Mr. John Mirko reports

PEA DELIVERS ROKMASTER RESOURCES CORP ROBUST PROJECT ECONOMICS FOR REVEL RIDGE: AFTER-TAX NPV5.0% OF C$454M, 21% IRR AND 3.2 YEAR PAYBACK

Rokmaster Resources Corp. has released positive results from the preliminary economic assessment (PEA) completed by Ausenco Engineering Canada ULC, supported by Mining Plus Canada Consulting Ltd., Knight Piesold Ltd. (KP), P&E Mining Consultants Inc., and Canenco Consulting Corp., for the Revel Ridge polymetallic gold-silver project located in the Revelstoke area of southeastern British Columbia.

The PEA demonstrates the Revel Ridge project's ability to become a long-life and robust polymetallic gold-silver mine with strong project economics at $1,850 (U.S.)/ounce gold, while today's spot price is over $2,000 (U.S.) per ounce. In addition to the PEA, Revel Ridge has upside potential to expand current mineral resources through continuing exploration diamond drilling, both down dip, along strike and on other occurrences.

A National Instrument 43-101 technical report summarizing the PEA will be filed on SEDAR+. Amounts stated are in Q4 2023 Canadian dollars.

Revel Ridge 2023 PEA highlights include:

• High-grade underground mine with mineralized material averaging $361/t net smelter return value (diluted) comprising Main zone with 11.43 million tonnes (Mt) averaging 3.80 grams per tonne gold, 37.37 g/t silver, 2.34 per cent zinc, 1.30 per cent lead (diluted) and Yellowjacket zone 340,000 tonnes averaging 8.61 per cent Zn, 2.66 per cent Pb, 65 g/t Ag and 0.07 g/t Au (diluted);
• After-tax net present value (5 per cent) of $454-million and 21.1-per-cent internal rate of return at $1,850 (U.S.)/oz Au, $23 (U.S.)/oz Ag, $1.26 (U.S.)/pound Zn and 90 U.S. cents/lb Pb;
• After-tax payback period of 3.2 years discounted at 5 per cent;
• Preproduction capital expenditures (capex) of $588-million ($436-million (U.S.)) including contingency of $84-million ($62-million (U.S.));
• After-tax NPV (5 per cent):capex ratio of 0.77:1;
• Life-of-mine (LOM) average annual payable production of 158,000 oz gold equivalent per year (114,000 oz Au per year, 940,000 oz Ag, 32.6 million lb Zn, 19.6 Mlb Pb) over a production life span of 11.4 years;
• LOM cash costs of $540 (U.S.)/oz payable Au on a byproduct basis, LOM all-in sustaining costs (AISC) of $836 (U.S.)/oz payable Au on a byproduct basis;
• 2,920-tonne-per-day (t/d) crush and particle sort-mill-flotation-POX and gold plant producing gold/silver dore and saleable zinc and lead concentrates.

PEA overview

The 2023 Revel Ridge PEA considers an underground mine with on-site treatment of the mined material by particle sorting followed by conventional milling, and flotation to produce separate lead and zinc concentrates for sale to third party smelters, in combination with on-site treatment of refractory gold concentrates to produce gold-silver dore. The mine will comprise an owner-operated, ramp-developed, long hole stope underground mine.

The processing capacity of 2,920 tonnes per day will result in a production life span of 11.4 years. An additional 18 months of mine ramp access and development, and construction of the process plant and filtered waste management facility (filtered tailings and filtered residues) is planned prior to the project becoming fully operational in year 1. The PEA leverages Revel Ridge's existing infrastructure, including all-weather access roads, three kilometres of underground development, permitted waste rock storage facility, full camp facility, and approximately 15 km from the B.C. Hydro electrical system and the city of Revelstoke with its skilled labour pool.

The PEA is derived using the company's NI 43-101 mineral resource estimate (June 6, 2023). The effective date of the PEA is Dec. 29, 2023, and a technical report will be filed on the company's website and SEDAR+ within 45 days of this disclosure.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The PEA is preliminary in nature and includes inferred mineral resources that are too speculative to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized.

Economic analysis

The economic analysis was performed assuming a 5-per-cent discount rate. Cash flows have been discounted to the start of construction, assuming that the project execution decision will be taken, and major project financing will be carried out at this time.

On a posttax basis, the NPV discounted at 5 per cent is $454-million, the IRR is 21.1 per cent and payback period is 3.2 years. A summary of the project economics is shown herein.

Sensitivities

NPV (5 per cent) remains positive for changes of 25 per cent in revenue drivers (commodity prices, grade and recovery), capital expenditure or operating costs. After-tax economic sensitivities to commodity prices are presented herein illustrating the effects of varying gold price as compared with the base case. Additional project sensitivities will be presented in the technical report.

Revel Ridge mineral resource estimate

The company's current mineral resource estimate (MRE; effective date of June 6, 2023) completed by P&E Mining Consultants forms the basis for this PEA. The MRE includes drilling results from the company's 2020 to 2022 exploration diamond drill programs.

