North Peak Files Annual Financials, Including Refiling Of Amended Md&a For 2021

CALGARY, May 4, 2022 - North Peak Resources Ltd. (TSXV: NPR) (the "Company" or "North Peak") announces that it has filed its audited consolidated financial statements (the "Financial Statements") and Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2021, which can be found under the Company's profile on SEDAR (www.sedar.com), and which sets forth detailed operating and financial results for the Company for 2021.

In addition, the Company today refiled its MD&A for the year ended December 31, 2021 because an early and incomplete draft of such MD&A was inadvertently filed with the Financial Statements. The amended MD&A filed today is the correct and final version of the MD&A that should be referred to by readers and shareholders.

In 2021, the first full year since the Company completed its "change of business" to a mining issuer, the following are the highlights:

• Completed a non-brokered private placement of 2,299,999 common shares at an issue price of $0.48 per share, for aggregate gross proceeds of $1,104,000.
• Commenced a limited exploration drilling program on the Kenogami Lake Project (formerly referred to as the Leahy Property) located 15 kilometres southwest of Kirkland Lake Ontario, a project of which the Company holds an option agreement to acquire 100% interest in and to.
• Entered into an agreement where the Company was granted an option to acquire the 2,733- acre Black Horse gold and silver property (the "Black Horse Property") located approximately 50 miles east of Ely within the Black Horse mining district in White Pine County, Nevada.

Since the 2021 year-end, the Company has:

• Obtained the necessary permissions and permits to carry out its exploration drilling programs on the Black Horse Property.
• Commenced core and reverse circulation drilling programs at the Black Horse Property, which drilling continues at this time.
• Completed a non-brokered private placement for aggregate gross proceeds of $5.75 million. In connection with the private placement, 2,499,996 equity units of the Company ("Units") were issued at a price of $2.30 per Unit. Each Unit was comprised of one common share of the Company and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one common share of the Company for a period of 12 months from the date of issuance of the Warrant, at an exercise price of $3.50 per share.

About North Peak Resources

The Company is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol "NPR". The Company holds an option to acquire the 2,733-acre Black Horse gold and silver property located approximately 50 miles east of Ely within the Black Horse mining district in White Pine County, Nevada. See the Company's January 11, 2022 press release for additional information.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, the anticipated use of proceeds of the Private Placement, timing and completion of any drilling and work programs on the Black Horse Property, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones, potential for minerals and/or mineral resources, whether the Black Horse Property will meet the Company's goals and standards for a mining project and statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to the future business activities and operating performance of the Company that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. 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, the state of the economy in general and capital markets in particular, accuracy of assay results, geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services, future operating costs, and the historical basis for current estimates of potential quantities and grades of target zones, as well as those risk factors discussed or referred to in the Company's Management's Discussion and Analysis for the year ended December 31, 2021, and the period ended September 30, 2021 available at www.sedar.com, many of which are beyond the control of the Company. 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.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE North Peak Resources Ltd.