Mr. Terry Harbort reports

TALISKER SIGNS LETTER OF INTENT WITH REGENERATION ON LADNER GOLD PROJECT TAILINGS

Talisker Resources Ltd. has signed a non-binding letter of intent (LOI) to form a joint venture (JV) with Regeneration Enterprises Inc. to process the Ladner gold project tailings resource owned by New Carolin Gold Corp., a 100-per-cent-owned subsidiary of Talisker.

Ladner contains a National Instrument 43-101-compliant tailings indicated resource of 445,000 tonnes grading at 1.64 grams per tonne (g/t) for 24,000 ounces (oz) of gold and an inferred resource of 93,000 tonnes grading at 1.64 g/t for 5,000 oz of gold, representing an estimated 60 per cent of the tailings material. The remaining 40 per cent remains undrilled. A 2011 study by the Engineering Department at University of British Columbia consisting of material regrind to P80 of 93 micrometres returned average concentrate leach recoveries of 81.6 per cent for the tailings material.

The proposed JV is planned to be undertaken in five phases. Regeneration will secure financing for each phase, unless otherwise agreed in the definitive agreement:

• Phase 1 sampling -- characterization, technology evaluation and engineering design, and environmental assessment and restoration planning -- completion by Dec. 31, 2024;
• Phase 2 design -- costing, environmental and risk assessment, and permitting -- completion by Dec. 31, 2025;
• Phase 3 -- construction -- completion by Dec. 31, 2026;
• Phase 4 -- production -- throughout 2027, 2028 and 2029;
• Phase 5 -- site rehabilitation -- completion by Dec. 31, 2030.

The above dates and timelines are indicative and may change by mutual agreement. Talisker and Regeneration have agreed to share the net profit of the proposed JV. There is a provision for Talisker to secure the transfer of certain, useful infrastructure and equipment on termination of the proposed JV.

Regeneration is a public benefit corporation incorporated in Delaware, United States. As a privately held social enterprise, Regeneration identifies and transforms legacy mining sites into ecological assets while producing needed minerals. Regeneration's mission is to foster biodiversity, community and climate-positive minerals for the energy transition, green tech and sustainable brands through remining, reprocessing and restoration. Regeneration's full-value mining strategy utilizes new technologies and methods to safely remine and reprocess tailings, waste rock and water to extract minerals and metals. Resolve, a Washington, D.C., non-governmental organization that launched Regeneration, is the majority shareholder. Investors and partners can be found on Regeneration's website. Regeneration has identified a short list of potential remining and restoration sites, including Ladner.

Terry Harbort, Talisker's president and chief executive officer, commented: "We are excited to be part of Regeneration's exciting vision to transform legacy sites for the benefit of all stakeholders. The business allows for the recovery of significant ounces of gold and complete rehabilitation of the historic tailings facility at Ladner. Having the proposed JV financed and managed by Regeneration allows Talisker to advance a secondary business while remaining focused on our flagship Bralorne asset, currently transitioning into production."

Stephen D'Esposito, president and CEO of Regeneration, commented: "We see significant potential value in recovering gold from waste while supporting restoration of the site. This formula, treating legacy sites as remining and restoration opportunities, has value across British Columbia and the rest of Canada. With this important first step, we now have work to do with first nations, technology innovators and the province."

About Talisker Resources Ltd.

Talisker is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker's flagship asset is the high-grade, fully permitted Bralorne gold project, where the company is currently transitioning into underground production at the Mustang mine. Talisker's projects also include the Ladner gold project, an advanced-stage project with significant exploration potential from a historical high-grade producing gold mine; the Spences Bridge project, where the company holds approximately 85 per cent of the emerging Spences Bridge gold belt; and several other early-stage greenfield projects.

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