Vancouver, British Columbia / June 20, 2024 – Troubadour Resources Inc. (“TR” or the “Company”) (TSXV: TR) (OTC: TROUF), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that the TSX Venture (the “Exchange”) has conditionally approved the Company’s option agreement (as amended) (the “Option”) with Xander Resources Inc. (“Xander” ) providing for the Company’s right to acquire an undivided 100% interest in 173 mineral claims comprising Xander’s Senneville Project (the “Project” or the “Property”), located in the eastern part of the Abitibi Greenstone Belt, about 25 km northeast of the gold mining center of Val-d’Or, Quebec.

The Project covers over 100 km2 and is contiguous in the South to Probe Metals’ Novador Project, host to the 2.04 Moz Monique Resource grading 1.42 g/t Au, and in the north to Monarch Mining’s Beaufor Mine, which has produced over 1.1 Moz Au. *Readers are cautioned that the geology of nearby properties are not necessarily indicative of the geology of the Project.

* Readers are cautioned that the geology of nearby properties are not necessarily indicative of the geology of the project.

Historic work has focused around the Gustave Cere showing in the Senneville South claim group where historical grab samples have yielded up to 49.5 g/t Au, historical channel samples have yielded up to 6.5 g/t Au over 1.8 metres, and historical drilling has identified up to 18.15 g/t Au over approximately 0.9 metre. This showing has been defined by drilling for approximately 361 metres along strike but other areas of the project have not been systematically explored for gold as the focus of historical work was largely on the properties’ VMS potential.

* Readers are cautioned that the company has not verified these results.

The project is underlain primarily by the Garden Island sediments in the south and in the north by the Lanaudiere Group of basalts, mafic volcaniclastics, and narrow units of komatiite and ultramafic to gabbroic sills. All of these units trend west-northwest and their contacts are usually dextral or reverse dextral faults with steep northerly dips. Gold-bearing zones in the area are associated with shear zones, faults, tension fractures and tectonic breccias, and generally associated with syn-volcanic intrusions.

The terms of the agreement

Pursuant to the option, the company may acquire a 100-per-cent interest in the property by issuing an aggregate of five million common shares in the capital of the company and completing $2-million in work expenditures at the property as indicated in the attached table.

The project has the following net-smelter returns royalties (the NSR) which will be assumed by the company:

• 2-per-cent NSR to North American Exploration Ltd. for 72 claims;
• 2-per-cent NSR to Silverwater Capital Corp. for 62 claims;
• 2-per-cent NSR to Terrance Coyle/9093-6725 Quebec Inc. for 39 claims.

Share issuances under the option will proceed only if they do not cause the recipient to hold more than 10 per cent of Troubadour’s total issued shares.

Cancellation of financing

The company also wishes to announce that it will no longer pursue its previously announced private placement of units and common shares, as detailed in its news release dated June 20, 2024.

Qualified person

The technical content of this news release has been reviewed and approved by Andrew Tims, PGeo, a qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects.