New Break Resources Ltd. reported that the results of field work comprising the 2023 exploration program on the northern portion of the Moray Project, has yielded numerous prospective gold assays from both grab and channel samples from multiple locations as follows: Moray is located approximately 49 km south of Timmins, Ontario and 32 km northwest of the Young- Davidson gold mine, operated by Alamos Gold Inc. From March 1 to September 20, 2023, New Break increased its property position at Moray by 6,627 hectares through staking and acquisitions to 8,483 hectares. Depicts the entire Moray property boundary, trench locations, interpreted geological structures and the interpreted syenite intrusion, which forms the principal basis for the comparison of the Moray property to the Young-Davidson property. The historical Fiset gold showing is hosted in syenite at Trench 1, while the historical Voyager gold showing is hosted at Trench 12 on the margin of the syenite.

The NE-SW gold bearing structure first identified in trench 12 (TR12) in 2022, has now been traced for approximately 4 km, north to the Kitichiming Lake East (KE) trench. The chronology of gold bearing events (from oldest to youngest) has been determined to occur first in the NNW trending veins, followed by the E-W shear veins and lastly in the NE-SW veins. The assay results from areas trenched during the 2023 exploration program and the interpreted geological structures in this particular exploration area.

The E-W shear veins appear to host the majority of the gold mineralization in the northern portion of the Moray project. TR7 has now been stripped and sampled for over 100 metres of strike length and extends intermittently for up to 250 metres. Moray Exploration Permits and 2024 Drilling Program: On October 22, 2021, New Break was issued Exploration Permit PR-21-000250 which authorized drilling and stripping on areas within the original 1,856-hectare Moray property boundary.

This permit expires October 21, 2024. The exploration program on the newly acquired ground, carried out from June to September 2023, was carried out under an existing Exploration Permit PR-19-000202, issued to the previous property owners on January 8, 2021. This permit expired on January 7, 2024.

On July 10, 2023, New Break applied for a new exploration permit which would allow additional drilling and stripping activities on an expanded 5,354-hectare May 2023 property boundary. Exploration Permit PR-23- 000236 was issued on September 21, 2023 and is valid until September 20, 2026. New Break conducted the remainder of its 2023 stripping program under this new permit and intends to conduct a 2024 diamond drilling program.

While there are a number of drill worthy targets at Moray, including follow up with respect to the high- grade gold grab and channel samples at the Trench 12 Voyager area, the E-W shear vein structures at Trench 7, the gold bearing vein sets at Trench 8 and the main shear and lamprophyre veins at the Kitchiming West target area, the Company has decided to focus its maiden drilling program on gold mineralized targets associated with the main syenite structure on the property, including the Trench 1, Fiset syenite target area. During the analysis of the 2023 exploration results, and with the significantly increased involvement of the Company's new director, Gordon Morrison, New Break undertook a more rigorous comparison exercise between the characteristics of the gold mineralized syenite at the Young-Davidson gold mine and that at Moray. Analysis of exploration work at Young-Davidson suggests that the majority of the orebody is constrained to the syenite, and that at Moray, drilling the syenite target area will provide the best opportunity for making a discovery which has the potential to ultimately yield an economic orebody.

Historical drilling of the Fiset syenite yielded the presence of both coarse porphyritic syenite and galena, both of which are characteristic of the higher-grade gold ore at Young-Davidson. Assays from this drilling were redacted. The syenite target at Moray is three times the size of the syenite intrusion at Young- Davidson.

Mineral reserves at Young-Davidson as at December 31, 2023, stood at 3.261 million ounces, contained in 43.911 million tonnes at an average grade of 2.31 g/t Au. Ontario Junior Exploration Program: On December 7, 2023, New Break was informed by the Ontario Ministry of Mines that the Moray Project was accepted to participate in the fourth intake of the Ontario Junior Exploration Program, which provides funding for eligible exploration work completed on the project between April 1, 2023 and February 15, 2024. Eligible expenses are reimbursed at a rate of 50%, with the aggregate reimbursement capped at $200,000.

New Break is required to submit a final report by February 29, 2024. The Company expects to receive the full reimbursement of $200,000 in March 2024, the majority of which represents a 50% recovery of the expenditures incurred on the 2023 Moray exploration program. To date, New Break received a reimbursement of $200,000 in respect of its 2022 Moray exploration program and $30,000 in respect of critical minerals related exploration activities completed during 2023.