Mr. Brian Hinchcliffe reports

NORTH PEAK ANNOUNCES CLOSING OF PRIVATE PLACEMENT

North Peak Resources Ltd. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $1,061,250. In connection with the private placement, 1,414,998 common shares of the company were issued at a price of 75 cents per common share.

The securities issued in connection with the private placement are subject to a four-month hold period from the closing of the private placement, in accordance with applicable securities laws.

The company intends to use the proceeds from the private placement to continue to explore and develop its mining assets, for the continued development of its business, and for general and administrative expenses.

Under the private placement, Brian Hinchcliffe, the chief executive officer of the company, acquired 166,666 common shares at a subscription price of $125,000. His participation in the private placement constitutes a related party transaction, as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transaction, which has been adopted by the TSX Venture Exchange pursuant to its Policy 5.9 -- Protection of Minority Security Holders in Special Transaction. This transaction is exempt from the formal valuation and minority shareholder approval requirements of such instrument and policy, pursuant to subsections 5.5(b) and (c) and 5.7(1)(b) of MI 61-101, as the distribution of securities was for cash and the fair market value of those securities was not more than $2.5-million.

The company did not file a material change report more than 21 days before the expected closing of the private placement because the details of the participation therein by related parties of the company were not settled until shortly prior to closing of such transactions and the company wished to close on an expedited basis for sound business reasons.

Subject to the final review by the TSX-V and in connection with the private placement, the company has agreed to pay cash finders' fees (7 per cent) to each of the following in respect of the aggregate sales to subscribers under the private placement that were introduced by them: (i) Canaccord Genuity Corp. ($13,125); (ii) StephenAvenue Securities Inc. ($2,100); and (iii) Haywood Securities Inc. ($32,812.50).

In addition, the company has agreed to issue finders' warrants (7 per cent) to each of the following in respect of the number of common shares sold by the company under the private placement that were introduced by them: Canaccord Genuity (warrants to purchase 17,500 common shares); (ii) StephenAvenue Securities (warrants to purchase 2,800 common shares); and (iii) Haywood Securities (warrants to purchase 43,750 common shares). These warrants are non-transferable, have an exercise price of 90 cents per share and expire 24 months from the date of issuance.

About North Peak Resources Ltd.

The company is a Canadian-based gold exploration and development company. The company is focused on acquiring historical sites with low-cost producing gold and other metals properties, near-term production potential and a greater-than-eight-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. (see the company's May 4, 2023, May 23, 2023, and Aug. 25, 2023, press releases).

We seek Safe Harbor.