Mr. Sherman Dahl reports

SKRR EXPLORATION INC. ENTERS INTO ACQUISITION AGREEMENT TO ACQUIRE THE WATTS LAKE ZINC CLAIMS IN SASKATCHEWAN

SKRR Exploration Inc. has entered into a non-arm's length acquisition agreement dated Nov. 4, 2021, to acquire a 100-per-cent interest in Edge Geological Consulting Inc.'s Watts Lake zinc property consisting of 24 mineral claims compromising a total of 13,708.109 hectares.

The property covers multiple, parallel basement conductive corridors, including the approximately 14-kilometre-long Borys Lake corridor, which hosts the historic Borys Lake lead-zinc deposit as well as numerous other mineralized occurrences. Watts Lake is located approximately 65 km north-northeast of the town of La Ronge, Sask., and 20km northwest of the community of Missinipe, Sask. The well-maintained gravel Provincial Highway 102 runs north from La Ronge, through Missinipe to Reindeer Lake and its closest point is approximately 12.5 km east of the property.

Sherman Dahl, chief executive officer of SKRR, states:

"Why Zinc? Like copper, zinc has a range of applications across many industries, including agriculture, construction, pharmaceuticals and transportation. Approximately half of the world's supply is used in corrosion-proof galvanized steel, which is widely used in infrastructure projects. Zinc sheeting is used for cladding, roofing and gutter systems. Zinc-coated steel is widely used for building framing and bridge construction, and in reinforcing bar in concrete structures. Because of its anti-corrosive properties, zinc can make a crucial contribution to infrastructure projects -- and in recent years, there has been a steady demand for galvanized steel from China. In addition, with the chemistries that zinc brings into play ... this is a perfect fit for zinc batteries and one that we see significant growth in going forward. The electric vehicle demand is fuelling demand for all metals including zinc and nickel. Watts Lake fits in with our Father Lake nickel project and our well-advanced gold properties in the Trans Hudson corridor -- the home of giants SSR Mining and Hudbay Minerals.

"SKRR is on a mission to build a world-class base metal and precious metal company based on the outstanding mineralization in Saskatchewan. SKRR will be a leader with a diversified portfolio of high-quality, long-life assets. The SKRR team has done an incredible job over the last few years of drilling, exploring, discovering and positioning the company for success. "

Terms of the acquisition agreements

Under the terms of the acquisition agreement, SKRR will acquire a 100-per-cent interest in the property by making an initial cash payment of C$62,500 and issuing 50,000 common shares of SKRR to Edge upon TSX Venture Exchange approval of the acquisition agreement. The acquisition agreement provides for a 2-per-cent net smelter return royalty in favour of Edge (subject to a buy down to 1 per cent for $1-million). SKRR will also make an additional cash payment of $62,500 to Edge within 12 months of TSX-V approval of the acquisition agreement.

The acquisition agreement is subject to acceptance by the TSX-V. All securities issued pursuant to the acquisition agreement are subject to a four-month hold period from the closing date in accordance with applicable securities laws and the policies of the TSX-V.

The acquisition agreement with Edge is not an arm's-length transaction as such term is defined in the exchange's Policy 1.1 and therefore constituted a related party transaction as such term is defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Ross McElroy is a director of SKRR and is also a director of Edge. In respect of the requirements of MI 61-101 and exchange Policy 5.9, the company will rely on the exemptions from the formal valuation and minority approval required under MI 61-101. The company is exempt from the formal valuation requirement of MI 61-101 in reliance on Section 5.5(b) as no securities of the company are listed on the specified markets outlined therein. Additionally, the company is exempt from minority shareholder approval of MI 61-101 in reliance on Section 5.7(1)(a) (fair market value not more than 25 per cent of the company's market capitalization).

