Hercules Closes Second Tranche of Oversubscribed Private Placement

HERCULES CLOSES SECOND TRANCHE OF

OVERSUBSCRIBED PRIVATE PLACEMENT

Vancouver, B C – September 26, 2023 - Hercules Resources Corp. (CSE: HERC) (the “ Company” or

“Hercules”) is pleased to announce it has closed the second tranche of its previously announced

oversubscribed non-brokered private placement of units (the "Units") at a price of $0.0 7 per Unit (the

"Offering"). The second and final tranche consist ed of 2,142,858 units at $0.07 per unit for gross

proceeds of $150,000.

Each Unit consisted 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 until September 25, 2025.

All securities t o be issued pursuant to the second tranche Offering will be subject to a statutory hold

period ending January 26, 2024 under applicable Canadian securities law. The proceeds of the Offering

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

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.