Stroud Resources comments on OSC allegations involving its director, William Jeffrey Kennedy

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Stroud Resources Ltd.

TORONTO, Dec. 22 2022 (GLOBE NEWSWIRE) — Stroud Resources Ltd. (TSXV: SDR) (Stroud or the Company) has the following comments regarding the OSC’s recent allegations involving its director, William Jeffrey Kennedy.

On November 9, 2022, the Ontario Securities Commission (OSC) issued a Statement of Allegations involving William Jeffrey Kennedy, along with other market participants, regarding a capital market transaction that took place in March 2017. Mr. Kennedy joined Stroud’s board in January 2021. The full text of the allegation can be found on the Capital Markets Tribunal website at https://www.capitalmarketstribunal.ca/en /proceedings/cormark-securities-inc-re.

Each of the respondents has declared their intention to vigorously defend their innocence and look forward to the presentation of their defense to the allegations.

Stroud is not a respondent and the Company does not expect to participate in the proceeding. Stroud will pay close attention to the process but will not make any changes to its board at this time.

About Stroud Resources Ltd. Stroud Resources is a TSX Venture Exchange (TSXV: SDR) listed company focused on the exploration and development of its Santo Domingo Epithermal Silver Project in central Mexico .

For more information, please visit www.stroudsilver.com or contact Mirsad Jakubovic, Chief Financial Officer, Stroud Resources Ltd., tel. : 1-416-888-8731, [email protected].

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND ACCEPTS NO RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained in this document contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to information based on management’s assumptions, forecasts of future results and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, goals, assumptions or future events or performance are not statements of historical fact and may be forward-looking statements.

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Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, the risks and uncertainties relating interpretation of drilling results, geology, grade and continuity of mineral deposits.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company undertakes no obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the company’s expectations or projections.

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