Iconic Minerals Ltd. announced that it has entered into a property option agreement made as of May 3, 2024 (the "Option Agreement") with Gold Basin Resources Corporation ("Gold Basin"), whereby Gold Basin can acquire from Iconic and Iconic's wholly owned subsidiary (together with Iconic, the "Vendors") a 50% interest in and to the New Pass gold property ("New Pass" or the "Property") consisting of 107 unpatented mineral claims (2,140 hectares) located three hours east of Reno, just off Highway US-50E in Churchill County, Nevada. Pursuant to the Option Agreement, the Vendors granted to Gold Basin the exclusive option (the "Option") to acquire an undivided 50% right, title and interest in and to the unpatented mineral claims comprising the Property, in consideration of the payment of an aggregate of CAD 750,000 in cash and the delivery of an aggregate of CAD 750,000 in common shares in the capital of Gold Basin (the "Consideration Shares"), to be paid and delivered as follows (collectively, the "Option Exercise Conditions"): within five business days after the Commencement Date (as defined in the Option Agreement), an initial cash payment of CAD 100,000; on or before the later of five business days after the Commencement Date and May 15, 2024, a further cash payment of CAD 300,000; on or before the later of five business days after the Commencement Date and May 31, 2024, CAD 750,000 in Consideration Shares; on or before the later of five business days after the Commencement Date and July 31, 2024, a further cash payment of CAD 150,000; and on or before the later of five business days after the Commencement Date and December 31, 2024, a further cash payment of CAD 200,000. Additionally, within five business days of the earlier of the date that (i): Gold Basin (or its Affiliate) enters into a joint venture agreement with White Knight Gold (U.S.) Inc. ("WKG") and White Knight Resources Inc. ("WKR"), or McEwen Mining Nevada Inc. ("McEwan") (or their permitted assigns), for the continued development of the Property; (ii) Gold Basin acquires the 50% interest in the Property currently held by WKR, WKG and McEwan; and (iii) Gold Basin disposes of all or any of its 50% interest in the Property, Gold Basin shall deliver a further $750,000 in Consideration Shares to the Vendors.

Upon the satisfaction of the Option Exercise Conditions, Gold Basin shall be deemed to have exercised the Option in full and earned an undivided 50% legal and beneficial interest in the Property. With the exception of the cash payment set forth in item (i) above, all of the foregoing cash payments and share issuances are optional and Gold Basin will not be obligated to make any such cash payments or share issuances. However, if Gold Basin fails to do so as required, the Option may be terminated upon notice by the Vendors to Gold Basin and, following such termination, Gold Basin will not retain any interest in the Property.

All securities issued pursuant to the Option will be subject to a four month and a day regulatory hold period in Canada.