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Kermode Resources Ltd. Capital/Financing Update 2023

Jun 24, 2023

42496_rns_2023-06-23_f65d11ab-fefe-4ae4-859e-5023462e6cb0.pdf

Capital/Financing Update

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Kermode issues Stock Options to CFO & Independent Director

Victoria, British Columbia – June 23, 2023 – Kermode Resources Ltd. (TSXV: KLM) (the “Company” or “Kermode”) grants 2,000,000 performance share units (“Units”) to a director and officer of the Company.

The Units vest after one year and have a term of three years to expiry from the effective date, today. The Units have been granted in accordance with the Company's security-based compensation plan.

The Units entitle the consultant to receive payment in cash or shares of an amount equal to the closing market price on the day immediately prior to the last day of the applicable Performance Period multiplied by the applicable multiplier, to be determined on the last day of the Performance Period.

The timing of the Performance Period for any Units that may be exercised is at the sole discretion of the Board of Directors. After the Units have vested, some may be exercised on some dates and others on different dates at the sole discretion of the Board to allow for multiple Performance Periods to exercise different tranches of Units. The Board is not obligated to exercise any number of the Units at any time unless it so decides.

At the sole discretion of the Board of Directors, the form of payment for any Units shall be determined upon exercise. The amount of shares are subject to certain restrictions; for instance, the consultant shall not receive more than 2% of the shares of Kermode in any 12 month period as per the plan and TSXV policy.

The multiplier shall be set at the sole discretion of the Board of Directors at the time of exercise with a maximum value of ten-to-one (10:1).

About Kermode

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

On Behalf of the Board of Directors,