Many Peaks Gold Limited (MPG or the Company) is pleased to provide the Quarterly Activities Report for the period ending 31 March 2023.

HIGHLIGHTS

Odyssey REE Project

• Secured the right to acquire a 100% interest in the Odyssey Rare Earth Element Project in Labrador, Canada
• Odyssey is host to extensive, un-tested high-grade REE occurrences with up to 9.3% total rare earth oxide (TREO) assay results at surface highlighting defined drill-ready targets
• An exciting opportunity delivering exposure to the burgeoning critical minerals sector

Aska Lithium Project

• 100% owned contiguous land position granted in an emerging lithium district in Newfoundland, Canada
• Covers favourable geological setting host to multiple Lithium-Caesium-Tantalum (LCT) type pegmatites
• Hosted in the same terrane with similar age of intrusions as the major lithium deposits of the Avalonia lithium belt in Ireland and the Piedmont Deposits and Kings Mountain Lithium Mine along with other major lithium deposits in the eastern United States

Queensland Projects

• Initial drilling at the Company’s Mt Weary project has successfully upgraded the tenor of gold mineralisation and expanded the footprint of mineralisation
• Exploration work towards expanding this success continues, with better tenor geochemistry anomalism at Mt Weary yet to be drill tested
• Assay results are pending for surface geochemistry campaign at the Company’s Monal gold project
• assessing continuity of gold mineralisation between multiple surface and underground historical workings

Corporate

MPG has a strong cash balance of $3.75M as of 31 March 2023.

During the quarter, Many Peaks embarked on a significant expansion by entering the critical minerals sector with the acquisition of the Odyssey Rare Earth Element (REE) Project and the Aska Lithium Project, both located in the Canadian province of Labrador and Newfoundland. These acquisitions fit into the Company’s existing exploration strategy of increasing exposure to the critical minerals sector in tier one jurisdictions concurrent with advancing Queensland copper- gold. (Refer to Corporate Presentation dated 13 February 2023). The Many Peaks Board and Management have significant North American operational and technical experience to effectively expand exploration activity across both Canada and Australia.

The Canadian acquisitions also align with the Company’s ongoing business development strategy to develop a pipeline of projects that can add significant value through cost effective mineral exploration and discovery and the Company is well funded to complete planned exploration programmes throughout the coming year.

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