Kermode Resources Ltd. — Capital/Financing Update 2025

Jun 30, 2025

Kermode Closes Private Placement for $19,000

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

Vancouver, British Columbia - (June 30, 2025) - Kermode Resources Ltd (TSXV: KLM) ("Kermode" or the "Company") announces that there will not be a second tranche of the non-brokered private placement (the "Financing"). For further information on this previously announced Financing, refer to the Company's news releases on June 17 and May 29, 2025.

Kermode issued 1,900,000 units (each, a "Unit"), at a price of $0.01 per Unit for gross proceeds of $19,000 (all dollar figures are denominated in Canadian dollars). Each Unit consists of one (1) common share of the Company and one (1) common share purchase warrant ("Warrant"). Each Warrant is exercisable to acquire one common share of the Company at a price of $0.05 per Warrant Share for a period of 60 months to June 17, 2030. The proceeds will be used for general working capital purposes. The proceeds of the financing will not primarily be used to pay management fees or for investor relations activities. No insiders invested in this first tranche. There were no finder's fees paid in connection with this first tranche of the Financing. All securities issued and issuable under the first tranche of the Financing will be subject to a four (4) month hold period expiring October 18, 2025. Securities issued under any subsequent tranche(s) will be subject to a four (4) month hold period calculated from their date of official closing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

No insiders participated in the Financing.

The Board of Directors continues with a strategic review process for the company.

Kermode CEO Peter Bell comments, "I am sorry for our failure to finance the remaining $81,000 of our goal. I am grateful to the investors who did participate! In particular, one person who used the Existing Shareholder Exemption helped me discover that we have not been collecting the Mining Exploration Tax Credit in BC. The credit is calculated as 20% of exploration spending according to certain definitions. Kermode incurred gross exploration spending at our BC projects of approximately $250,000 in 2024 and $275,000 in 2023, as in Note 3 to the 2024 Audited Annual Financial Statements. I am sorry that we have not obtained this tax incentive in the past, but it is an immediate priority now."

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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 accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Forward-looking statements in this document include the use of the private placement proceeds, the strategic review process, the ability to preserve capital, the availability of strategic alternatives. This news release contains statements that constitute "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. 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.