Northern Superior Resources Inc. and Royal Fox Gold Inc. announced having entered into a definitive arrangement agreement dated September 6, 2022 (the "Definitive Agreement") pursuant to which Northern Superior has agreed to acquire all of the issued and outstanding common shares of Royal Fox (the "Royal Fox Shares") by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Transaction"). Northern Superior and Royal Fox are arm's length parties under the policies of the TSX Venture Exchange (the "TSX-V") New Board to be comprised of four directors of Northern Superior and three directors of Royal Fox, namely Messrs. Frank Guillemette, Victor Cantore, who is expected to be appointed Executive Chairman, and Simon Marcotte, who will be appointed President and CEO; and Dr. Thomas Morris, President and CEO of Northern Superior, to be appointed as Chairman of the Company's high-profile Technical Committee, which will include Gordon Morrison (former VP Exploration of FNX Mining Co.

Inc, and President of TMAC Resources Inc.), Catharine Farrow (former CEO and Director of TMAC Resources Inc., and current director of Franco Nevada Corp.), and David Beilhartz (former VP Exploration of Lake Shore Gold Corp.) Mr. Cantore is a seasoned capital markets professional specializing in the resource sector. He has more than 30 years of advisory and leadership experience having begun his career in 1992 as an investment advisor and then moving into management roles with both public and private companies. One of his most recent successes is being at the helm of Amex Exploration Inc. Mr. Cantore serves on the boards of various private and public companies.

Simon Marcotte is a Chartered Financial Analyst with 25 years of experience focused on commodities, including more than 12 years in executive positions for junior mining companies. Mr. Marcotte is the founder, President & CEO of Royal Fox and a director of Freeman Gold Corp. In 2018, Mr. Marcotte was instrumental in the launch of Arena Minerals Inc. in the lithium brine industry in Argentina, and the subsequent strategic investments by both Ganfeng Lithium and Lithium Americas Corp.

In 2012, Mr. Marcotte co-founded Mason Graphite Inc. and held the position of Vice-President Corporate Development until February 2018. In 2010, Mr. Marcotte joined Verena Minerals Corp., which was then renamed Belo Sun Mining Corp., as Vice-President Corporate Development, working alongside the president and chief executive officer until 2014 on all decision-making processes and helped develop and implement the company's turnaround strategy and assisted in more than $100 million in funding. Mr. Marcotte has also been involved with several other mining companies, either as an officer or as a director, including being the Founder, President & CEO of Black Swan Graphene Inc. Prior to his corporate involvement, Mr. Marcotte was working in senior positions in capital markets with CIBC World Markets, from 1998 to 2006, and with Sprott Securities Inc. and Cormark Securities Inc., from 2006 to 2010, where he was also a member of the board of directors.