Mountain Boy Minerals Formalizes Technical Advisory Board to Unlock Potential of BC's Golden Triangle

This team of experts, who are already familiar with the Company's projects, will complement the in-house geological team in the analysis of existing information and together they will help guide the next stages of exploration.

The Technical Advisory Board will be chaired by Dorian L. "Dusty" Nicol and includes Dr. Bruce Gemmell and John Ryan. In addition, we will extend our collaboration with the Mineral Deposit Research Unit (MDRU) at the University of British Columbia, with Dr. Farhad Bouzari continuing to provide his expertise. These specialists will support the in-house geological team, led by Lucia Theny, Vice President of Exploration.

• Dusty Nicol joined MTB as a Director in October 2021. Dusty has 45 years of worldwide experience in gold exploration and mining and has designed and managed successful gold exploration programs around the world. (See News Release October 12, 2021.)
• Bruce Gemmell is a sought-after industry consultant and Adjunct Professor at the University of Tasmania. He has gained an international reputation for his expertise in the mineralogy and geochemistry of hydrothermal alteration and other aspects of mineral deposits.
• John Ryan has considerable experience with BC porphyry deposits, having spent 8 years on and around Teck's huge Highland Valley copper mine and is part of the team involved in an important discovery in the Golden Triangle.
• MDRU is an integrated geological, geochemical and geophysical research group that solves exploration and mining problems with applied geoscientific research projects. Farhad Bouzari is a porphyry specialist who is highly regarded for his work in advancing the science of porphyry exploration.

Full bios are included below.

Lawrence Roulston, CEO, stated: "Formalizing these highly experienced experts into a Technical Advisory Board and expanding our relationship with MDRU will facilitate the synergies that come with the collaboration of ideas among experts. Their on-going involvement attests to the merits of Mountain Boy's projects. The projects are in one of the most highly prospective mineral regions in the world. Results of previous work supports the potential for discoveries in line with the established deposits in this renowned region. Tapping into the combined knowledge of these experts will help advance Mountain Boy's projects toward discovery."

Work is continuing on the Telegraph project, with further results to be announced in the coming weeks:

• Geophysical information has been compiled from areas that were previously separately owned. That information is being "levelled" across the data sets and is being re-interpreted on a comprehensive basis.
• Advanced analytical techniques are being employed on samples collected throughout the property and an interpretive report is in preparation.
• The permitting process for drilling is well advanced with completion expected shortly.
• Plans are being developed for the coming field season. That program will use the camp and fixed wing airstrip on-site.

The Company also announces the grant of stock options to directors, employees, advisors and consultants for an aggregate of 1,230,000 shares at an exercise price of $0.17 for a term of 5 years.

Full Bios of the New Team Members

Prof. Bruce Gemmell

Bruce obtained his B.Sc. (1979) degree from UBC and his M.A. (1982) and PhD (1987) degrees from Dartmouth College, USA. Bruce worked at the Centre of Excellence in Ore Deposits and Exploration Science (CODES) at the University of Tasmania, Australia for 30 years, where he served as the Head of the School of Earth Sciences and a Director of CODES. In 2017, he became a consultant to the minerals industry.

At CODES, Bruce conducted research on a wide range of ore deposit types, including VHMS (volcanic-hosted massive sulphide) deposits, epithermal deposits, skarn, and structurally controlled copper deposits, as well as modern seafloor hydrothermal systems. He also specializes in mineralogy and geochemistry of hydrothermal alteration and its application to exploration. More recently he, along with collaborators, developed process-based exploration models focusing on mineral chemistry zoning in porphyry-epithermal deposit environments. He has published over 100 papers in international peer-reviewed journals, was a past President of the Society of Economic Geologists (SEG) and is currently the technical editor for SEG's newsletter, SEG Discovery.

