Blue Lagoon Resources : Signs Long Term Extension with Toll Mill Partner Nicola Mining

FSE: 7BL

CSE: BLLG

OTCQB: BLAGF

BLUE LAGOON SIGNS LONG TERM EXTENTION

WITH TOLL MILL PARTNER NICOLA MINING

May 18, 2023 - Vancouver, British Columbia - Blue Lagoon Resources Inc. (the "Company") (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that it has signed an amending agreement with its toll milling partner, Nicola Mining Inc ("Nicola"). The amended agreement extends the toll milling agreement to March 31, 2027.

Starting June 2021, Blue Lagoon successfully shipped approximately 5,000 plus tonnes of underground stockpiled material to Nicola for testing and processing. Since that campaign, Blue Lagoon has been focused on exploration and receiving final permitting approval to commence mining at its Dome Mountain Mine project.

For further information, please contact:

Rana Vig

President and Chief Executive Officer

Telephone: [phone]

Email: [e-mail]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward- looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward- looking statements include results of exploration activities may not show quality and quantity necessary for further exploration and exploitation of minerals deposits, market prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward- looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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