Watts Lake property highlights:

• World-Class jurisdiction: Saskatchewan is consistently ranked globally as a top mining investment jurisdiction;
• Large land package in a favourable geological setting: Watts Lake is a large contiguous land package consisting of 13,708 hectares in the established, deposit-endowed La Ronge domain of Saskatchewan. The project is strategically located near important infrastructure, including within 20 km of major provincial highway network;
• Historic Borys Lake lead-zinc zones: the Borys Lake corridor is anchored by the shallow-depth historic Borys Lake lead-zinc deposit, including all four known drill hole delineated zones; Mac, Main, Will A/Will B and Sam zones. The main zone was interpreted to have an approximate strike length of 975 metres and widths varying from 5.3 to 19.5 m with the zinc to lead ratio being approximately 10:1. Mineralization is open along strike and at depth;
• Strong blue-sky potential: the Watts Lake project area covers multiple, parallel basement conductive corridors, identified by a 2008 airborne versatile time-domain electromagnetic (VTEM) geophysical survey, including the entire approximately 14 km long Borys Lake conductive corridor, as well as significant portions of parallel corridors. The conductive corridors have numerous drill-intersected and surface-identified mineralized occurrences of zinc, copper and silver as well as anomalous gold, nickel and cobalt.

Geologic particulars of the property

The Watts Lake property has been explored sporadically since the mid 1950s by several exploration companies. The Borys Lake deposit occurs within northeast-trending, steep northwesterly dipping supracrustal rocks at the eastern margin of the Crew Lake belt of the La Ronge domain. These rocks comprise mainly biotitic gneisses that are variably migmatized. The deposit lies on the northwestern limb of a major antiform within an approximately conformable, northeast-trending biotite-chlorite shear zone. Structurally controlled mineralization on the property consists of a suite of sulphide minerals including pyrrhotite, sphalerite, chalcopyrite, pyrite and galena. Gold and silver are also present. The sulphides occur as fine dissemination, isolated blebs and rare veinlets. Locally, massive sphalerite-galena mineralization occurs within quartz-rich veins and lenses, which may represent silicification.

The Borys Lake Main zone was the focus for Husky Oil Operations Ltd. in 1972. Husky was sufficiently encouraged with results that it prepared an internal report for the initial tonnage and grade estimate of the Main zone of the Borys Lake deposit in a report titled "Preliminary Calculation of Grade and Tonnage Borys Lake - Lead-Zinc Prospect for Husky Oil Operations Ltd." Husky's estimates are based on limited drill information and only provide an inventory of the metal distribution within that portion of the zone tested by 10 holes and to a vertical depth of 30 m below surface. The Main zone was interpreted to have an approximate strike length of 975 m and widths varying from 5.3 to 19.5 m. The deposit calculations are considered to be relevant but are historical. The report does not make reference to the estimate being an inferred mineral resource, indicated mineral resource nor measured mineral resource nor does it make reference to being a probable mineral reserve or proven mineral reserve as per National Instrument 43-101 Standards of Disclosure for Mineral Projects. This estimate is believed to be the most current available. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or current mineral reserves and SKRR is not treating the historical estimate as current mineral resources or current mineral reserves. SKRR has not verified the calculations or the assay results supporting them, nor has Ironside done the drilling and sampling necessary to verify the classification of the resource or reserve. The Watts Lake package includes all four mineralized zones of the Borys Lake deposit: Main, Mac, Cam and Will A/B zones. Although not part of the grade and tonnage estimate, other significant minerals are noted in the historic literature filed on this property, including anomalous silver and gold.

The above results were summarized from the SMDI (Saskatchewan Mineral Deposit Index) descriptions and assessment reports filed with the Saskatchewan government. SKRR cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a qualified person. Further work (including drilling) is required by SKRR in order to verify the historical work on the property. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the property.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. McElroy, PGeo, a director of the company and a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. McElroy verified the data disclosed which include a review of the sampling, analytical and test data underlying the information and opinions contained therein.

About SKRR Exploration Inc.

SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan -- one of the world's highest-ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson corridor in Saskatchewan in search of world-class precious metal deposits. The Trans-Hudson Orogen -- although extremely well known in geological terms has been significantly underexplored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.

We seek Safe Harbor.