Leopard Lake Gold Corp. reported that it has initiated its winter compilation from the geoscience assessment files listed on Ontario's Mining Lands Administration System (MLAS) in respect of the Leduc gold project, near Jellicoe, Ontario, Canada. Based on the review of geoscience assessment files on MLAS and the recommendations in the independent technical report entitled "NI 43-101 Independent Technical Report on the Leduc Gold Project for Leopard Lake Gold Corp., Beardmore, Ontario", with an effective date of July 19, 2021, the Company expects to begin phase 1 of its exploration program of prospecting once the snow has melted and the roads become more accessible in May and June 2023, which will focus on: Ground-truthing and sampling 5 geophysical conductors along each northern and southern BIF trends, summarizing rock types, mineralization and structures.

Locating previous trenches and possible drill holes where the higher grade intersections occurred to prospect, delineate and potentially extend the zones, plan for potential future mechanized power stripping of the rock outcrops and scout for potential drilling platforms. Several wide reconnaissance N-S traverses to identify gold-bearing structures within and cross- cutting the iron formation and sediments that hosts gold mineralization in the region. Ground ­ truthing OGS mapped and company interpreted lineaments /structures from the airborne magnetic results to compare location accuracy and potential mineralization. Shipping samples to the lab for analyses of GOLD and a multi-element suite of elements.

Following the completion of the phase 1 exploration program in May and June 2023, the Company expects to initiate a phase 2 exploration program at the Leduc Gold Project for continued prospecting and trenching in the fall of 2023. These efforts will be aimed at further defining the extent of the gold mineralization and identifying potential drill targets. Summary of Exploration at Leduc Gold Project: The Leduc Gold Project consists of 9 unpatented mining claims (114 cells) which covers an area of approximately 2,290 hectares within the Thunder Bay Mining Division.

The Leduc Gold Project has variably gold mineralized distinct banded iron formations (BIF) trending for >12km. Host rocks include Mafic Volcanic, Metasediments, Diorite and Felsic Porphyry Intrusives from the West to East across the Project. This magnetic rock is easily observed from the Airborne Magnetic survey and has numerous anomalies to be explored.

Previous historic drilling results have had significant intersections of gold mineralization encountered in several drill holes. These results confirm the presence of high-grade gold mineralization within the iron formation, and sheared quartz vein sediments. Other drill holes intersected similar rock types and many of these holes had limited or no sampling in the "key sheared contact zones".

Furthermore, many areas where the previous operators did sample the mineralization, the longer widths of samples may have "diluted" the mineralized zones. In the late fall of 2020, initial prospecting efforts by the Company were to ground truth various mineral occurrences, trenches and geological units to confirm the property merit. Results have yielded promising anomalous Gold (0.05 ­ 0.41 ppm Au) within sheared mafic volcanics, metasediments and banded iron formations (BIF) all with +/- quartz veins and stringers near and within some of the old trenches in the northern to central parts of the Project.

In August 2020, Leopard Lake commissioned ProspectAir to perform a heli-borne high resolution magnetic survey of the entire Project at 50m line spacing. Also, an Induced Polarization (IP) Gradient Survey, by DPE Exploration, was completed over a small section of claims in the north part of the Project in the fall of 2020. Numerous magnetic anomalies from the airborne magnetic survey occur along the two BIF trends, the central BIF extends for over 12km and needs to be further prospected and explored.

In 2021, minor field work was completed by the Company and no field work was conducted in 2022 due to various factors including the Covid-19 pandemic and manpower. Historical Highlights: From the historical work on the Leduc Gold Project, 4 main gold occurrences or showings (with trenches) occur within the Project: The Lattimer Gold Occurrence ­ Best intersection of 253.79 g/t Au over 0.49m was recorded in sample number 1816 (AFRI 42E11NW0070) from the drill hole 3 log and it is associated with pyrite, pyrrhotite in quartz ­ carbonate stringers, near Diorites and BIF units. Harricana Gold Mines recorded 12.03 g/t Au over 1.82m in a pyrrhotite-rich chlorite schist from a 1951 drilling program.

Kevil Mining Trenches 1961, Highlights included 4.51 g/t Au over 1.09m which included 7.31 g/t Au over 0.51m and 0.466 g/t Au over 1.26m. Dumont Showing Trenches Highlights included 1.29 g/t Au over 1.22m and 0.88 g/t Au over 0.36m.