Vancouver, B.C. – October 16th, 2024 – (TSXV:OPW) (FSE:A2PEAD) (OTCQB:OPWEF) (the “Company” or “Opawica”) Gives company update.

Dear Fellow Shareholders & Investors,

Our goal is to build and expand a company with significant exploration potential, leading to increased value for our investors. I am pleased to report that we have achieved significant milestones since 2020, despite the challenging market conditions since 2022. The good news is that the market has turned around. Opawica Explorations is ready to move forward, capitalize on the market shift and record-high gold prices. The 2024 – 2025 season is poised to be our most exciting yet. We plan to commence our phase 2 drill program on the Bazooka Property. We are also planning our phase 2 drilling program on the Arrowhead Property, which is completely surrounded by Agnico Eagle.

We are looking forward to an exciting end to 2024 and are pleased to have you all on board!

Accomplishments since 2021:

• Identified 59 High Priority drill targets on our Bazooka Property.
• Successfully obtained permits for the Bazooka drill holes
• Initiated Drilling on the Bazooka Property
• Oversubscribed Private Placement; raising a total of $5.28million
• Completed an additional $2 million dollars of Flow Through Shares @ $0.55
• Successfully completed a cross border listing on the OTCQB
• Engaged the services of GoldSpot Discoveries Corp. AI Machine Learning
• Completed a 384-line-kilometer geophysical survey on our Bazooka asset, adjacent to the south of the Wasamac deposit*, covering the vast extent of the shear zones governing mineralization on the greenstone belt.
• Completed a 2-D deep seismic program on our Arrowhead property that is completely encircled by Agnico Eagle Mines Limited.
• Established strong communication with First Nations communities and local contractors to create a successful project for all stakeholders moving forward.
• Historical data compilation and direction identified for future exploration on our gold targets in Rouyn-Noranda.
• Completed phase 1 drilling program on the Bazooka with multiple high-grade zones and visible gold.
• Completed maiden drill program on the Arrowhead property with high-grade gold up to 18gt/au
• Logged and sampled over 4000m of Bazooka drill core to date.
• Completed the acquisition of data from historical sources from government and previous exploration efforts on our portfolio.
• Developed geological models and geological targets based on the data acquired to date from drilling, geophysics, and AI Machine Learning.
• Utilized our drill results on Bazooka and interpretation of geophysical data to develop strong targets.
• Completed downhole geophysics and interpretation on the Arrowhead property

Follow up plans:

• Secure drill permits for Bazooka Property
• Define drill targets for Bazooka Property
• Contract a drilling contractor for Bazooka Property
• Start Phase 2 drill program on Bazooka Property
• Secure drill permits for Arrowhead Property
• Define drill targets for Arrowhead Property
• Contract a drilling contractor for Arrowhead Property
• Start Phase 2 drill program on Arrowhead Property

The continued development of corporate assets is a value-generating event for Opawica shareholders. Our overall plan is to maximize value through the growth of our identified assets which will include the allocation of additional funds into the Rouyn-Noranda camp. We anticipate identifying substantial drill targets to bring to market with the strategy of understanding the gold mineralization.

I am incredibly excited to be working closely with our team and management to advance all of our projects. The immediate focus is on the Bazooka and Arrowhead Properties, both of which are projects of significant merit. I am extremely optimistic about our ability to advance our projects while enhancing the value proposition for all stakeholders.

With gold prices at all-time highs, we are well-positioned with a strong cash position. Our assets have had over $5,000,000 spent on them since 2021, with 2 prior drill programs. The assets have road access, water and hydroelectric power keeping exploration costs low. We are in one of the most prolific gold-bearing regions on earth with multiple active mines contiguous and within 7 KMS of our assets, showing this region has massive upside.

We now have a strong understanding based on the extensive work completed on the structure and gold mineralization of the region. This will assist us with the phase two drill program.

*Wasamac deposit held by Agnico Eagle publish at December 31, 2023, in the first estimate of mineral resources of measured and indicated 2.2 milion ounces of gold (27.8 million tonnes grading 2.43 g/t gold) and inferred mineral resources were 0.8 million  ounces of gold (9.2 million tonnes grading 2.66 g/t gold).

Sincerely,

Blake Morgan  | CEO  | President

About Opawica Explorations Inc.

Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec. The Company’s management has a strong track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.

Qualified Person

Yvan Bussieres, P.Eng., a “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

FOR FURTHER INFORMATION CONTACT:

Blake Morgan
President and Chief Executive Officer
Opawica Explorations Inc.
Telephone: 604-681-3170
Fax: 604-681-3552

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

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