Mr. Cameron Taylor reports

ROK RESOURCES ANNOUNCES EARLY REPAYMENT OF TERM LOAN, REDUCTION IN HEDGE PROGRAM AND LITHIUM UPDATE

Rok Resources Inc. has fully repaid its non-revolving term loan, 20 months prior to expiry. The Term Loan was obtained in January 2023 and was fully repaid, without pre-payment penalties, through a combination of monthly operating cash flow and strategic non-operated asset dispositions. Since March 2022, the Company has retired more than $55 million of debt while increasing its base production from 3,000 boepd to 3,750 boepd (>25%). The Company has retained a $22.5 million revolving credit facility, with current net debt estimated at $10 million.

Hedging Update

As a result of the early Term Loan repayment, the Company made the strategic decision to unwind certain commodity swap hedges placed in 2023, 2024 and 2025. At May 1, 2023, the Company's existing derivative swap hedges are as follows(1)(2):

Lithium Update

The Company, as a twenty-five (25%) percent shareholder and manager of operations of Hub City Lithium Corp. ("Hub City Lithium" or "HCL"), is pleased to announce the results of Hub City Lithium's National Instrument 43-101 technical report on the lithium brine potential and preliminary resource assessment ("Preliminary Assessment").

The Preliminary Assessment confirms an inferred lithium resource of 1.15 million tonnes of lithium carbonate equivalent ("LCE") at an average grade of 143 mg/l (details below). The Preliminary Assessment evaluated more than 300 wells within the region and evaluated 8 stacked zones of high lithium concentrations.

Lithium Next Steps

Sproule Holdings Limited ("Sproule") has been engaged to assist with a Preliminary Economic Assessment ("PEA") on the Viewfield project area. This PEA will provide an economic framework for an initial commercial development.

An additional test well will be drilled and tested in Q3 2023.

Selection of a direct lithium extraction ("DLE") technology provider is underway with large volume samples currently being sent for testing by multiple prospective DLE technology providers.

The Company will continue to advance the lithium project with a goal to monetize value for ROK shareholders through consideration of strategic alternatives sometime in late 2023.

Qualified Person

The Technical content of the lithium update has been reviewed and approved by Trevor Else, P. Geo., an independent and qualified person for the purposes of National Instrument 43-101. The technical report supporting this disclosure will be filed at www.sedar.com within 45 days of this news release.

About ROK

ROK is primarily engaged in exploring for petroleum and natural gas development activities in Saskatchewan and Alberta. It has offices located in both Regina, Saskatchewan, Canada and Calgary, Alberta, Canada. ROK's common shares are traded on the TSX Venture Exchange under the trading symbol "ROK".

We seek Safe Harbor.