Mr. Mike England reports

ADELPHI METALS INC. OPTIONS THE BRADY SUDBURY PROJECT

Adelphi Metals Inc. has signed an option agreement with an arm's-length vendor to acquire the Brady Sudbury project, which includes the Parkin (Golden Pine, Marble Mountain, Black Creek and Terra Incognita), Fraleck and River North claim groups covering a total area of 8,811 hectares. The properties have the potential to host mesothermal lode gold, IOCG (iron oxide copper-gold) mineralization, nickel-copper and placer/till-hosted gold mineralization. Located on the northeast corner of the Sudbury structure, the Parkin property is about 40 kilometres north of Sudbury, with the Fraleck and River North properties situated an additional six km to the north.

There are a number of lode gold showings hosted by volcanic rocks of the Archean Benny greenstone belt exposed in the central portion of the Parkin claim group, with the most significant mineralization being in the Golden Pine area. Quartz-carbonate stringer veins within an approximately 150-metre-wide, northeast-trending shear/fracture system cutting altered felsic volcanic rocks hosts up to 40 per cent disseminated pyrite with occasional malachite and azurite. Historical exploration has identified four subparallel zones (A, A1, B and C), with sampling results including 29.8 grams per tonne gold and 55 g/t silver over 0.69 metre in a drill hole in the A zone, 6.89 g/t Au over 1.37 m in hole 96-9 from the A-1 zone, and 14.62 g/t Au and 34.29 g/t Ag over 0.76 m in a channel sample from the B zone. A 2021 review of the historical geophysical data highlighted an approximately one-kilometre-long, northeast-trending chargeability anomaly associated with the shear system, which has not been drill tested.

The Galena/Pyrite Hill and Calcite gold showings, located to the north of the Golden Pine area, are hosted in Huronian sediments cut by northwest-trending structures that regionally extend south along the eastern side of the Sudbury structure into the area of the IOCG-style gold mineralization at the Scadding gold mine. Trenching in 2021 at Galena/Pyrite Hill exposed quartz-carbonate veins with associated pyrite and galena, with minor chalcopyrite. Channel sample results included 3.2 g/t Au, 0.34 g/t Ag and 0.36 part per million tellurium over 5.98 m in Channel 5. Two of three 2021 drill holes intersected gold mineralization, including 21.19 g/t Au and 1.4 g/t Ag over 0.68 m in SM-21-03. Postdrilling review of the geophysical data indicated that the holes were not optimally located, and additional drilling was recommended but not completed. At the Calcite showing, located approximately 1.5 km northwest of Galena/Pyrite Hill, up to 4.25 m of disseminated to massive pyrite in siliceous/cherty intervals was intersected in historical diamond drilling returned 1.54 g/t Au over one m and 0.583 g/t Au over 1.16 m. Selected samples were reportedly resampled and returned 3.1 g/t Au and 20.57 g/t Au, along with 0.85 per cent copper, 0.66 per cent nickel, 3 per cent zinc and 0.07 per cent cobalt. A southwest-trending chargeability anomaly associated with the Calcite showing appears to intersect the northeast-trending Golden Pine anomaly in an area with no recorded historical diamond drilling.

IOCG mineralization may also be present on the River North property, located about six km to the north of the Parkin claims. River North is situated along the major regional north-trending Wanapitei fault, which projects south into the area of the IOCG gold-mineralized Scadding mine south of Lake Wanapitei. Sulphide mineralization is found associated with shears in Huronian sediments and Nipissing-type gabbro. River North contains the Inco Gold, Brady Gold, Wanapitei River Copper and Fraleck/Towers showings, which host gold-copper mineralization. Quartz veining in carbonate altered gabbro at the Inco Gold showing has returned 0.18 to 0.67 per cent Cu and 7.8 to 173 parts per billion Au but up to 2.00 per cent Cu, 8.7 g/t Ag and 3.99 g/t Au from two historical grab samples. The vein on the Fraleck/Tower showing contains galena, cerussite (PbCO3), anglesite (PbSO4), chalcopyrite, pyrite, arsenopyrite, covellite and native gold, and a historical grab sample returned 12.93 per cent lead, 1.50 per cent Cu, 1.49 ounces per ton Ag, and 0.91 ounce per ton Au. The Parkin offset dike of the Sudbury structure has been traced to within a short distance of the western edge of the property. Smaller offset dikes have also been identified on the southern side of the Parkin property by OGS (Ontario Geological Survey) mapping.

There are five sites of gold mineralization in till along the Vermillion River defined by historical reverse circulation drilling and sampling over an area that suggests the potential for placer gold mineralization. A 2015 overburden hole program managed by Overburden Drilling Management returned nine samples exceeding 10-grain anomalies with a sample from hole 20 yielding 225 grains or a calculated Au value of 6,658 ppb. Approximately two km to the north, a 2011 diamond drill hole BC-11-002 intersected 2.27 g/t Au over 1.0 m within a zone that averaged 1.0 g/t Au over 8.9 m. The Vermilion River follows the major northwest-trending Milnet fault and in part bounds the western side of the Benny greenstone belt.

To earn a 100-per-cent interest in the project, Adelphi will make cumulative payments over a three-year period, including $710,000 cash and 1.45 million common shares. Over the same time period, Adelphi will incur expenditures of $1.05-million. A net smelter return royalty of 2.5 per cent will be granted to the vendor, of which the company can purchase back 1 per cent at any time for $1.5-million.

The company further announces that it has arranged a non-brokered private placement of five million units at a price of 10 cents per unit for aggregate gross proceeds of $500,000. Each unit will comprise one common share and one-half transferable share purchase warrant of the company. Each whole warrant will entitle the subscriber to purchase one warrant share for a 24-month period after the closing date at an exercise price of 15 cents per share. Net proceeds of the financing will be used to advance the corporation's mineral assets and potential acquisitions and for general working capital purposes.

Shares issued pursuant to the financing and under the option agreement will be subject to a four-month hold period, according to applicable securities laws of Canada.

Finders' fees may be payable on the private placement, subject to the policies of the Canadian Securities Exchange.

Qualified person

The technical elements of this press release have been approved by Thomas Hart, PGeo (PGO), a qualified person and independent consultant under National Instrument 43-101. The qualified personhas visited the Parkin claim group but has not yet visited the River North or Fraleck groups.

About Adelphi Metals Inc.

Adelphi Metals is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Triple R property.

We seek Safe Harbor.