Kermode Resources Ltd. — Capital/Financing Update 2024

Jul 19, 2024

Kermode Samples 22.4 g/tonne Gold and 196 g/tonne Silver at Lightning Peak Gold-Silver Project

Victoria, British Columbia - (July 19, 2024) - Kermode Resources Ltd. (TSXV: KLM) ("Kermode" or the "Company") reports results from the Lightning Peak Project near Cherryville, BC.

The analytical results from the initial 2024 site visit can be seen in table 1 found below. Locations and descriptions can be found in table 2 below. All of the samples were sent to Actlabs in Kamloops, BC for gold and silver fire assay with gravimetric finish and multi-element by Aqua Regia ICPOES.

Sample ID	Target zone	Au g/tonne	Ag g/tonne	Zn %	Pb %
114716	Peak AU Showing	19.2	302	5.44	1.42
114717	Peak AU Showing	6.8	92	0.99	0.92
114718	Peak AU Showing	11.2	177	1.31	2.15
114719	Dictator/Morning	22.4	196	0.88	1.03
114720	Dictator/Morning	4.7	300	0.00	0.19
114721	Aurum Vena Discovery zone	1.4	15	0.20	0.36

Table 1 Analytical Results

Additional Assays are pending for a gravity concentrate test conducted on the Peak AU material. Kermode Resources has submitted a notice of work application for a trenching and drilling permit on the Lightning Peak property that covers the Dictator/Morning target and the Aurum Vena Discovery zone, with approval expected soon.

Sample ID	m East	m North	Description
114716	388587	5529004	Dump pile at AU mineshaft dump. Choice grab of galena and pyrite rich quartz vein material found is dump. Small dump next to buried shaft. Road cuts the dump pile.
114717	388587	5529004	Same showing. Unbiased area grab.
114718	388587	5529004	Same showing. Unbiased area grab aprox. 5 meters to the northeast of sample 114717
114719	386932	5532870	Dictator/Morning Area. Area grab sample of dump pile material from the Morning mineshaft. Larger dump pile of quartz vein material hosting Galena, Pyrite and Sphalerite in various concentrations.
114720	386921	5532898	Choice grab of very oxidized pyrite pocket at the Morning mineshaft
114721	386455	5533387	Area Grab at the Aurum Vena discovery zone. Quartz/strong silicified material with semi massive pyrite.
Table 2 Sample Descriptions

Kermode CEO Peter Bell comments, “Thanks to our partner on this deal, Milo Mielniczuk! I think the deal terms are innovative and the property is prospective.” The Lightning Peak property is a 2,890-hectare property located 60km South East of Vernon, BC and 35 kilometers south of Cherryville, BC. The project covers prospective ground within rocks of the prolific Quesnellia Terrane. This terrane is host to many major B.C. porphyry deposits such as Highland Valley, Gibraltar, Mount Polley, Mount Milligan, Copper Mountain and others. The Lightning Peak project’s name is from its location at the northern base of the extinct Lightning Peak volcano.

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Figure 1 Lightning Peak Tenure and Mineral occurrence locations

The property covers 9 known BC Mineral occurrences, and a new occurrence discovered in 2020. These occurrences consist of historical exploration trenches or small-scale mining operations from the late 1800’s and early 1900’s. During a property inspection carried out by Eagle Plains personnel in the Summer of 2020, rock grab samples from the Morning workings ranged from trace values to highs of 39.4 g/t gold and 912 g/t silver (sample TTLPR016) and 1.31 g/t gold, 205 g/t silver, 1.88% lead, 5.03% zinc and 0.12% cadmium (sample TTLPR015).

The 2020 discovery, referred to as the Aurum Vena showing, consists of numerous local float boulders containing brecciated semi-massive sulphides that consistently contain highly elevated gold, lead and zinc mineralization with values ranging from trace

quantities to highs of 5.84 g/t gold, 30.6 g/t Ag, 3680 ppm lead and 674 ppm zinc (sample TTLPR010*-float boulder).

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Figure 2 Cut specimen of pyrite-rich material found at the Aurum Vena Discovery zone

Since Eagle Plains dropped their property option agreement, additional ground was acquired that hosts other mineral occurrences including the Peak AU showing. The area was formerly optioned by Tower Resources who collected rock grabs of 45.7 gpt Au and 794 gpt Ag at the Peak AU occurrence. This area was the focus of the initial 2024 site visit with additional work planned.

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Figure 3 Cut sample of Peak AU quartz vein material

Property Purchase Option Agreement

The option agreement has an initial term of one year. The term can be extended at any time for any additional amount of time at the mutual agreement of Kermode and Milosz Mielniczuk. If the option expires, the claims shall be returned to Milosz Mielniczuk.

Kermode shall assign a Sales Participation Right of fifty-five percent 55% to the vendors, including 45% for Milosz Mielniczuk, 5% for James Vigh, and 5% for Luc Lesage. The Sales Participation Right shall be calculated from the gross proceeds of any transaction where Kermode sells any interest in the project. The option agreement provides Kermode with the right to sell any interest in the project with mutual agreement of Kermode and Milosz Mielniczuk.

Qualified Person

The technical information in this news release has been reviewed and approved by Mr. Jacques Houle, P.Eng., a Qualified Person as defined in Canadian NI 43-101 responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

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 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 in this document include but not limited to results, analyses and interpretations of exploration programs. 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.