Hilo Announces Settlement Agreement

HILO ANNOUNCES SETTLEMENT AGREEMENT

AUGUST 5, 2022 – VANCOUVER, BRITISH COLUMBIA –Hilo Mining Ltd. (TSXV: HILO) (the

"Company") announces that its Chief Executive Offi cer, Jeremy Poirier, en tered into a Settlement

Agreement with the British Columbia Securities Commission (the "BCSC").

Mr. Poirier was formerly the Chief Executive O fficer and a director of Bearing Lithium Corp.

("Bearing"). Pursuant to the Settlement Agreem ent, Bearing (then known as Bearing Resources

Ltd.) admits that it retained Stock Social Inc. ("SSI"), a marketing compan y, to conduct investor

relations and that SSI disseminated advertorials and social media posts about Bearing (collectively,

the "Promotional Materials") dur ing the period of January 2017 to February 2017 and failed to

ensure such Promotional Materials disclosed they were issued on behalf of Bearing, which is a

contravention of section 52(2) of the Securities Act (British Columbia) (the "Act"). Mr. Poirier, who

was the Chief Executive Officer and a director of Be aring at such time, admits that he authorized,

permitted or acquiesced in Bear ing's contravention of section 52(2) of the Act and therefore

contravened the same provision. Bearing has pa id the BCSC $25,000 in settlement of the matter

and Mr. Poirier has paid the BCSC $10,000 in settlement of the matter.

The Settlement Agreement will be available on th e BCSC’s website (www.bcsc.bc.ca) by typing in

2022 BCSECCOM 293 in the search box.

On behalf of the board of directors of the Company:

Jeremy Poirier

Chief Executive Officer

Telephone: 604-722-9842

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of

the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.