Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") reports that, as a result of a review by the British Columbia Securities Commission, the Company is issuing this news release to clarify its prior disclosure.

Misleading disclosure regarding Bonnie Claire PEA

The Company would like to clarify that certain disclosure (the "subject disclosure") in YouTube videos and Iconic Insights articles posted on the Company's website, included statements which overstated the confidence level of a preliminary economic assessment ("PEA") with respect to the Bonnie Claire property. The Company retracts the subject disclosure and clarifies that (i) it has not completed a feasibility study; (ii) the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized; and (iii) mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Company has removed the videos and articles from its website that included the subject disclosure, and investors are cautioned not to rely on any subject disclosure that may remain in the public domain but is outside the Company's control.

Non-Compliant Disclosure of Mineral Resources and Failure to identify Qualified Person

The Company has also removed certain videos, Iconic Insights articles and other information on its website that did not disclose mineral resources in accordance with Sections 2.2 and 3.4 of National Instrument 43-101 Standards of Disclosure for Mineral Projects, and added reference to the qualified person, including their relationship to the Company, who prepared, supervised the preparation of, or approved of the technical information in its written disclosure.

On behalf of the Board of Directors

SIGNED: "Richard Kern"

Richard Kern, CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614

For further information on Iconic, please visit our website at www.iconicminerals.com. The Company's public documents may be accessed at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the possible completion of a feasibility study and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's continuous disclosure documents. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.