Sun Peak Metals Provides Corporate Update

VANCOUVER, BC / ACCESSWIRE / February 16, 2023 / Sun Peak Metals Corp. (the "Company" or "Sun Peak") (TSXV:PEAK)(OTCQB:SUNPF) provides an update on the Company's activities in Ethiopia and other corporate activities.

Currently all exploration activities on the Shire Project in the Tigray Region in northern Ethiopia remain suspended due to the conflict, which began in November 2020. Sun Peak has taken measures to continue supporting its personnel in Ethiopia despite this prolonged suspension of activities.

In November 2022, a peace agreement named "Agreement for Lasting Peace through a Permanent Cessation of Hostilities" was announced between the conflicting parties and many positive steps have occurred since then.

Sun Peak management recently visited Ethiopia and conducted meetings with stakeholders in Addis Ababa and Tigray. Although the peace agreement has been agreed upon, further progress will need to be seen before the Company can resume safe operations in Tigray.

"We are very encouraged with the signing of the peace agreement and other developments over the last few months. A big step towards peace has been made, but further progress towards stability in the region is necessary before exploration activities can be restarted. The Company will continue to monitor the progress towards stability in the region and remains committed to restarting exploration activities once conditions allow" states Greg Davis, Sun Peak President and CEO.

The Company will continue to communicate and work closely with all stakeholders and will provide a timeline for exploration work to resume when appropriate.

Sun Peak has been actively investigating other potential opportunities, both in Ethiopia and globally. The Company will provide further details when available.

Current Cash
The Company currently has approximately CDN$7.8 million cash and has been working to conserve cash for when it can resume work on the Shire Project.

ON BEHALF OF THE BOARD OF DIRECTORS OF SUN PEAK METALS CORP.
Greg Davis
President, CEO & Director

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 state of emergency in Ethiopia being revoked and the resumption of exploration on the Shire Project, 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 include the duration of force majeure preventing the execution of the planned exploration programs at the Shire Project and that once conducted 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg Davis
(T): +1 (604) 999 1099
(E): info@sunpeakmetals.com

SOURCE: Sun Peak Metals Corp.