Northern Shield Grants Stock Options

OTTAWA, Aug. 10, 2023 - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSX-V: NRN) announces that it has granted options to acquire a total of 6,280,000 common shares in the capital of the Company ("Common Shares") pursuant to its shareholder approved stock option plan (the "Stock Option Plan"). Options to acquire a total of 5,660,000 Common Shares were issued to Northern Shield's officers and directors, and the balance were issued to employees and consultants. Each option entitles the holder to acquire one Common Share at an exercise price of $0.12 per Common Share until August 8, 2028. Following such grant, Northern Shield now has outstanding under its Stock Option Plan, options to acquire Common Shares equal to just under 8.6% of Northern Shield's currently outstanding Common Shares.

Northern Shield Resources Inc. is a Canadian-based company known as a leader in generating high-quality exploration targets that views greenfield exploration as an opportunity. An opportunity to find a Tier 1 asset, near surface, and at relatively low cost. It implements a model driven approach in exploration to reduce any risk associated with early-stage projects for ourselves, our shareholders, and the environment. It is this approach that led to the discovery of an alkaline driven gold-silver-tellurium-porphyry copper system at its Root & Cellar Project in Newfoundland.

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

SOURCE Northern Shield Resources Inc.