Brascan Resources Inc. provided an update on the exploration of the Iceberg project located 10km East of La Scie, Newfoundland, Canada (the "Iceberg Project"). Brascan holds an indirect 25% interest in the Iceberg Project through its 25% ownership interest in North Atlantic Aggregates Inc. ("NAAI"), which it acquired in August 2022. The Bailey Zone, located on the Iceberg Project, has been prospected extensively with high grade layered Fe-Ti-V-Sc-P mineralization found in several locations across a 740m strike with veins measuring up to 1m in width in multiple locations.

Brascan has been informed by NAAI that recent prospecting in the Bailey Zone has returned assay highlights of up to 63% Fe2O3, 12.85% TiO2, 0.35% V2O5, 181 g/t Sc2O3 and 4.25% P2O5. Brascan has been informed that in 2023, NAAI expects to execute a maiden 2000m drill program on the Bailey Zone to target the new high grade layered veining. NAAI also intends to complete a geophysics program to better understand the mineralization at depth, and complete an access road to make the discovery more accessible for drilling, geophysics testing and a bulk sample.

Brascan has further been informed that a new zone, the Bailey North Zone, has been discovered 600m east of the Bailey Zone. The Bailey North Zone consists of 260 meters of strike of a similar style high grade layered mineralization with the veining being up to 1m thick in places. Assays are pending for the surface sampling on the Bailey North Zone and trenching and drill permits have been applied for.