Mr. Andrew Lee reports

YORK HARBOUR METALS SUCCESSFULLY CLOSES ROYALTY BUYDOWN

York Harbour Metals Inc., further to its previous news release on May 12, 2022, has received approval from the TSX Venture Exchange (TSX-V) and has successfully closed buydown of the net smelter royalty (NSR) pursuant to the agreement among Grassroots Prospecting & Prospect Generation Inc., United Gold Inc., G2B Gold Inc. and the company to reduce the existing 2-per-cent net smelter royalty for its York Harbour copper-zinc project down to a 0.5-per-cent NSR by purchasing the 1.5-per-cent NSR.

Pursuant to the terms of the agreement, the company has issued an aggregate 1.5 million common shares at a deemed price of $1 per common share, representing total compensation of $1.5-million settled by the issuance 500,000 compensation shares to each vendor. All 1.5 million compensation shares issued by the company are subject to an escrow agreement, under which 25 per cent of the compensation shares will be released every six months over a 24-month period.

Andrew Lee, chief executive officer, commented: "With the successful acquisition of the 1.5-per-cent NSR, the company will continue to explore the potential of the York Harbour copper-zinc project and expand areas of mineralization with the advantage of a significantly reduced and minor royalty, should the project become a producing mine. As a result, we believe the company has significantly increased value for its shareholders."

About York Harbour Metals Inc.

York Harbour Metals (formerly Phoenix Gold Resources) is an exploration and development company focused on the 100-per-cent-owned York Harbour copper-zinc-silver project, a mineral property located approximately 27 kilometres from Corner Brook, Nfld. The company plans to continue drilling the strike and depth extents of Main mine area and test the other massive sulphide targets, like the No. 4 Brook showing, while focusing on gaining access to the 400 level and Sea level adits.

We seek Safe Harbor.