Quoting from the website of the University of Tasmania: "Professor Bruce Gemmell is an economic geologist. He has gained an international reputation for his expertise in ancient and modern volcanic-hosted massive sulfide (VHMS) deposits, low and intermediate sulfidation epithermal deposits and the mineralogy and geochemistry of hydrothermal alteration. Bruce is an applied researcher and enjoys working with the minerals industry to develop new models and techniques for the discovery of mineral deposits."

Bruce is intimately familiar with Mountain Boy's BA, Surprise Creek and American Creek projects, having visited and reviewed historic information on the three projects in 2019.

John Ryan

John has 15 years of technical expertise in both greenfields and brownfields exploration, specializing in the Canadian Cordillera. He holds a B.Sc. (Hons) degree in Geology from the University of British Columbia Okanagan specializing in applied exploration geochemistry. John held positions with both Sabina Gold & Silver and Spanish Mountain Gold assisting in the delineation of the Hackett River VMS deposit in Nunavut (subsequently purchased by Glencore), and the SHV gold deposit at Spanish Mountain in central BC. As part of his 8-year tenure at Teck Resources Ltd., John served as Senior Project Geologist and held a leadership role in the exploration around Highland Valley Copper. As part of that effort, he played a key role in developing industry leading methods in applied geochemistry and hyperspectral analysis, as well as geological and geometallurgical modelling. In addition to being an integral part of Teck's porphyry copper team, John has since worked or consulted on several major porphyry systems throughout the province.

About MDRU

Mineral Deposit Research Unit is a collaborative research venture between the minerals industry and The University of British Columbia's Department of Earth, Ocean and Atmospheric Sciences. The researcher working most closely with Mountain Boy is Dr. Farhad Bouzari, an economic geologist with an interest in the anatomy and evolution of porphyry copper deposits, particularly distal and deep features, and their application in vectoring towards mineralization. He has a B.Sc. (1990) degree in geology from Mashhad University, Iran, and M.Sc. degree in Mineral Exploration (1995) and Ph.D. degree in Economic Geology (2003) from Queen's University, Canada. Farhad, through MDRU, has been working on the Telegraph, American Creek and BA projects since the summer of 2021. He was on the project and has conducted advanced analytical testing of more than 100 samples.

About Mountain Boy Minerals

Mountain Boy has six active projects spanning 604 square kilometres (60,398 hectares) in the prolific Golden Triangle of northern British Columbia.

1. The Telegraph project, acquired in 2021, has a similar geological setting to the major copper-gold porphyry deposits in that part of the Golden Triangle. The MTB geological team assembled the results of work spanning several decades by more than 50 companies, each working on small target areas, as the basis of consolidating a large property position.
2. The American Creek project is centered on the historic Mountain Boy silver mine and is just north of the past producing Red Cliff gold and copper mine (in which the Company holds an interest). The American Creek project is road accessible and 20 km from the deep-water port of Stewart.
3. On the BA property, 182 drill holes have outlined a substantial zone of silver-lead-zinc mineralization located 4 km from the highway.
4. Surprise Creek is interpreted to be hosted by the same prospective stratigraphy as the BA property and hosts multiple occurrences of silver, gold and base metals.
5. On the Theia project, work by Mountain Boy and previous explorers has outlined a silver bearing mineralized trend 500 meters long, highlighted by a 2020 grab sample that returned 39 kg per tonne silver (1,100 ounces per ton).
6. Southmore is located in the midst of some of the largest deposits in the Golden Triangle. It was explored in the 1980s through the early 1990s, and largely overlooked until Mountain Boy consolidated the property and confirmed the presence of multiple occurrences of gold, copper, lead and zinc.

The technical disclosure in this release has been read and approved by Andrew Wilkins, B.Sc., P.Geo., a qualified person as defined in National Instrument 43-101.

On behalf of the Board of Directors:

Lawrence Roulston
President & CEO

For further information, contact:

Fraser Ruth
Investor Relations
(416) 274-3195

Kirsti Mattson
Corporate Communications/Media Relations
(778) 434-2241

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