Melkior Resources Inc. provided an update on its exploration plans for the Summer and Fall across its portfolio of Projects. The Company is focused on exploration at its Genex Project in Timmins and Beschefer East in the Detour Camp (QC), while the Carscallen Project is being operated by Agnico Eagle under the option and joint venture agreement. Highlights: Summer field program is currently underway at the Genex Project consisting of prospecting, MMI soil, Beepmat and stripping & channel sampling.

This will target the surface footprint expansion of the historical Genex deposit and better understand the mineralization orientation for follow-up drilling. An estimated 3,000 meters of drilling is planned at Genex over the remainder of the year. The Company's 2022/2023 drill program succeeded in infill and expansion, notably: GEN-22-01: 0.96% Cu & 0.22g/t Au over 27.0m; including 2.29% Cu & 0.32g/t Au over 7.78m.

Soil program is planned to start at Beschefer East this summer/fall to narrow down targets for a first quarter 2024 drill program. The Company has commenced its' Summer 2023 field program consisting of prospecting, Beep-Mat surveying, MMI soil and stripping & channel sampling. The MMI soil program will cover the lines cut for the IP survey over the potential southwestern extension of the Genex system.

The MMI will follow up on the geophysical anomalies to determine priority stripping and drill targets. The Beep-Mat survey will also cover this southwestern grid to investigate the source of the IP conductors. For the prospecting and, stripping & sampling program, the potential extensions around the historical Genex mine were broken down into 17 specific targets to review in the field.

The prospecting area comprises a main volcanic sequence with mafic, intermediate to felsic units. Polymetallic sulfides can be found in all parts of the volcanic sequence, which can be recognized by a fine grain structure, which can be layered, massive or brecciate. Alteration minerals, quartz, blackish chlorite, carbonate, and sericite are common.

Mineralization takes the form of fine dissemination, stringer, clots or quartz-carbonate veins and veinlets. The Genex system hosts a complex network of both massive sulphide & stringer mineralization, and the Company believes the fieldwork will help highlight the large surface expansion potential of the historical deposit while providing a better understanding of the orientation of extensions. They believe these programs will produce strong drill targets for the remainder of the year.

The Company currently has an estimated 3,000 meters of drilling planned over the remainder of the year. Any high-priority targets identified in the summer field program will be tested immediately, with a larger drill program planned this fall. The Company's maiden 2022/2023 drill program was successful in both infill and expansion drilling, highlighted by: o GEN-22-01: 0.96% Cu & 0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au over 7.78 metres.

o GEN-22-04: 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17 g/t Ag over 15.65 metres, including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over 2.7 metres. o GEN-22-12: 3.35% Cu, 0.46g/t Au & 9.6 g/t Ag over 6.0 metres o GEN-22-24: 0.75% Cu, 12.08 g/t Ag over 8.45 metres Beschefer East: On June 14th, 2023, the Company announced a definitive option agreement on the Beschefer East Project to earn 100% over 3 years from SOQUEM Inc. The Company is in the final stages of planning its' soil sampling program to target the higher metal factor source amongst the three 2-3 kilometre gold structures identified in prior exploration work. This will be the first surface geochemical survey completed since identifying these targets.

The Company believes this survey, combined with the prior geophysical targeting, will provide strong follow-up drill targets for the maiden (Melkior-operated) drill program planned for first quarter 2024. The top target for follow-up is the potential strike extension of the Beschefer Project, where historical drilling has identified 55.63 g/t gold over 5.57 metres, including 224 g/t over 1.23 metres. The extension of this structure has seen limited testing on the Beschefer East side.

Val D'Or: Sparton Resource's Bruell Gold Project, which borders Melkior's Val D'Or Project (east boundary), saw 8,430 meters of drilling in 2023 to date, operated by Eldorado Gold Corporation with positive results, including 13.77 g/t Au over 3.0 metres in BU-23-14. The Company is reviewing the Sparton/Eldorado results to determine the next steps at the Project, including some follow-up drilling or potential opportunities to recognize value through optioning the ground to one of the current companies working in the area. Corporate Update: Melkior is positioned well for 2023/2024 with over $2.6 million in working capital and only 31.1 million shares outstanding.

The Company appreciates the support of their shareholder base through these challenging market conditions. However, with the assets being explored combined with their strong share structure, they are well-positioned to benefit when the market turns.