HIGHBANK -SIGNS OPTION AGREEMENT ON TERRA NOVA- NEWFOUNDLAND PROPERTY

Vancouver, B.C. – July 04, 2022 - Highbank Resources Ltd. (the “Company”) (TSX.V –“HBK”)
The Company is pleased to announce that they have signed an Option Assignment Agreement with CMC Metals Ltd. (TSX.V: CMB) on the Terra Nova property in Newfoundland.

Terra Nova Property details:

The Terra Nova property consists of 71 claims (6 licences) located 30 km northwest of Port Blandford in central Newfoundland. Access is from the town of Terra Nova via 12 km of transmission line road built from the Lower Churchill Falls power development project. HBK has an option to earn an 80% ownership in the property.

An alteration area of 12 square kilometers has been identified, which to date has been subjected to limited exploration. The project has the potential to host mesothermal gold-polymetallic deposits. The property lies within the Gander Zone, which is an area of significant exploration interest as a result of Newfound Gold Corp.’s Queensway gold project. Highlights of the property include:

• The property currently comprises five mineralized showings (i) the Copper Vein; (ii) Nancy’s Gold Vein; (iii) New Alteration Zone; (iv) the Silver Pit; and (v) Galena Vein showing.
• A grab sample collect at the Copper Vein showing produced 354 ppb Au, 43.8 g/t Ag, 2.33% Cu and>1,000 g/t W (Tungsten)
• A grab sample at Nancy’s Gold Vein showing assayed 6,812 ppb Au, 159.6 g/t Ag, 1,562 ppm Cu and >1000 g/t W.
• Samples collected from the Galena showing have reported assay values of 953 ppb Au, 59.8 g/t Ag, 7.2% Pb, and >1000 g/t W.

In March 2022 CMC Metals Ltd., completed a ground magnetometer survey (approx. 35-line km) with the services of McKeown Exploration Ltd., of St. John’s, Newfoundland. These surveys have helped to provide an indication of possible areas of mineralization associated with large-and local-scale structures (faults, dykes, shear zones, etc.), variations in the near surface geology as well as depth, and to identify demagnetized zones which are an indicator of areas that have been subjected to hydrothermal activity.

For further information on the Terra Nova, Newfoundland property click on the following link:

https://highbankresources.com/terra%20nova.html

Qualified Person:

Kevin Brewer, a registered professional geoscientist, President/CEO of CMC Metals Ltd., and a Qualified Person (as defined by National Instrument 43-101) has given his approval of the technical information reported herein.

Terms of the Assignment Option:

Cash:

• $10,000 within 30 days of signing the Agreement; and
• $20,000 on/or before October 22, 2022 (assuming the second anniversary payment of CMC to the vendors; and
• $30,000 on/or before October 22, 2023 (assuming the third anniversary payment of CMC to the vendors; and
• Starting at the fifth-year anniversary of the CMC agreement (October 22, 2025) assuming an advance royalty payment of $5,000 per year.

Shares:

• 500,000 common shares of Highbank Resources Ltd., issued to CMC upon TSX Venture Exchange (“Exchange”) approval and subject to a statutory hold period of 4 months + one day; and
• 500,000 common shares of Highbank Resources Ltd., issued to CMC within six (6) months of Exchange approval; and
• 500,000 common shares of Highbank Resources Ltd., issued to CMC within twelve (12) month of Exchange approval.

Royalty:

• A two percent (2%) Net Smelter Returns royalty related to Mineral Products from any and all conventional mining on, in or under the Property.

ON BEHALF OF THE BOARD OF DIRECTORS

"James H. Place"

James H. Place, CEO/President

Highbank Resources Ltd.

This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward -looking statements by the use of terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.

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