Management change and option issuance

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PEAK MINERALS LTD.

1030 West Georgia Street, Suite 1507

Vancouver, BC V6E 2Y3

Peak Minerals Announces Appointment of Jonathan Yan as Interim Chief Executive Officer

Vancouver, British Columbia, August 8, 2023 : Peak Minerals Ltd. (the " Company" or "Peak

Minerals") (CSE: PEK) is pleased to announce that it has appointed Mr. Jonathan Yan as Interim Chief

Executive Officer of the Company effective August 1, 2023. Concurrent with Mr. Yan’s appointment, Gary

Musil has resigned as a director, President an d Chief Executive Officer of the Company. The Company

thanks Mr. Musil for his invaluable contributions.

Stock Options Issuance

The Company is also pleased to announce the issuance of an aggregate of 140,000 incentive stock

options (the “ Options”) to certain directors of the Company under the Company’s omnibus equity

incentive plan. Upon vesting, each Option shall be exercisable to acquire one common share for a period

of three years at an exercise price of $0.10.

About Peak Minerals Ltd.

Peak Minerals Ltd. is engaged in the business of mineral exploration and the acquisition of mineral

property assets in Canada. Its objective is to locate and develop economic precious and base metal

properties of merit and to conduct its exploration on the Aida Project. The Aida Property consists of 5

mineral claims covering an area of 2 ,335.42 ha located on the Shuswap Highland within the Kamloops

Mining Division.

On Behalf of the Board of Directors

Jonathan Yan

Interim Chief Executive Officer and Director

For further information, please contact:

Jonathan Yan

Interim Chief Executive Officer and Director

(604) 723-4343

Forward-Looking Statements:

This news release contains “forward -looking information” within the meaning of applicable securities laws. All

statements, other than statements of historical fact, that address activities, events, or developments that the

Company believes, expects or anticipates will or may occur in the future, are forward -looking statements. The

forward-looking statements reflect management’s current expectations based on information currently available and

are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed

in the forward -looking statements. Although the Company believes that the assumptions inherent in the forward -

looking statements are reasonable, forward -looking statements are not guarantees of future performance and,

accordingly, undue reliance should not be put on such statements due to their inheren t uncertainty. Important factors

that could cause actual results to differ materially from the Company’s expectations are described in the Company

filings publicly available at www.sedarplus.ca. The Company expressly disclaims any intention or obligation t o update

or revise any forward -looking statements whether as a result of new information, future events or otherwise, except

as required by applicable law.

The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press

release.