Vulcan Minerals Inc. provided an exploration update on its activities in Newfoundland and Labrador as follows: Highlights: Vulcan has exposure to mineral exploration and development on 144,550 hectares; Soil sampling at the Springdale Project identified a very anomalous gold trend at Pine Pond with results up to 1.5 grams per tonne(g/t); Company looks forward to an active exploration season in 2023. The priority for 2023 field work will focus on the Colchester Springdale project where further geochemical work and drilling is planned. The Carbonear project is an expansive claim position focussed on sedimentary exhalative zinc lead potential in an area with geologic attributes similar to theiant Sullivan zinc-lead mine in British Columbia.

Significant unexplained gold and other metallic geochemical signatures are also present in the historic data. The company will finish an extensive soil geochemical program initiated last year which will provide direction for further ground work. These projects provide the Company with diverse exposure to varying stages of exploration and development, ranging from gold exploration in the emerging Gander Gold Belt to the development of the Great Atlantic Salt deposit in western Newfoundland by Atlas Salt, a related company.

All of these projects have the potential to further materially impact the value of the company. Springdale Gold: In late 2022, 457 soil samples were taken over the Pine Pond grid where two regional faults intersect along an oblique splay structure. This area has potential for oogenic gold in quartz veins and copper/gold mineralization.

The Maple Leaf showing occurs approximately 4 km along strike where quartz veins have yielded up to 54 g/t gold with associated heavy mineral samples yielding up to 840 g/t gold from historic sampling by Noranda. A grid over the Maple Leaf showing was partially sampled in late 2022 and will be completed as soon as ground conditions allow. The Pine Pond grid delivered highly anomalous.