Millrock Announces Loan Agreement

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

NR: 22-07

MILLROCK ANNOUNCES LOAN AGREEMENT

VANCOUVER, BRITISH COLUMBIA, June 21, 2022 – Millrock Resources Inc. (TSX-V: MRO,

OTCQB: MLRKF) ("Millrock" or the “Company”) reports that it has entered into a Loan

Agreement with Redplug Capital Corporation. The loan is in the amount of $500,000 and will be

used for general working capital. Millrock intends to repay the loan within the coming year by 1)

liquidation of shares that it holds in other companies, 2) sale of royalty interests, and/or 3) from

proceeds that may be realized on sale or purchase agreements concerning Millrock mineral

exploration projects. The term of the loan is one year. Interest for the first six months of the loan

is 6.0% per annum and thereafter at 12.0% per annum. Additionally, Millrock will pay the

Redplug Capital Corporation 2,000,000 bonus shares of the Company upon acceptance of the

TSX Venture Exchange.

Millrock President & CEO, Gregory Beischer, commented: “Millrock has found itself in a tight

financial position at a time when market conditions limit our ability to raise further operating

funds. In any event, an equity financing at the current share price would be highly dilutive to

existing shareholders. At the same time, Millrock has many catalysts that have potential to drive

the Company’s share price higher. More than 18,000 metres of drilling has been planned and

budgeted at several projects in which Millrock has an interest. All the funds for these drilling

programs come from partner companies. Additionally, Millrock is closing in on option

agreements on other projects that could bring more cash into the company treasury.

Shareholders that have invested in Millrock over the past few years have looked forward to the

big year of drilling underway in 2022. Millrock has determined that it is best not to incur

excessive dilution by equity financing at this particular juncture. The less dilutive loan

transaction will allow operations to continue in the short term. Potential asset sales will cover

longer term needs while results of ongoing drilling programs unfold. We are hopeful that results

of the drilling programs will make an equity financing under more favourable and less dilutive

terms later in 2022 possible. We think all the drilling programs have a good chance at making

gold discoveries.”

Qualified Person

The scientific and technical information disclosed within this document has been prepared,

reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock

Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.

Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies,

packages, and operates large-scale projects for joint venture, thereby exposing its shareholders

to the benefits of mineral discovery without the usual financial risk taken on by most exploration

companies. The company is recognized as the premier generative explorer in Alaska, holds

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

Millrock Announces

Loan Agreement

Page 2

royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant

shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each

of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s

exploration projects is primarily provided by its joint venture partners. Business partners of

Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur

Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as

junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD

“Gregory Beischer”

Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:

Melanee Henderson, Investor Relations

Toll-Free: 877-217-8978 | Local: 604-638-3164

Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the

meaning of Canadian securities legislation) including without limitation the intention of partner

companies to complete all the planned drilling they have indicated, the sale of Millrock assets,

that Millrock has many catalysts that have potential to drive the Company’s share price higher,

that Millrock is closing in on option agreements on other projects that could bring more cash into

the company treasury, that potential asset sales will cover longer term needs, that all the drilling

programs have a good chance at making gold discoveries, and the possibility of share price

increase upon receipt of future drilling results. These statements address future events and

conditions and, as such, involve known and unknown risks, uncertainties and other factors

which may cause the actual results, performance or achievements to be materially different from

any future results, performance or achievements expressed or implied by the statements. Such

factors include, without limitation, customary risks of the resource industry and the risk factors

identified in Millrock’s management’s discussion and analysis for the three-month period ended

March 31, 2022, which is available under Millrock’s profile on SEDAR at www.sedar.com.

Forward-looking statements speak only as of the date those statements are made. Except as

required by applicable law, Millrock assumes no obligation to update or to publicly announce the

results of any change to any forward-looking statement contained or incorporated by reference

herein to reflect actual results, future events or developments, changes in assumptions or

changes in other factors affecting the forward-looking statements. If Millrock updates any

forward-looking statement(s), no inference should be drawn that it will make additional updates

with respect to those or other forward-looking statements.