Hercules Announces Private Placement

HERCULES ANNOUNCES PRIVATE PLACEMENT

Vancouver, BC – June 23, 2023 - Hercules Resources Corp. (CSE: HERC) (the “Company” or “Hercules”).,

a Canadian exploration company engaged in the acquisition, exploration and development of mineral

properties, is pleased to announce a non-brokered private placement of 6,000,000 units (the "Units") at

a price of $0.07 per Unit, for gross proceeds of up to $420,000 (the "Offering").

Each Unit consists of one common share (a " Common Share") of the Company and one common share

purchase warrant (a "Warrant") exercisable into one Common Share of the Company at a price of $0. 12

per Warrant for a period of 24 months from the closing date of the Offering.

All s ecurities to be issued pursuant to the Offering will be subject to a statutory hold period of four

months and a day from issuance under applicable Canadian securities law. The proceeds of the Offering

are planned to be used for exploration and general working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the shares

in the United States. The shares have not been and will not be registered under the United States

Securities Act of 1933, as amended (the " U.S. Securities Act"), or any sta te securities laws and may not

be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities

Act and applicable state securities laws or an exemption from such registration is available.

On behalf of the Board of Directors

Gordon Lam

President and Chief Executive Officer

Email: [email protected]

Telephone: (604) 616-8816

The information in this news release includes certain information and statements about management's view

of future events, expectations, plans and prospects that constitute forward looking statements. These

statements are based upon assumptions that are subject to significant risks and uncertainties. Because of

these risks and uncertainties and as a result of a variety of factors, the actual results, expectations,

achievements or performance may differ materially from those anticipated and indicated by these forward

looking statements. Forward-looking statements in this news release include, but are not limited to, the

Company’s proposed use of the proceeds of its offering. Any number of factors could cause actual results to

differ materially from these forward-looking statements as well as future results. Although the Company

believes that the expectations reflected in forward looking statements are reasonable, it can give no

assurances that the expectations of any forward looking statements will prove to be correct. Except as

required by law, the Company disclaims any intention and assumes no obligation to update or revise any

forward looking statements to reflect actual results, whether as a result of new information, future events,

changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this

release.