Mr. Brian Hinchcliffe reports

NORTH PEAK REPORTS WABASH/CHICAGO ZONE EXTENDED BY STRONG WIDTHS; HOLE PM24-016 INTERSECTS 1.9 G/T AU OVER 135FT (INCLUDES 3.9 G/T AU OVER 60FT) AND PM24-015 RETURNS 1.3 G/T AU OVER 60FT

North Peak Resources Ltd. has released further assay results from holes 11 to 17 of the recently completed 27-hole surface drilling program on the west side of the ridge on the Prospect Mountain property in Eureka in Nevada. The program was targeted toward the historical Wabash, Williams and Chicago mine areas, and strategically followed up on drilling results of the 91-hole program carried out in 1998/1999 by European American Resources (EPAR).

Highlights:

• PM24-016 intersected 60 feet (ft) (18.3 metres (m)) at 3.92 grams per tonne (g/t) gold (Au) (which includes 35 ft (10.7 m) at 5.01 g/t Au), from 235 ft, which is 50 ft below the historical Wabash mine; within 135 ft (42.1 m) at 1.89 g/t Au, from 230 ft; the intersection is located 25.5 ft northeast of historical EPAR hole PM-W-79 (and between the intersections in EPAR holes PM-W-78 and PM-W-79).
• PM24-015 intersected 60 ft (18.3 m) at 1.3 g/t Au and 22.6 g/t silver (Ag) from 200 ft, which included 15 ft (4.6 m) at 3.0 g/t Au and 20.4g/t Ag from 210 ft; the intersection is located northeast of historical EPAR hole PM-W-78.
• Holes PM24-015, PM24-016 and PM24-017, together with historical EPAR holes PM-W-78 and PM-W-79, are further evidence that the new interpretation of steeply dipping mineralization along structures that were conduits for the gold fluids is accurate and means that historical vertical drill holes likely missed mineralization.
• PM24-013 intersected over 690 ft (210 m) of non-commercial, but continuous gold mineralization, with individual zones over 0.2 g/t Au of up to 105 ft (32 m) and with 0.16 g/t Au over all (no cut-off). The wide mineralization in previously reported hole PM24-004 is approximately 50 ft (15.24 m) west of the intersections in this hole (see the company's Aug. 14, 2024, news release for additional information about PM24-004).

"Drilling Prospect Mountain with new technology is already paying off as it has permitted the geology team to see the steeply dipping mineralized zones, which could not have been defined before due to vertical only historical drilling," said Brian Hinchcliffe, company chief executive officer. "These two holes PM25-015 and 016 could extend the areas mined in the historical Wabash and Chicago mines along a steep zone connecting these two mines and provide the outline for a larger mineralized area with high grade pockets."

In the description above for the mineralization of hole PM24-013, reference is made to the recently released hole PM24-004, which intersected from surface 415 ft (126.49 m) at 1.06 g/t Au, which included 40 ft (12.19 m) at 4.20 g/t Au, from zero ft. It now appears that holes PM24-015, PM24-016 and PM24-017, and historical EPAR holes PM-W-78 and PM-W-79 (21.3 m at 3.0 g/t Au and 10.7 m at 3.8 g/t Au, respectively -- see the technical report for more details) appear as a downstrike extension to the southwest of holes PM24-004, PM24-006 and PM24-007 (together with various historical hole intersections).

Additional historical mines with interpreted similar northeast-southwest-trending zones are located further to the northwest, suggesting the possibility of a bigger footprint of close-spaced zones; there is high-grade gold in soil, gold in rock samples and geophysical targets that have not been drilled to the northwest, and along trend to the southwest and to the northeast.

See the attached tables for full results and information for these seven holes of the 2024 reverse circulation (RC) drill program at Prospect Mountain North. See the technical report for full details of the historical drill results referenced in this news release.

Wabash/Williams/Silver Connor area

Seven holes are reported here from the 20 holes drilled to date in this area. The voids caused by mineralizing fluids has restricted the drilling to five main drill pads from which multiple angled RC holes were drilled:

