Aquila Resources Announces Organizational Changes

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquila” or the “Company”) is pleased to announce the appointment of Guy Le Bel as President & CEO of Aquila, effective February 1, 2021. Barry Hildred will transition to the role of Executive Chair of the Board of Directors. The Board has appointed Ted Munden, outgoing Chair of the Board of Directors, to the position of Lead Director.

“My focus as Executive Chair will be supporting Guy as he drives the Back Forty Project and our exploration projects in Wisconsin through their next phase of development,” said Barry Hildred. “I look forward to working closely with Guy on strategic initiatives, capital raising, and stakeholder relations.”

Guy Le Bel brings more than 35 years of experience in business and project development, strategic and financial planning, and permitting in the Americas to Aquila. Most recently, he was CEO and CFO of Golden Queen Mining Ltd. until its acquisition in 2020 by Falco Resources Ltd. Mr. Le Bel was previously Vice President, Evaluations for Capstone Mining Corp. and Vice President, Business Development for Quadra/FNX Mining Ltd. Mr. Le Bel also held business advisory, strategy and planning, business valuation, and financial planning management roles at BHP Billiton Base Metals, Rio Algom Ltd, and Cambior Inc., together with independent consultation mandates across the industry. He provides extensive experience across base and precious metals industries in the Americas. Mr. Le Bel has held board positions in numerous junior exploration and mining companies since 2007 and currently serves on the Board of Pembridge Resources plc. and Kintavar Exploration Inc. Mr. Le Bel holds an MBA Finance from Ecole des Hautes Études Commerciales (Montreal), a Master Applied Sciences, Mining Engineering from the University of British Columbia and a B.Sc. Mining Engineering from Université Laval. He is a Professional Engineer (O.I.Q.).

“The Board thanks Barry for his leadership and ongoing commitment to Aquila,” said Lead Director Ted Munden. “Since joining the Company as President & CEO in 2013, Barry has been instrumental in recapitalizing the Company, completing the repurchase of the Back Forty Project from Hudbay Minerals, successfully closing two streaming deals, and advancing the Back Forty Project through the permitting and study phase. We welcome Guy as President & CEO and look forward to benefitting from his significant technical and financial experience.”

“I am excited to join the Aquila team,” said Guy Le Bel. “l see tremendous potential in Aquila’s portfolio of high grade, polymetallic assets and look forward to unlocking their value for the benefit of all stakeholders.”

ABOUT AQUILA

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development‐stage company focused on high grade and gold-rich projects in the Upper Midwest, USA. Aquila’s experienced management team is focused on advancing pre-construction activities for its 100%‐owned gold and zinc‐rich Back Forty Project in Michigan.

Aquila’s flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan’s Upper Peninsula. Back Forty contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc in the Measured & Indicated Mineral Resource classifications, with additional upside potential.

Aquila has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold. Additional disclosure of Aquila’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.aquilaresources.com or on SEDAR at www.sedar.com.

Cautionary statement regarding forward-looking information

This press release may contain certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and information include, but are not limited to, statements with respect to future permitting and legal timelines and the advancement of the Company’s Back Forty Project, the additional upside potential of the Project, statements with respect to the expected project economics for the Project, the potential conversion of Inferred Mineral Resources into Indicated Mineral Resources, and any projections outlined in the Preliminary Economic Assessment in respect of the Project. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: risks with respect to the COVID-19 pandemic; and other related risks and uncertainties, including, but not limited to, risks and uncertainties disclosed in Aquila’s filings on its website at www.aquilaresources.com and on SEDAR at www.sedar.com. Aquila undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.

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