Mr. Jeremy Ouellette reports

WOLFDEN ANNOUNCES PUBLIC HEARING DATE FOR PICKETT PROJECT REZONING

The Maine Land Use Planning Commission (LUPC) has set the date for a public hearing for Wolfden Resources Corp.'s Pickett project rezoning application on Oct. 16, 2023, in Millinocket, Me. The LUPC has allowed for a three-day hearing process that will include expert testimony and opportunities for public comment. A final decision by the LUPC with respect to the application is expected within 90 days after the public hearing. The application proposes to rezone a 374-acre parcel of Wolfden's wholly owned 7,135-acre landholdings in the township of T6 R6 in northeastern Maine, from a general management (M-GN) designation to planned development (D-PD) to allow for the permitting, 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.

"We are very pleased with the timing and the location of the public hearing venue, which is within 40 miles of the Pickett project area," stated Jeremy Ouellette, vice-president, project development, for Wolfden. "The venue was considered to be a practical location for those residents closest to, and most affected by the project." Many of the neighbouring communities including Hersey, Moro Plantation, Patten, Sherman and Stacyville have already held their own town public meetings and passed, by a public vote, ordinances or resolutions in support of the project. As a lead-up to the LUPC public hearing, the company plans to continue its community outreach and communications through public meetings, its local office in Patten and various forms of media.

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 via 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 will ensure full protection of the surrounding environment.

The proposed project is a 1,200-tonne-per-day underground mining operation with a 10-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 LUPC rezoning application. Moreover, the technical analysis for each component of the project and each aspect for the protection of natural resources demonstrates that the project is feasible and consistent with the values prioritized by the LUPC.

Next steps

Upon favourable completion of the rezoning process, 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 operational components and a complete estimate of costs. These 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.

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 are available for download from the LUPC project-specific web page and the company's website.

About Wolfden Resources Corp.

Wolfden is an exploration and development company focused on high-margin metallic mineral deposits including base, precious and strategic metals. Its wholly owned Pickett Mountain project is one of the highest-grade polymetallic projects in North America (zinc, lead, copper, silver, 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 Mr. 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, 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 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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