Sun Peak Metals Completes Initial 2024 Drill Program at the Shire Project

VANCOUVER, June 20, 2024 - Sun Peak Metals Corp. (the "Company" or "Sun Peak") (TSXV:PEAK)(OTCQB:SUNPF) is pleased to report that the initial 2024 drill program on the Shire Project in Ethiopia is now complete and results are pending.

The Company drilled 24 diamond drill holes on the Terer and Hamlo VMS Targets located on the Terer License, for a total of 5,236 meters. All core samples have now been submitted to the lab and the first batch of results are expected in July.

Highlights

• A total of 12 diamond drill holes were completed at the Terer VMS target for a total of 2,660m.
• A total of 12 diamond drill holes were completed at the Hamlo VMS target, for total of 2,576m
• First batch of assay results are expected in July.
• Exploration work consisting of prospecting, mapping, and sampling will continue through the rainy season.
• Drilling is set to resume in Q4 2024 after the rainy season.

"The Sun Peak Exploration Team did a superb job of efficiently and safely completing the initial phase of drilling in 2024. We are very proud of our entire Team's performance in completing the planned meterage of this initial program on time and on budget." states Greg Davis, Sun Peak's President and CEO. "We look forward to releasing assay results once they are received and interpreted in July."

Both the Terer and Hamlo Targets are part of the cluster of targets referred to as the Anguda VMS System area, which is part of a large defined VMS cluster that trends southwest-northeast for over 20km by over 10km wide. Both targets have gossan outcrops, with geophysical gravity high anomalies and strong geophysical VTEM conductors.

The Company is now planning the next drill program which is expected to begin after the rainy season ends in October.

QUALIFIED PERSON'S STATEMENT

David K. Daoud, P. Geo, Vice President Exploration is the Qualified Person overseeing Sun Peak's exploration projects in Ethiopia and has reviewed and approved this press release.

All drill holes reported are diamond drill core holes.

A Quality Assurance/Quality Control program was part of the sampling program. This program includes the systematic submittals of standards, duplicates, and blank samples into the flow of samples produced by the sampling.

Samples were prepared at ALS Laboratory in Addis Ababa, Ethiopia and sent to ALS Laboratory in Dublin, Ireland for analysis.

ABOUT SUN PEAK METALS CORP.

Sun Peak is exploring the district-scale Shire VMS Project in the Tigray Region of northern Ethiopia. The Shire Project is comprised of six exploration licenses and covers approximately 1,450 square kilometers in the prospective Arabian Nubian Shield. The licenses are in the same geological environment as both the Bisha Mine and the Asmara Projects. The Meli and Terer Licenses are part of a joint-venture agreement with Ezana Mining, a private Ethiopian Company and the other four are 100% owned by Sun Peak. The Sun Peak team have worked in East Africa for more than two decades and the Company's strategy is to apply exploration techniques that have worked successfully in the region before, to build assets through major copper-gold VMS discoveries.

ON BEHALF OF THE BOARD OF DIRECTORS OF Sun Peak Metals Corp.

Greg Davis
President, CEO & Director

FOR FURTHER INFORMATION, PLEASE CONTACT:

Greg Davis
(T): +1 (604) 999 1099
(E): info@sunpeakmetals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the goal of making a significant discovery and the development of a large-scale project in Ethiopia and identifying other potential properties and opportunities both in Ethiopia and globally. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Sun Peak will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the results of the planned exploration programs at the Shire Project do not meet expected results. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Sun Peak assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Prospectus filed with Canadian security regulators.

SOURCE: Sun Peak Metals Corp.