-footprint, underground metallic mineral mine in a manner that is fully protective of the environment.

"This is another positive milestone for the company in the application process as it has been just 90 days since the application was filed," stated Jeremy Ouellette, vice-president, project development, for Wolfden. "We are appreciative of the diligent and responsive approach the LUPC staff have taken during this submission and review process as well as the tremendous support we have received from the surrounding communities. Many of the neighbouring communities including Hersey, Moro Plantation, Patten, Stacyville and Sherman have already passed (by public vote) ordinances or resolutions in support of the project. We look forward to addressing any further feedback from the LUPC, other state agencies, consultants and the public. As a lead-up to an LUPC public hearing to be held in the region of the project, we plan to continue to host public information sessions that highlight the protective nature of Maine's Chapter 200 mining regulations and the communities rights to be heard in the mine permitting process."

The proposed project is a 1,200-tonne-per-day underground mining operation with a 10-year-to-15-year mine life, located several miles off of State Route 11, in an area of very low population density, north of the town of Patten. The mine and other supporting infrastructure will require a steady-state work force of roughly 272 direct employees and contractors. The mined ore from the project will be processed at a different location (not in T6 R6) and therefore is outside of the scope of the application. Moreover, the technical analysis for each component of the project and each aspect for the protection of natural resources demonstrate that the project is feasible and consistent with the values prioritized by the LUPC.

The project represents a significant opportunity for new economic growth in an area of the state where much of the economy is based on timber harvesting. Wolfden has been working with residents and businesses in the region through public meetings and information sessions to ensure that the project is responsive to the needs of the region and will benefit the people who live and work there. The project will be developed, operated and reclaimed in accordance with the state's strict and modern mining regulations that ensure full protection of the surrounding environment.

The rezoning application is subject to and will be reviewed under the commission's Chapter 10 and Chapter 12 rules. Chapter 12 requires a public hearing to be held by the commission in the area of the project before a final decision on the application.

A copy of the petition, along with related correspondence with LUPC and more information about the process, is available for download from the LUPC project-specific web page and the company's website.

Next steps

Upon completion of the rezoning, Wolfden plans to commence a feasibility study including the collection of additional environmental baseline data, a drill program to convert inferred to indicated mineral resources, design of the various components of the project and a complete estimate of costs. This data will all be used as input to a mine permit application to the Maine Department of Environmental Protection for review and approval under Maine's Chapter 200 regulations.

About Wolfden Resources Corp.

Wolfden is an exploration and development company focused on high-margin metallic mineral deposits, including base metals, precious metals and strategic metals. Its wholly owned Pickett Mountain project is one of the highest-grade polymetallic projects in North America (zinc, lead, copper, silver and gold), and its two nickel sulphide deposits in Manitoba represent significant development projects with the potential to be domestic sources of ethically produced base and critical metals for the expansion of renewable energy in North America.

The information in this news release has been reviewed and approved by Jeremy Ouellette, vice-president, project development; Don Dudek, PGeo, vice-president, exploration; and Ron Little, PEng, president and chief executive officer, all of whom are qualified persons under National Instrument 43-101. The mineral resource estimate has been prepared, supervised and reviewed by an independent qualified person (QP), Finley Bakker, PGeo, of A-Z Mining Consultants, and has an effective date of Nov. 17, 2021. The mineral resource estimate was classified into indicated and inferred categories in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards on Mineral Resources and Reserves adopted by the CIM council on May 10, 2014.

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