Kermode Resources Ltd. — Capital/Financing Update 2023

Aug 2, 2023

Kermode updates LOI for BLACK PANTHER Project on Vancouver Island

Victoria, British Columbia - (August 1, 2023) - Kermode Resources Ltd. (TSXV: KLM) updates the proposed deal terms for the BLACK PANTHER property purchase option. The BLACK PANTHER Project has been expanded to cover total size 2,163 hectares with claims 1098465, 1103723, 1104637, 1098514, 1098836, 1103854, 1106076.

The total share issuance has increased to 48,000,000 shares with the following schedule: (A) 12,000,000 Shares on the Effective Date;

• (B) an additional 12,000,000 Shares on or before 12 months following the Effective Date; (C) an additional 12,000,000 Shares on or before 24 months following the Effective Date; (D) an additional 12,000,000 Shares on or before 36 months following the Effective Date;

The “Net Smelter Return royalty” has increased to 3% with a $6M six million dollar buy-down and the “Sale Participation Right” shall be 30% of gross proceeds received by Kermode from any future sale of disposition of any interest in the property in the next ten years.

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 Website: https://linktr.ee/kermoderesources

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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. There is no assurance (i) the conditions to closing the purchase and sale of the Project will be satisfied or waived, or (ii) that the Company will acquire the Project on the terms as outlined above, or at all. 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.