Vancouver, British Columbia--(Newsfile Corp. - July 11, 2024) - Sorrento Resources Ltd. (CSE: SRS) (OTCQB: SRSLF) (the "Company" or "Sorrento") a Canadian exploration company focused on the acquisition, exploration, and development of mineral projects in Atlantic Canada, is pleased to announce that, further to its press release dated June 12, 2024, it has now completed the acquisition of a 100% undivided interest in the minerals licenses collectively representing the Lord Baron Project (the "Project") located in the province of Newfoundland and Labrador (the "Transaction").

The Transaction was completed pursuant to three separate purchase agreements for aggregate consideration of $47,500 in cash and the issuance of an aggregate of 4,300,000 common shares of the Company as well as the grant of 2% net smelter returns royalties to the underlying vendors of the various mineral licenses representing the Project. All of the common shares issuable pursuant to the Transaction are subject to a statutory hold period expiring on November 11, 2024.

No finder's fees are payable in connection with the Transaction.

The Project, consists of 13 individual mineral licenses made up of 226 individual claims for an area of 5,650ha.

Figure 1: Map of the consolidated Lord Baron Project, along with other noteworthy projects in the district.

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Management Commentary

Alex Bugden, P. Geo., Director and Qualified Person of Sorrento Resources Ltd., commented, "This is a transformational acquisition for Sorrento Resources. Since the start of 2024, we worked diligently to consolidate the Lord Baron Project. To see it completed is an exciting milestone for the company. With this acquisition, Sorrento Resources, Firefly Metals, and Vulcan Minerals are now the dominant players in control of the historic mining district which is the Springdale Peninsula."

About Sorrento Resources Ltd.

Sorrento Resources 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 including the Wing Pond, Tom Joe, Lord Baron project, the PEG lithium project, and the Harmsworth (VMS) project all located in Newfoundland.

On Behalf of The Board of Directors,
SORRENTO RESOURCES LTD.

Brayden Sutton
Chief Executive Officer
[email protected]
604-290-6152