Mr. Brian Hinchcliffe reports

NORTH PEAK RECEIVES PERMISSION TO EXPAND EXPLORATION ZONE; NEW AREA IN PROSPECT MOUNTAIN EAST TO BE DRILLED TARGETING PREVIOUS HOMESTAKE HOLE

The Bureau of Land Management (United States Department of the Interior) has approved North Peak Resources Ltd.'s application to modify the plan of operations (PoO) at its Prospect Mountain property at Eureka in Nevada, resulting in a 642-per-cent increase (to 189.9 acres) of the area on which the company can conduct surface exploration. This newly expanded surface exploration area now covers the main mountain ridge on the property, including the more accessible east side.

"This extension of the permitted surface exploration area allows drilling for gold mineralization across a wider area of the property than the original plan of operations exploration area covered," commented Brian Hinchcliffe, chief executive officer. "Drilling at Prospect Mountain East, targeting the historic Homestake hole and its mineralization intervals, is expected to begin shortly, as the four remaining holes being drilled in the Wabash zone should be finished this week."

The company will now move its focus on following up on the Prospect Mountain East area, which is at the foot of the east side of the mountain and where there is a historic Homestake hole intersection, where potential Carlin-style mineralization was intersected. This isolated historical Homestake hole identified significant gold mineralization at this contact beneath overthrust barren rocks and opens up the potential along the eastern portion of the property for hidden mineralization that does not outcrop, in an area previously thought as non-prospective. The Dunderberg shale Hamburg dolomite contact is important for localizing CRD (carbonate replacement deposit) and Carlin-style mineralization throughout the district, and this is the same contact that is found at the Ruby Deeps area, just six kilometres away within i-80's Ruby Hill property.

Review by qualified person

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.

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 and 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 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 in Eureka county in 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

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 has acquired an initial 80-per-cent interest in the Prospect Mountain mine complex in Eureka, Nev., and has the right to acquire the remainder of the property (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 fulfill the company's business development goals described herein. Trading in the securities of the company should be considered highly speculative.

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