Montego Resources Inc. — Capital/Financing Update 2022

Oct 12, 2022

400 – 837 West Hastings Street, Vancouver, BC, V6C 3N6 T (604) 318-0114

MONTEGO RESOURCES INC.

MONTEGO ANNOUNCES CLOSING OF PURCHASE AGREEMENT FOR BLACK DOG GOLD PROJECT

Vancouver, BC . – October 7, 2022 – Montego Resources Inc. (CSE: MY.X; FRA: 4MO1) (the “Company” or “Montego”) announces that it has signed a Purchase and Sale Agreement to acquire 100% interest in and to the Black Dog gold project located in Northern Quebec. The 1,400hectare Black Dog project consists of a block of 27 mineral claims approximately 60 kilometres north of Nemiscau, Quebec., in an immediate area that has seen prospective exploration activity in recent years.

In consideration for the acquisition of the Black Dog project, over the course of four years, the company will be required to complete a series of cash payments totaling $300,000 (of which $75,000 is due upon closing), and issue an aggregate total of fifty million common shares over the period of four years as follows:

	Issued Upon	Common Shares	Cash Payments
•	Signingof Purchase and Sale Agreement	5,000,000 shares	$75,000.00
•	1st Year Anniversaryof Signing	10,000,000 shares	$75,000.00
•	2nd Year Anniversaryof Signing	15,000,000 shares	$75,000.00
•	3rd Year Anniversaryof Signing	20,000,000 shares	$75,000.00

Upon completion of the payments, share issuances and expenditures, the company will hold a 100per-cent interest in the Black Dog project, subject to a 2-per-cent net smelter return royalty in favour of the vendor.

For Further Information Contact David Greenway Interim CEO and Director Phone: (604) 318-0114

Neither the Canadian Securities Exchange nor the Market Regulator(as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this News Release.

Cautionary Statement Regarding Forward-Looking Information

Forward-Looking Information This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward‐looking statements and information

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concerning the recommencement of the trading of the Common Shares and the change of symbol. Forwardlooking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, uncertainty relating to the timing of resumption of trading or the Common Shares and the change of symbol. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.