Mr. Brayden Sutton reports

SORRENTO RESOURCES TO ACQUIRE COPPER-GOLD LORD BARON PROJECT, NEWFOUNDLAND

Sorrento Resources Ltd. has entered into three purchase agreements for the acquisition of a 100-per-cent undivided interest in the mineral licences collectively representing the Lord Baron project located in the province of Newfoundland and Labrador.

The project agreements, all dated June 11, 2024, consist of: (i) a mineral property purchase agreement with Wesley Keats, Neal Blackmore, Kluane Capital FZCO, CBN Consulting Corp. and G2B Gold Inc. (the Keats-Blackmore agreement) for the acquisition of 10 mineral licences; (ii) a mineral property purchase agreement with Corwin Northcott (the Northcott agreement) for the acquisition of two mineral licences; and (iii) a mineral property purchase agreement with Edge Exploration (the Edge agreement) for the acquisition of one mineral licence.

Pursuant to the Keats-Blackmore agreement, the company has agreed to acquire the Keats-Blackmore licences in consideration of: (i) the payment of $20,000 in cash; (ii) the issuance of an aggregate of four million common shares of the company; and (ii) the grant of a 2-per-cent net smelter return (NSR) royalty on the Keats-Blackmore licences to certain of the vendors.

Pursuant to the Northcott agreement, the company has agreed to acquire the Northcott licences in consideration of: (i) the payment of $17,500 in cash; (ii) the issuance of an aggregate of 200,000 common shares of the company; and (ii) the grant of a 2-per-cent net smelter return royalty on the Northcott licences to Mr. Northcott.

Pursuant to the Edge agreement, the company has agreed to acquire the Edge licence in consideration of: (i) the payment of $10,000 in cash; (ii) the issuance of an aggregate of 100,000 common shares of the company; and (ii) the grant of a 2-per-cent net smelter return royalty on the Edge licence to Edge Exploration.

All the vendors of the licences forming the project deal with the company at arm's length. Closing of the transaction remains subject to, without limitation, receiving all necessary consents and approvals, as well as the satisfaction of customary closing conditions. Sorrento expects to complete the transaction on or around June 19, 2024. No finder's fees are payable in connection with the sale.

The project consists of 13 individual mineral licences made up of 226 individual claims for an area of 5,650 hectares.

These developments mark a milestone expansion for Sorrento as the areas at the Lord Baron project are near and along strike of the historic Little Bay, Whalesback and Little Deer mines, along with several additional exploration targets:

• Little Bay mine:
  • Operated from 1878 to 1903 and 1961 to 1969;
  • Produced 2.85 million tonnes at grades ranging from 0.89 per cent to 1.96 per cent copper and 6,300 ounces of gold;
  • Located along strike and less than one kilometre from the Lord Baron project.
• Whalesback mine:
  • Operated from 1965 to 1972;
  • Produced 3.8 million tonnes grading approximately 1 per cent copper;
  • Located along strike and less than one km from the Lord Baron project.
• Little Deer mine:
  • Connected to the Whalesback mine;
  • Operated only in 1974;
  • Produced approximately 82,000 tonnes of ore;
  • Current National Instrument 43-101 mineral resource estimate of 9.1 million tonnes grading 1.9 per cent copper;
  • Deposit remains open for expansion in all directions;
  • Located along strike and less than two km from the Lord Baron project.

The mineralization present on adjacent properties is not necessarily indicative of the presence of similar mineralization on the Lord Baron project.

Key exploration targets:

• A total of seven known mineral occurrences located directly on the project site:
  • Shimmey Pond (grab samples up to 15.9 grams per tonne (g/t) gold (Au));
  • Shoal Arm (grab samples up to 8.9 per cent copper (Cu) and 1.39 g/t Au);
  • Little Bay Head (grab samples up to 8.98 per cent Cu and 0.767 g/t Au);
  • Southern Arm (grab samples up to 2.03 per cent Cu);
  • Otter Island (grab samples up to 2.03 per cent Cu and 10.4 g/t Au);
  • CSCJV-1 (grab samples averaged 0.33 per cent Cu over a 600 m by 300 m area);
  • Clam pond (grab samples up to 0.56 g/t Au).

The results of historic sampling completed on the project have not been verified by the company.

About the Lord Baron project

The Lord Baron project is located on the Springdale peninsula, Newfoundland and Labrador, near the towns of Springdale, Little Bay and Beachside. The region has a rich mining history and is host to a skilled work force, several diamond drilling contractors, a National Instrument 43-101-compliant assay lab, and mining equipment and parts suppliers. In addition, it is adjacent to deepwater ports, industrial hydroelectric power supply and is in proximity to the Nugget Pond mill.

The project consists of 13 individual mineral licences made up of 226 individual claims for an area of 5,650 hectares. The project is predominately underlain by rocks of the Lush's Bight Group of the tectonostratigraphic Dunnage zone of the Appalachian Orogen. The Lush's Bight group is a Cambro-Ordovician sequence of ophiolitic metavolcanic rocks representing a portion of the oceanic crust of the proto-Atlantic Ocean, the Iapetus Sea. The group has been metamorphosed to greenschist facies and has undergone extensive faulting related to the initial formation of oceanic crust, as well as the Taconic and Acadian Orogenies.

The Lush's Bight group contains more base metal sulphide showings per square kilometre than any other group of rocks in Newfoundland. The showings typically occur in an envelope of chlorite schist.

Management commentary

Alex Bugden, PGeo, director and qualified person of Sorrento Resources, commented: "We are very excited to announce this acquisition of properties in such a prospective district with a rich history of mining and exploration. The Lord Baron project has no shortage of exploration targets, and we look forward to leveraging our technical expertise to unlock the full mineral potential for our shareholders."

Qualified person

Mr. Bugden, PGeo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this press release.

About Sorrento Resources Ltd.

Sorrento Resources is engaged in acquisition, exploration and development of mineral property assets in Canada. The company's objective is to locate and develop economic precious and base metal properties of merit, including the Wing Pond, Tom Joe and Lord Baron projects, the PEG lithium project, and the Harmsworth (volcanogenic massive sulphide) project, all located in Newfoundland.

We seek Safe Harbor.