Sun Peak Metals Corp. reported that the Company is prepared to resume exploration activities on the Shire Project, Ethiopia. Sun Peak will recommence work on three exploration licenses at the Shire Project in the first half of 2024, which will include drilling to test multiple copper-gold VMS targets developed by the Company.

Further information about upcoming work programs, including a detailed summary of the drill targets, will be forthcoming. Over the past 12 months, Sun Peak management has actively engaged with stakeholders and various levels of government in preparation for resuming exploration work on the Shire Project. This proactive approach involved close communication with stakeholders in Addis Ababa, Mekele, Shire, as well as nearby towns and villages within the Shire Project license areas.

These efforts were undertaken to ensure the safety of Sun Peak personnel and to confirm local stakeholder interest in the project's resumption. Safety of all employees, consultants, and contractors is paramount. The Company recently completed an extensive Security and Safety assessment using the Company's independent security and risk management consultant, which confirmed low levels of risk in the license area and for the type of exploration drilling work the Company will accomplish.

The Company received notification letters from the Ministry of Mines declaring that Force Majeure will end for three of the licenses in 2024. The licenses are Nefasit, held by Sun Peak Ethiopia and Meli and Terer held by Axum Metals (JV Company between Sun Peak and Ezana Mining PLC). Adi Dairo, and two licenses applied for prior to the beginning of the conflict, Adi Mendi and Wokemba, are expected to have Force Majeure measures lifted at a future date.

The Shire Project: Sun Peak Metals Corp. is exploring the district-scale Shire VMS Project in the Tigray Region of northern Ethiopia. The Shire Project is comprised of six exploration licenses and covers approximately 1,450 square kilometers in the prospective Arabian Nubian Shield.

The licenses are in the same geological environment as both the Bisha Mine and the Asmara Projects to the north in Eritrea. The Sun Peak team have worked in East Africa for more than two decades and the Company's strategy is to apply exploration techniques that have worked successfully in the region before, to build assets through major copper-gold VMS discoveries. The Company currently has approximately CAD 6.4 million cash.