IPO Over-Allotment Option Exercised

SORRENTO RESOURCES LTD.

9285 – 203B Street

Langley, British Columbia V1M 2L9

NEWS RELEASE

IPO OVER ALLOTMENT OPTION EXERCISED BY AGENT

VANCOUVER, BRITISH COLUMBIA, March 21 , 2023 – SORRENTO RESOURCES LTD. (the

“Company”) (CSE: “SRS”) is pleased to anno unce that further to its news release dated February 23,

2023 announcing the closing of its Initial Public Offering (the “ IPO”), the Company’s Agent, Leede

Jones Gable Inc. (the “ Agent”) elected to exercise its over-allotment option (the “ Over Allotment

Option”) in full in connection with the IPO. Pursuant to that exercise, the Company today issued

732,645 common shares (the “Shares”) to the Agent at a price of $0. 175 per Share for gross proceeds of

$128,212.88. The issuance of these Shares was qualified by the Company’s prospectus dated December

22, 2022 and as a result are free trading shares. The Company currently has 15,783,611 common shares

issued and outstanding as a result of this transaction.

In connection to the exercise of the Over Allotment Op tion, the Agent has been paid a cash commission

equal to 9.0% of the gross proceeds from the sale of the Shares pursuant to the exercise of the Over -

Allotment Option. Additionally, the Company has granted compensation options to the Agent entitling

the Ag ent to purchase up to 65,938 Shares at an exercise price of $0. 175 per Share, exercisable on or

before March 21, 2025.

About the Company

The Company is engaged in acquisition, exploration and development of mineral property assets in

Canada. The Company’s objective is to locate and develop economic precious and base metal properties

of merit and to conduct its exploration program on the Wing Pond Property. The Wing Pond Property is

located roughly 40 km east-northeast of Gander, Newfoundland, Canada, in the Central Newfoundland.

For more information, please refer to the Company’s Prospectus dated December 22, 2022, available on

SEDAR (www.sedar.com), under the Company’s profile.

ON BEHALF OF THE BOARD OF DIRECTORS

Brayden R. Sutton

President and Chief Executive Officer

The offered securities 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 applicable state securities laws and may not be offered or sold in the

United States or to “U.S. persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent

such registration or an applicable exemption from such registration requirements. This news release shall not

constitute an offer to sell or the solicitation of an offer to buy the offered securities in any jurisdiction.

THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED

NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.