Company Completes Phase 1 Exploration Work

Caravan Energy Completes Phase 1 Explora�on Work at its EBB Property

in Bri�sh Columbia, Canada

July 5, 2023 – Vancouver, B.C. – Caravan Energy Corp. (CSE: CNRG) (“Caravan” or the “Company”)

is pleased to announce that the Company has completed Phase 1 explora�on work program on

its EBB Property (the “ Property”) located in Bri�sh Columbia, Canada. The work program

commenced during the period from April – June 2023 and included prospec�ng, mapping,

sampling and ground geophysical surveying. A total of 88 rock and 193 soil samples were collected

during this work and were shipped to ALS Laboratories in North Vancouver, B.C., which is an

independent accredited laboratory in Canada. The work also included 13.5-line kilometres of

ground magne�c and very low frequency (VLF) surveys.

Work Program Descrip�on

Prospecting, Mapping, Sampling and Geophysical Surveys

Based on historical and 2022 exploration work on the Property, the following target areas were

identified in the Technical Report and were recommended for follow up work on the Property:

i. 2022 soil sampling work indicated coincidental silver, nickel and cobalt anomaly on the

eastern part of the soil survey area. The soil sampling grid was extended.

ii. Results obtained from MAG/VLF lines in the survey grid indicate four target areas A, B, C,

and D. These areas were followed up through further sampling.

iii. The upper reaches of the Property were not covered by ground prospecting and sampling

work in 2022 due to snow cover. These areas were also covered during the current work.

Qualified Person

Afzaal Pirzada, P .Geo., a “Qualified Person” for the purposes of Na�onal Instrument 43 -101 -

Standards of Disclosure for Mineral Projects, has reviewed and approved the scien�fic and

technical informa�on contained in this news release.

On Behalf of the Board of Directors

Gurcharn Deol

President & Director

About the Company

The Company is a mineral explora�on company based in Vancouver, B.C. and holds an op�on over

the EBB Property located in Bri�sh Columbia, Canada.

For more informa�on, investors should review the Company’s filings that are available at

www.sedar.com.

About the Property

The EBB Property consists of three contiguous mining claims claims covering approximately

2,199.74 hectares area in Port Renfrew Land District, Victoria Mining Division, British Columbia,

Canada. The Property can be accessed by following Pacific Rim Highway (HWY/ BC- 4 W) from

Port Renfrew which passes about one kilometer south of the Property. The Marion Creek Forestry

Road connects with Pacific Rim Highway Forest at kilometer 53 and leads to the Property.

Geologically, the claim area is underlain by Westcoast Crystalline Complex dioritic intrusive rocks

in contact along irregular boundaries with limestone in the northern part which are belonging to

the Upper Triassic Quatsino Formation of Vancouver Group. Mineralization at the Ebb showing

on the Property i s within gabbro and hornblendite rocks which contain pyrite, pyrrhotite, and

chalcopyrite, along with significant amounts of cobalt and nickel mineralization. The nickel

minerals pentlandite and violarite are also reported. In some areas pyrite, pyrrhotite, magnetite

and chalcopyrite are associated with an epidote skarn. At the Golden Fraction showing, gabbros

and diorites host serpentinite with pyrite and chalcopyrite mineralization. On the Fairy Creek

showing traces of chalcopyrite and malachite are present.