Kermode Resources Ltd. — Capital/Financing Update 2024

Oct 24, 2024

Kermode signs LOI for Terrace Perlite Project

Victoria, British Columbia – (October 24, 2024) - Kermode Resources Ltd. (TSXV:KLM) (“Kermode”) announces the terms for a proposed option agreement to purchase 100% ownership of mining claims called the Terrace Perlite project in British Columbia from a private individual who is arm’s length to Kermode. Further details of this non-binding letter of intent are provided below.

The project includes 1 mineral claim covering 100 hectares. The claim number is 1116919. All share payments are due to William Morris-Nelson. There are no spending requirements.

TERMS OF THE PURCHASE OPTION:

	Date	Date		Cash	Cash		Securities	Securities		Spending Req’s
Exchange Approval			$0			2,000,000			$0
Year 1			$0			0			$0
Year 2			$0			0			$0
Year 3			$0			0			$0
Year 4			$0			0			$0
Year 5			$50,000			2,000,000			$0
		TOTAL			$50,000			4,000,000	$0

OTHER TERMS & CONDITIONS:

• Gross Revenue Royalty equal to five percent (5%) royalty with a buy-down of $500,000 to eliminate the royalty.

• Sales Participation Right equal to ten percent (10%) of the gross proceeds from any transaction whereby Kermode sells any interest in the project in the next 10 years.

• Area of Interest whereby any claims staked by William Morris-Nelson directly or under his direction within an area of 5 kilometres from the outside of the current land position shall be included in the option agreement with no additional considerations.

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 accept 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 that the Company will enter the option or 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.