Reef Announces Revocation of Cease Trade Orders

Calgary, Alberta--(Newsfile Corp. - September 29, 2022) - Reef Resources Ltd. ("Reef") is pleased to announce that it has received orders fully revoking the cease trade orders (the "CTOs") it received from the securities commissions in Alberta, British Columbia, Manitoba and Ontario effective September 23, 2022.

Due to a lack of capital, Reef failed to file its annual audited financial statements, annual management's discussion and analysis ("MD&A") and certifications of annual filings for the year ended July 31, 2013. The CTOs were issued as a result of such failure to file. Reef also failed to file all subsequent annual and interim financial statements, MD&A and certifications except that it did file financial statements, MD&A and certifications for the years ended July 31, 2018 and 2017, and for the periods ended October 31, 2018, January 31, 2019 and April 30, 2019.

Reef prepared and filed the following documents on SEDAR on March 31, 2022: (a) audited financial statements, management's discussion and analysis and certifications of annual filings for the years ended July 31, 2020 and July 31, 2021; (b) unaudited financial statements, management's discussion and analysis and certifications of interim filings for the three months ended October 31, 2021; and (c) unaudited financial statements, management's discussion and analysis and certifications of annual filings for the six months ended January 31, 2022.

Reef held an annual general and special meeting of its shareholders on June 23, 2022. In connection with the shareholders meeting, Reef prepared a notice of meeting and management information circular, which was mailed to shareholders and filed on SEDAR on May 27, 2022.

The continuous disclosure documents noted above are available for review online under Reef's profile on SEDAR (www.sedar.com).

FOR FURTHER INFORMATION, PLEASE CONTACT:
Arnold W Hansen
President, Chief Executive Officer, Chief Financial Officer and Director
(403) 251-9447

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