Kermode Resources Ltd. — Capital/Financing Update 2022

Mar 14, 2022

Kermode samples +2,500 g/T Ag silver and +10% Sb antimony at wall of Shomaker Mine, +3g/T Au gold from road at Green Monster Mine, stakes new showing of malachite and historic Gold Plate Mine at WS project, Nevada

Victoria, British Columbia - (March 14, 2022) - Kermode Resources Ltd (TSXV: KLM) ("Kermode" or the "Company") reports initial results from geochemical sampling as due diligence under the letter of intent for the Rye Patch Project ("Project").

Highlights include assays up to 2,605 grams per tonne silver (g/T Ag) and 13.2% Sb antimony from sample S-02, which was 3.1 kilograms (kg) taken from the wall of the Shomaker mine.

In addition to the metal found in the mine, sample R762 was collected from the side of a "Gloryhole" at the top of Shomaker decline and it assayed 1,091 g/t Ag silver, 1.6 g/t Au gold, 6.8% Sb antimony, and 3.9% Pb lead from 3.8 kg of material. Both samples S02 and R762 had low levels of As arsenic and Hg mercury. The company is encouraged to find initial indications of high-grade mineralization with low concentrations of potential deleterious elements.

Sample R742 assayed 3.6 g/T Au gold and 518g/T Ag silver in a sample weighing 6.5kg taken from a mineralized outcrop in a roadbed that was recently exposed by winter storms. This sample contained fragments of brecciated quartz in an extremely dense iron oxide host rock.

Table of Assays: Selective Sampling at WS Project, March 2022
ShomakerMine:	Sampleweight (kg)	Silver (g/t)	Gold (g/t)	Antimony (%)	Lead (%)
S-01	2.9	651	1.1	2.5	3.0
S-02	3.1	2,605	0.5	12.5	15.7
S-03	2.5	285	0.5	1.3	1.2
S-04	2.7	41	0.2	0.1	0.1
R762	3.8	1,091	1.6	6.8	3.9
North Mine:
R739	10.1	44	0.4	0.1	0.3
R740	4.9	102	0.7	0.1	0.6
R741-1	3.9	288	0.3	0.6	2.7
Offset Vein:
R760	1.4	< 0.2	0.0	0.0	0.0
Green Monster Mine:

4990-1	5.9	167	0.5	2.9	1.4
4990-2	3.8	184	1.0	13.2	1.3
4990-3	9.1	102	0.5	1.1	1.0
R742	6.5	518	3.6	0.6	3.9

The Shomaker mine is situated along what appears to be the same vein structure as the Green Monster Mine and other unnamed workings. The Green Mine is found at the crest of the hill, approximately 100 metres up-slope from the Shomaker mine. The vein appears to outcrop for 100 to 500 meters and to have a "dip slope", which means that it is dipping at roughly the same angle as the surface slope, which presents favourable exposure and potential for a significant metal endowment near the surface.

Negative Result for Test of Possible Offset Vein at Shomaker and Green Monster Mines:

Sample R760 was collected from an outcrop across the ravine from the Shomaker mine that may indicate a footwall structure directly related to the mines, as it contains the right kind of rocks with common to abundant quartz in a hydromorphic gossan. However, this sample had low concentrations of all metals.

At the surface, it appears the vein where sample R760 was collected runs parallel to the ravine and meets the structure where sample R742 was collected, which assayed +3g/t Au gold. The fact that sample R760 did not contain anomalous gold suggests the apparent offset vein was postmineral or otherwise not related to the metallogenesis of the deposits at Shomaker and Green Monster.

Negative Result from Sampling at the North Mine:

Results from three samples at the North Mine were inferior to what was seen elsewhere at the WS project. Assays returned 44, 102, and 288 g/T Ag silver and 0.4, 0.7, and 0.3 g/T Au at the surface and inside the underground mine. Samples at the North Mine contain significantly higher arsenic, with values ranging from 2-5%.

The North Mine is approximately 750 metres north of the Green and Shomaker Mine. Geological structures generally dip northerly at the North Mine, while all observed structures in the vicinity of the Green and Shomaker mines have a southerly dip. It is unclear if there is any higher grade material or other indications of a significant metal endowment at the North Mine.

Geological Review:

Known mineralization is generally oxidized and found within a structurally complex northnortheast trending zone of recessional weathering with strong alteration, bleaching and iron staining within the gabbroic, Humboldt Lopolith; a Cretaceous age lopolithic complex roughly 128 to 137 kilometers long in an east-west direction and 48 to 56 kilometers wide in a northsouth direction.

As mapped by the US Geological Survey the Humboldt Lopolith in the vicinity of the WS property is composed of variously foliated mafic to ultramafic rocks ranging from gabbro to picrite with local segregations of keratophyre all of which are intrusive into siliciclastic to carbonate sediments of Jurassic to Triassic age. A map of the WS property geology may be viewed online at http://tiny.cc/KermodeWS

Investigations by the company into historical records available through the Nevada Bureau of Mines and Geology indicate mineralization in the area was first discovered about 1906 and limited mining occurred from 1918 through about 1967. Historically, the production seems to have focused exclusively on antimony with little if any attention or even mention of silver or gold potential in the district.

Expanding the WS land position:

The company has worked with the project vendor to expand the WS claim block by staking more than 200 hectares of highly prospective ground covering potential structural extensions of mineralization at the Green, Shomaker and North Mines. This action more than triples the size of the WS land position to approximately 285 hectares.

The new land position also includes the historic Gold Plate Mine at approximately 40°02'05.7"N 118°20'50.6"W. The details of this mine are unknown. Furthermore, reconnaissance prospecting at the site has identified a new area of exposure in newly staked claims where recent erosion by surface water has exposed visible copper oxide minerals in a calcite vein at the surface. The relationship between this copper exposure and the project or regional scale geology is not well understood. Sampling is planned to investigate this copper exposure.

Peter Bell comments, "In addition to the follow-up sampling at the face of the Shomaker mine and in the road at the Green Monster mine, I would like to undertake initial mineralogical and metallurgical testing of the high-grade material from the old mine to better understand what the old-timers may have been doing to recover the antimony.

Peter Bell continues, "We are working at the Alpha patent to repair timbering in part of the underground mine at the Rye Patch Mine. These repairs will improve access for an initial underground selective sampling program as our immediate priority for the Rye Patch project. Let's find out if we can get better numbers from the Alpha patent than the WS as reported here."

The Rye Patch Project:

As in the press release dated December 3rd, 2021, the Company has a letter of intent with Gold Range LLC for the Rye Patch Project, which includes the Alpha Patent and the WS claims.

Qualified Person:

The technical information in this news release has been reviewed and approved by Mr. Robert G. Carrington, P. Geo, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

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

Tel: +1 (250) 588-6939 Email: peterbellmining@gmail.com https://linktr.ee/kermoderesources

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts 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.

This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results, actions, events, conditions, performance, or achievements to differ materially from those contained in forward-looking information, there may be other factors that cause results, actions, events, conditions, performance, or achievements to differ from those anticipated, estimated or intended.

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.