Mr. Brian Hinchcliffe reports

NORTH PEAK ANNOUNCES NEXT STAGE OF DRILLING AT PROSPECT MOUNTAIN NORTH

North Peak Resources Ltd.'s drilling at the Prospect Mountain North area has progressed and is now moving to the west side of the mountain within the Prospect Mountain property in Eureka, Nev.

The drill has finished the preliminary testing of the Industry and Silver Connor fault network and is now targeting the Duke, Banner and Silver Connor fault system in the Wabash area, where there are multiple historical mines including Wabash, Williams and Silver Connor and associated workings. These faults are conduits for gold-bearing fluids for the region's deposits and the dense fault network in the northern part of the property has similarities to i-80's Archimedes/Hilltop area and the historic Richmond/Eureka/Fad zones. Over 2.9 million ounces of gold have been produced to date in the Eureka camp.

The Wabash area was the focus of a comprehensive drilling campaign of 27,618 feet (8,418 metres) of reverse circulation (RC) drilling in 1999 by European American Resources. Historical intersections by European American Resources include:

• PM-W-11: 15.2 metres of 4.1 grams per tonne gold plus 59.9 grams per tonne silver;
• PM-W-12: 21.3 metres of 4.5 grams per tonne gold plus 35.0 grams per tonne silver;
• PM-W-13: 12.2 metres of 3.0 grams per tonne gold plus 38.7 grams per tonne;
• PM-W-92: 24.4 metres of 8.2 grams per tonne gold plus 22.6 grams per tonne silver;
• PM-W-74: 13.7 metres of 5.6 grams per tonne gold plus 60.8 grams per tonne silver;
• PM-W-50: 13.7 metres of 2.9 grams per tonne plus 42.3 grams per tonne silver;
• PM-W-52: 12.2 metres of 3.1 grams per tonne gold plus 8.9 grams per tonne silver;
• PM-W-55: 16.8 metres of 4.1 grams per tonne gold plus 25.3 grams per tonne silver.

Notes: The results were calculated using a 0.5- gram-per-tonne-gold minimum composite grade and up to 25 feet of internal dilution at 0.01 gram per tonne gold (1,725 intersections are just anomalous zones identified for exploration). True thickness is unknown until orientations are proven. These drill hole results are before National Instrument 43-101 and they do not meet the current standards of exploration quality assurance and quality control protocols; twinning of holes will be necessary. See the technical report for full details of the historical drill results referenced herein.

Mike Sutton, director and geologist, explained: "Wabash was the focus of a systematic drilling campaign in 1999 and the intersections that were returned were interpreted as shallow-dipping pods of mineralization. A new interpretation is that the intersections are aligning with the steeply dipping faults, and, if so, continuity of mineralization greatly improves and increases the tonnage potential, and this has been supported by the finding of a subvertical mineralized fault at surface. The historical vertical holes are not suited to cut across subvertical zones."

The holes will be up to 900 feet in length, with several angled to test interpretation as well as a couple to twin historical intersections.

Multielement assays of the RC drilled holes indicates anomalous antimony and high arsenic and relatively low lead and zinc, consistent with the historical smelter observations, suggesting that the mineralization is of the intermediate style noted in the area with mainly Carlin-type characteristics, but also with a carbonate-replacement-type (carbonate replacement deposit) signature.

Review by qualified person, quality control and reports

Mike Sutton, PGeo, a director of the company, is the qualified person, as defined under NI 43-101, Standards of Disclosure for Mineral Projects, who reviewed and approved scientific and technical disclosure in this press release. The qualified person has not reviewed the mineral tenure nor independently verified the legal status and ownership of the property or any underlying property agreements.

About Prospect Mountain

The property lies in the Battle Mountain/Eureka trend, in an area known as the Southern Eureka gold belt, where three styles of mineralization have been identified: gold-silver Carlin-style mineralization, carbonate replacement gold-silver-lead-zinc mineralization (CRD) and carbonate-hosted porphyry-related skarn lead-zinc-gold mineralization associated with Cretaceous intrusions. At the property, the CRD mineralization is heavily oxidized to depths of at least 610 metres (2,000 feet) below the top of the ridge line.

A plan of operations is in place which covers part of the property (totalling 81 acres) and entitles an operator to pursue surface exploration, underground mining of up to 365,000 tonnes per annum and certain infrastructural works. It includes a permit to extract water from a well and to build water containment facilities.

A more complete description of Prospect Mountain's geology and mineralization, including at the Wabash area, can be found in the NI 43-101 technical report on the Prospect Mountain property, Eureka county, Nevada, United States, dated and with an effective date of April 10, 2023, prepared by David Pym, MSc, CGeol, of LTI Advisory Ltd. and Dr. Toby Strauss, CGeol, EurGeol, of Merlyn Consulting Ltd., which has been filed on SEDAR+ under the profile of the company and on the company's website.

About North Peak Resources Ltd.

The company is a Canadian-based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol NPR. The company is focused on acquiring historic sites, with low-cost producing gold and other metal properties, with near-term production potential and an eight-plus-year mine life in the northern hemisphere.

The company recently acquired an initial 80-per-cent interest in the Prospect Mountain mine complex in Eureka, Nev. (see the company's May 4, 2023, and May 23, 2023, press releases).

The company can give no assurances at this time that its properties and interests will fulfill the company's business development goals described herein. Trading in the securities of the company should be considered highly speculative.

We seek Safe Harbor.