• 24-011 and 24-012 were drilled to intersect a high-grade intersection in historical EPAR hole PM-W-74 (13.7 m at 5.6 g/t Au plus 60.8 g/t Ag) but were drilled too far southwest and west of the desired set-up due to ground conditions; they both intersected intervals similar to previously reported hole PM24-010 (same set-up but different direction) of 15 ft (4.6 m) at 2.25 g/t Au and 20 ft (6.1 m) at 3.01 g/t Au, respectively, both from surface.
• 24-013 intersected wide low-grade zones; it intersected over 690 ft (210 m) of mineralization, with individual zones over 0.2 g/t Au of up to 105 ft (32 m) and with 0.16 g/t Au over all (no cut-off). The wide mineralization in hole PM24-004 is approximately 50 ft (15.24 m) west of the intersections in this hole.
• 24-014 targeted the southeasternmost historical RC hole (PM-W-01), which had not much gold but very high silver, potentially indicating proximity to another mineralized zone in that direction; this hole did intersect 65 ft (19.8 m) at 0.3 g/t Au from surface.
• 24-015 was drilled to intersect just above historical EPAR hole PM-W-78 to show the zone has a steep dip; it intersected 60 ft (18.3 m) at 1.3 g/t Au and 22.6 g/t Ag from 200 ft, which included 15 ft (4.6 m) at 3.0 g/t Au and 20.4 g/t Ag from 210 ft.
• 24-016 was drilled to intersect just below historical EPAR hole PM-W-79 to show the zone has a steep dip; it intersected 60 ft (18.3 m) at 3.92 g/t Au and 6.3 g/t Ag from 230 ft, which included 35 ft (10.7 m) at 5.01 g/t Au and 7.7g/t Ag from 235 ft, within 135 ft (41.2 m) at 1.89 g/t Au and 4.7 g/t Ag from 230 ft; the intersection is located 25.5 ft northeast of historical EPAR hole PM-W-79 (and between the intersections in historical EPAR holes PM-W-78 and PM-W-79).
• 24-017 was drilled to intersect well above historical EPAR hole PM-W-78 to show the zone has a steep dip; a low-grade gold zone was intersected showing the steep dip.

Review by qualified person, quality control and reports

Mike Sutton, PGeo, a director of the company, is the qualified person, as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, who reviewed and approved scientific and technical disclosure in this news 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.

Drilling and sampling

Drilling was carried out using a Canadian-built tracked MPD1500 RC drilling unit; the rig has jacks and a blade, and is capable of working on small pads on steep ground to minimize ground prep. It is capable of drilling to 1,500 ft (455 m) using a four-inch pipe and a 51/four-inch bit. Holes were cased down to 25 to 80 ft (21.4 to 24.45 m) with an eight-inch steel casing drifted in using a tricone bit. RC drilling uses a hammer that is not face sampling but samples four ft away from the hammer. A face sampling hammer is also been trialled to compare efficiency.

Under Nevada law, dry sampling is not allowed due to dust restrictions so RC drilling is done wet, with water actively pumped down the hole mixing with pulverized sample and coming through the cyclone to an eight-compartment rotary fan wet splitter. Each compartment can be shut off, giving control of the amount of split material. Rotary splitter was set up with 1:4 split, with the quarter split going into two calico bags housed in buckets, for an assay sample and a field duplicate for permanent reference. The remainder of the sample falls to the ground and runs into the sump. Each assay sample is for a five ft (1.52 m) interval. The splitter and cyclone are flushed every four samples or on noticing a change in colour. Chips were collected from the splitter reject and put into chip trays for reference.

Calico bags are prelabelled with the hole number and footage, with an FD for field duplicate added to the sample number for the field duplicate. The drilling team are responsible for changing the bags and the clearly labelled footage intervals on the bags avoids sample mix-ups. Filled sample bags are laid on the ground in order so a visual check can be easily performed when collecting samples. Samples are loaded into a plastic crate and dispatched daily to the ALS Global prep lab in Elko, Nev. A standard, a blank and a field duplicate were inserted after every 20 samples, for a QA/QC (quality assurance/quality control) rate of 15 per cent. Six standards from CDN Resource Laboratories were rotated through the samples. The standards had gold values ranging from 0.433 to 7.34 parts per million (ppm).

Samples are dried crushed and pulverized and assayed for gold with a 30 g fire assay and a 44-element ICP-MS (inductively coupled plasma mass spectrometry) suite. Overlimit samples for gold, silver, lead, zinc and copper are automatically reassayed by suitable methods.

Correction in AGM (annual general meeting) circular

The company wants to correct an inadvertent error its information circular dated Aug. 1, 2024, for its upcoming annual and special meeting of shareholders on Sept. 12, 2024. On page 6 of the information circular, it incorrectly refers to Ty Erickson as holding the chief financial officer and corporate secretary position with the company. To clarify, Mr. Erickson is a director and Andrew Dunlop, as announced by the company in its July 2, 2024, news release, is the CFO and corporate secretary for the company. The company apologizes for any confusion this error may have caused.

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 and zinc mineralization (CRD), and carbonate-hosted porphyry-related skarn lead, zinc and gold mineralization associated with cretaceous intrusions. At the property, the CRD mineralization is heavily oxidized to depths of at least 2,000 ft (610 m) 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 tons 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 National Instrument 43-101 technical report on the Prospect Mountain property, Eureka county, Nevada, dated and with an effective date 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 historical sites, with low-cost producing gold and other metals properties, with near-term production potential and 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 in Nevada (see the company's May 4, 2023, May 23, 2023, and Aug. 25, 2023, news releases).

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

We seek Safe Harbor.