Mr. Brian Hinchcliffe reports

NORTH PEAK'S HOLE #22 INTERSECTS GOOD WIDTH AND GRADE NEXT TO HISTORIC CHICAGO MINE, 56.4 G/T AU OVER 1.5M (5FT) WITHIN 23.1 G/T AU OVER 6.1M (20FT) INCLUDED IN 7.0 G/T AU OVER 27.4M (90FT) FROM SURFACE; HOLE #21 RETURNS 1.49 G/T AU OVER 53.4M (175FT) FROM SURFACE

North Peak Resources Ltd. has released assay results from holes 18 to 22 of the recently completed 27-hole surface drilling program from the Prospect Mountain North area within its Prospect Mountain property in Eureka, Nev. These holes targeted the historic Wabash, Williams and Chicago mine areas, and strategically followed up on drilling results of the 94-hole program carried out in 1998/1999 by European American Resources (EPAR).

"This two-ounce gold interval in PM24-022 is located alongside a haulage way of the historic Chicago mine and sitting as it does inside a 90-foot-wide interval of quarter ounce gold from surface supports the company strategy of seeking gold where it was previously mined," said Brian Hinchcliffe, company chief executive officer. "This drilling program at Prospect Mountain North only started in July, so it is still early days, but exciting to be in a gold mining area drilled only once before in 1999, and not mined since 1920 when gold was $20 (U.S.) an ounce."

Highlights

• PM24-022 intersected 27.4 m (90 feet) at 7.0 grams per tonne Au (gold) (with a 1.5 m void at 0 g/t Au) from surface, including 6.1 m (20 ft) at 23.1 g/t Au which includes 1.5 m (five ft) at 56.4 g/t Au and 161.0 g/t Ag (silver).
• PM24-021 intersected 53.35 m (175 ft) at 1.49 g/t Au (with a 3.0 m void at 0 g/t Au) from surface including 3.0 m (10 ft) at 12.8 g/t Au.
• PM24-020 intersected 7.62 m (25 ft) at 2.08 g/t Au from surface, and 22.86 m (75 ft) at 0.49 g/t Au from 19.8 m (65 ft). This hole targeted higher grades at the southwest end of the Williams mine trend and suggests there is potential thickness of mineralization in the direction of the hole.

See tables 1 and 2 set out full results and information for these five holes of the 2024 reverse circulation (RC) drill program at Prospect Mountain North.

Wabash/Williams/Chicago area -- Three holes are reported and discussed here from the 20 holes drilled to date in this west side area. The voids caused by mineralizing fluids has restricted the drilling to five main drill pads from which multiple angled RC holes were drilled.

• PM24-022 intersected 27.4 m (90 ft) at 7.0 g/t Au (with a 1.5 m void at 0 g/t Au) from surface, including 6.1 m (20 ft) at 23.1 g/t Au and 1.5 m (five ft) at 56.4 g/t Au and 161.0 g/t Ag; it is a twin of the historic EPAR hole PM-W-13 which returned 25.9 m (80 ft) at 1.91 g/t Au (with a 3.0 m void at 0 g/t Au) and 4.57 m (15 ft) at 5.09 g/t Au. This hole PM24-022 demonstrates that high-grade gold exists in this wide plumbing system which is evident in the recently released hole PM24-004, which was drilled to the southeast and intersected from surface 126.49 m (415 ft) at 1.06 g/t Au which included 12.19 m (40 ft) at 4.20 g/t Au (see the company's Aug. 14, 2024, press release); it is located 21 m (68 ft) from the middle of the 12.19 m (40 ft) at 4.20 g/t Au intersection for PM24-004.
• PM24-021 intersected 53.35 m (175 ft) at 1.49 g/t Au (with a 3.0 m void at 0 g/t Au) from surface, including 3.0 m (10 ft) at 12.8 g/t Au; it is a twin of the historic EPAR hole PM-W-50 which returned 22.86 m (75 ft) at 2.78 g/t Au (with a 4.57 m void at 0 g/t Au) including 1.5 m (five ft) at 9.05 g/t Au and 1.5 m (five ft) at 8.4 g/t Au). This hole PM24-021 demonstrates the vertical thickness of mineralization and is located on the same pad as recently released hole PM24-004. This hole PM24-021 intersected a 53.3 m (175 ft) of continuous mineralization versus its twin which had only a 22.86 m (75 ft) intersection in the same area. These results, together with better results of angled holes, show that the historic holes may not have had the ideal orientation and there is some variability in the mineralization.
• PM24-020 intersected 7.62 m (25 ft) at 2.08 g/t Au from surface, and 22.86 m (75 ft) at 0.49 g/t Au from 19.8 m (65 ft). This hole targeted higher grades at the SW end of the Williams mine trend and suggests there is potential for thickness of mineralization in the direction of the hole. The target was not intersected as the hole flattened substantially during drilling. Hole PM24-010 targeted the same zone but missed it too because it steepened substantially during drilling.

East Side of property ridge -- Two holes are reported from the east side of the property ridge and targeted the historic Madrid mine:

• PM24-018 intersected 6.1 m (20 ft) at 1.46 g/t Au from 192 to 198 m (630 to 650 ft) beneath a prominent line of surface workings. This extends the ore zone downward approximately 121.9 m (400 ft). This is an important result, opening up the potential for further parallel trends to the Wabash/Williams zones to the east.
• PM24-018 and PM24-019 intersected 27 m (90 ft) at 0.18 g/t Au and 15.2 m (50 ft) at 0.41 g/t Au, respectively, from three m (10 ft) down hole, consistent with the presence of numerous surface workings and high-grade soil samples, on the slope of the hill above the collars.

See the technical report (defined herein) for full details of the historic drill results referenced in this press release.

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 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.

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 455 m (1,500 ft) using four-inch pipe and a 51/four-inch bit. Holes were cased down to 25 to 80 ft with 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 was also 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 setup 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 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.

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

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.

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