Kermode Resources Ltd. — Capital/Financing Update 2022

Feb 22, 2022

Kermode signs LOI for Copper Project in Notre Dame Bay, Newfoundland

Victoria, British Columbia - (February 17, 2022) - Kermode Resources Ltd. (TSXV: KLM) ("KLM" or "Company") has entered into a non-binding letter of intent to acquire the LITTLE BAY COPPER ("Project") from the WBN PROSPECTING GROUP ("WBN GROUP").

The Project covers more than 5,000 hectares with potential for significant copper endowment. The Project has road access and is located adjacent to three historical mines in the Notre Dame Bay area called the Little Bay Mine, the Little Deer Mine, and the Whalesback Mine. The WBN GROUP provide exploration services in Newfoundland and Labrador through their associated company Planet X Exploration Services Ltd.

The LOI provides for a due diligence period extending to May 31st, 2022. During this period, Company can elect to enter into a definitive agreement (the "Definitive Agreement") which will formalize the Transaction. At any time in the due diligence period, Kermode may decide to begin the option by issuing a certain number of shares and warrants as below.

	Cash	Securities	Exploration
Signing	\$0	16,000,000 shares 16,000,000 warrants (*)	\$0
Year 1	\$0	0	\$0
Year 2	\$0	16,000,000 shares	\$0

TERMS OF THE PURCHASE OPTION:

(*) Warrants have \$0.05 strike price and 5-year term.

WORK COMMITMENTS: None.

OTHER TERMS & CONDITIONS: No royalties on any properties.

About Kermode

Kermode is a junior mining company hunting for exploration opportunities around the world.

On Behalf of the Board of Directors, KERMODE RESOURCES LTD

"Peter Bell" President/CEO

For further information please contact: Tel: +1 (250) 588-6939 Email: peterbellmining@gmail.com

Neither the TSX Venture Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation (collectively herein referred to as "forward-looking information"). Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Kermode actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this document includes statements, but is not limited to (i) closing of the Offering (and there is no guarantee the Offering will close on the terms as announced, or at all, and (ii) use of the Offering proceeds (and the Company reserves the right to use proceeds of the Offering toward other proper uses). Although Kermode believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be

materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.