Mr. Ron Little reports

WOLFDEN ANNOUNCES POTENTIAL DENIAL OF PICKETT PROJECT REZONING APPLICATION

Staff for the Maine Land Use Planning Commission (the LUPC) have released a recommended decision document to deny Wolfden Resources Corp.'s Pickett project rezoning application. This recommended document follows a deliberative session, attended by some, but not all, of the commissioners, that occurred on Dec. 13, 2023. In preparation for that deliberative session commission staff prepared a comprehensive assessment of the evidence to assist the commissioners in their deliberations. On every key point, commission staff concluded that the evidence weighed in favour of approval.

"We are very disappointed that the recommendation today departs from that thorough review and weighing of the evidence. It is also at odds with the commission's mandate to give increased emphasis to economic development and to honour the rights and participation of local residents and property owners, and is contrary to the conclusions reached by the independent third party reviewers and determination by the Maine Geological Survey that rezoning was appropriate," stated Ron Little, president and chief executive officer for Wolfden.

The recommended decision document is scheduled to be discussed and potentially voted upon by the commissioners at their next meeting on Feb. 14, 2024. Any final action on the rezoning application requires the affirmative vote of at least five commissioners. The draft document can be downloaded from the LUPC website.

The Pickett project represents a new generation of mining that is fully protective of the environment

The Pickett project is a state-of-the-art small-footprint underground mine. The deposit is a high-value polymetallic deposit with metals that are critical to the economy and clean energy sectors. The application before the commission proposes to rezone a 374-acre parcel of Wolfden's larger 7,135-acre holdings in the township of T6 R6 in northeastern Maine, from a general management (M-GN) designation to planned development (D-PD) that would make mining an allowed use. This is the first in a two-step process. Rezoning would then allow the company to begin the Maine Department of Environmental Protection permitting process pursuant to the most stringent mining laws in North America. The permitting requirements include a minimum two-year environmental baseline study, an environmental impact assessment and a full feasibility study.

Next steps

The commission is scheduled to consider the recommended decision at its Feb. 14, 2024, meeting and to consider the company's Jan. 19, 2024, request to postpone further action until both Oxford County and Franklin County nominees to the commission are confirmed and can participate. In unprecedented actions, early January, the Legislative Committee on Agriculture, Conservation and Forestry voted against confirming the nominees from these two counties, thereby directly interfering in the commission's continuing process and leaving potentially two counties without a voice in this important decision. Once there is a final decision on its petition, Wolfden will consider its options moving forward.

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 webpage 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 Jeremy Ouellette, vice-president, project development, and Mr. Little, PEng, president and CEO, both of whom are qualified persons under National Instrument 43-101.

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