Mining overview

An underground mining scenario is the basis for this PEA. The owner-operated and leased mining fleet will utilize conventional trackless haulage and long-hole stoping with backfill using cemented process tailings (paste), cemented rockfill and waste rock. The mine designs and scheduling were engineered to provide 1,066,000 tonnes per year of mineralization to the 2,920 t/d process plant. A total of 11.77 Mt of diluted mill feed, including inferred material, and comprising Main zone mineralization with 11.43 Mt averaging 3.80 g/t Au, 37.37 g/t Ag, 2.34 per cent Zn, 1.30 per cent Pb (diluted) and Yellowjacket zone mineralization of 340,000 tonnes averaging 8.61 per cent Zn, 2.66 per cent Pb, 65.04 g/t Ag and 0.07 g/t Au (diluted) is expected to be processed over the life of mine. Mill feed will be trucked to the process facility located proximal to the main portal. Waste rock that cannot be accommodated within the mine as backfill will be stored together with dry-stack tailings or in a separated facility constructed adjacent to the process plant. Underground mining dilution has been accounted for in the minimum two-metre width of stope shapes, with an additional allowance for overbreak. Total dilution in the delivered mill feed is estimated at 35.4 per cent (4.17 Mt).

Metallurgical optimizations

To support this PEA, metallurgical test work was supervised by Canenco Consulting and flowsheet development test work was undertaken at Base Metallurgical Laboratories Ltd. using samples from the Main deformation zone (MDZ). The recent metallurgical programs have focused on sensor-based sorting, optimizing sulphide flotation, impurity depression, assessment of on-site limestone as a reagent, maximizing pressure oxidation and leaching recovery resulting in a process flowsheet that has improved overall extraction.

Based on the envisioned circuit and corresponding laboratory test response, the overall process recoveries based on the samples tested for the Main zone mineralization were expected to be in the range of 94 to 96 per cent Au, 84 to 85 per cent Ag, 71 to 73 per cent Pb and 70 to 74 per cent Zn. The Yellowjacket mineralization is less complex metallurgically than the Main zone mineralization and responds to standard sequential flotation. Based on the metallurgical studies undertaken in 2014, the overall process recoveries for the Yellowjacket zone were expected to be 86 per cent Au, 94 per cent Ag, 88 per cent Pb and 93 per cent Zn.

Processing overview

Run-of-mine (ROM) material is crushed and screened before particle sorting to remove gangue. The beneficiated material reports to the milling and flotation circuits where lead and zinc sulphide concentrates are produced and dewatered for sale while the refractory sulphides are collected and treated by pressure oxidation (POX) to facilitate extraction and recovery of gold and silver by cyanide leach-Merrill Crowe process and refining to dore bars.

Concentrate marketing studies

Multiple marketing assessments have been completed to support this PEA which indicate that Revel Ridge zinc and lead-silver-gold concentrates are saleable.

Capital and operating costs

The capital cost estimate conforms to Class 5 guidelines for a PEA-level estimate accuracy set out by the Association for the Advancement of Cost Engineering International (AACE) with an estimated accuracy of plus 50 per cent/minus 30 per cent. The operating cost estimates were developed from first principles and benchmarking and applied to the mine production schedule.

The capital and operating cost estimate was developed in Q4 2023 Canadian dollars. The capital cost summary and the operating cost summary are presented herein.

Environmental and permitting considerations

Revel Ridge represents an existing exploration site with existing permits for mine discharge and waste disposal. The site has been maintained in good standing and environmental monitoring has been continuing during operations and since the site was last active in 2012. There is a database of environmental information for the site and region spanning almost 30 years. To accommodate the mine design contemplated by the PEA, updated baseline data and an environmental assessment and mine permits will be required. The company is currently performing an analysis of existing environmental data to identify additional data needs with the intent of carrying out environmental baseline studies to advance the environmental assessment and permitting processes.

Conclusion and recommendations

The 2023 PEA demonstrates that Revel Ridge has the potential to become a commercially robust project. Additional opportunities and next steps include:

• Continued exploration and infill drilling for conversion of inferred mineral resources to the measured and indicated categories;
• Mine scheduling investigations allowing for the further optimization of blending scenarios;
• Supplementary metallurgical optimizations including deposit-wide variability testing and host rock limestone quality;
• Optimization of the particle sorting process, flotation recovery and concentrate quality as well as the leach-Merrill Crowe process;
• Analyses and environmental baseline studies to support expedited permitting;
• Further optimization of waste and water management infrastructure, including surface geotechnical site investigations, laboratory testing, physical waste characterization, water balance modelling and engineering studies.

Qualified persons

A team of independent qualified persons (as such term is defined under NI 43-101) at Ausenco, P&E Mining Consultants, Mining Plus, Canenco, and KP have led the PEA and have reviewed and verified the technical disclosure in this press release, including:

• Kevin Murray, PEng, of Ausenco, is an independent QP for process and infrastructure capital and operating cost estimation and project financials;
• Scott Weston, PGeo, of Ausenco, is an independent QP for the environmental and permitting studies;
• Eugene Puritch, PEng, FEC, CET, of P&E Mining Consultants, is an independent QP for the geology and mineral resource estimate;
• Evan Verkade, PEng, of Mining Plus, is an independent QP for the mine planning and cost estimation;
• Stacy Freudigmann, PEng, FAusIMM, of Canenco, is an independent QP for metallurgical test work and recovery model;
• Wilson Muir, PEng, of Knight Piesold, is an independent QP for the tailings and waste rock management facility.

About Rokmaster Resources Corp.

Rokmaster's flagship Revel Ridge project is host to a high-grade gold and polymetallic orogenic sulphide deposit which has been the subject of the PEA with an effective date of Dec. 29, 2023, and an updated mineral resource estimate on the Revel Ridge property with an effective date of June 6, 2023. The 2023 mineral resource estimate remains open in all directions and occupies approximately two km of the total 5.7 km strike length of the Main deformation zone (MDZ) as defined by geological mapping, drilling and geochemistry.

We seek Safe Harbor.