Top Strike Announces 2024 1st Quarter Financial Results ending July 31, 2023 and Corporate Update.

CALGARY, AB: Top Strike Resources Corp. d.b.a. "Vencanna Ventures" (the "Corporation" or "Vencanna") (CSE: VENI) (OTCQB: TPPRF) is pleased to provide a summary of its financial results as of July 31, 2023. Selected financial information is outlined below and should be read in conjunction with the Corporation's financial statements and management's discussion and analysis for the three months ended July 31, 2023, which are available on SEDAR at www.sedar.com.

Financial Highlights

The following financial data is selected information for the Company for the eight most recently completed financial quarters:

Quarter ended

(000's)

Jul

31,

2023

($)

Apr

30,

2023

($)

Jan

31,

2023

($)

Oct

31,

2022

($)

Jul

31,

2022

($)

Apr

30,

2022

($)

Jan

31,

2022

($)

Oct

31,

2021

($)

Revenue

41

(366)

178

373

181

151

294

510

Income (Loss) for the period

(196)

(629)

(98)

(3)

(97)

(124)

3

281

Income (Loss) per share

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

0.00

0.00

Total assets

9,056

9,266

9,490

9,680

9,572

9,801

9,957

10,130

Total liabilities

2,801

2,814

2,409

2,497

2,391

1,712

1,741

1,718

As of the date hereof, a major portion of the Company's business was derived from material ancillary involvement in US cannabis-related activities. As at July 31, 2023, 57% of the Company's assets was directly related to US cannabis activities.

Financial results for the three months ended July 31, 2023 and 2022

The Company recorded a net loss of $196,805, $0.00 per common share for the three months ended July 31, 2023 as compared to a net loss of $96,853, $0.00 per share for the three months ended July 31, 2022.

Revenues for the three months ended April 30, 2023, were $40,815 (2022 - $181,139). The Company generated $149,995 (2022 - $97,942) in interest income from its short-term treasury deposits and two receivable notes. Changes in fair value included; an unrealized loss of $35,560 (2022 - Nil) related to a fair value adjustment of the due from related parties balance, an unrealized gain on investments and derivative instruments of $55,763 (2022 - $95,382) related to the change in fair value of the Company's convertible debenture, and an unrealized foreign exchange loss of $129,383 (2022 - $12,185) related to currency fluctuations on the Company's US denominated balances.

Expenses for the three months ended July 31, 2023, were $236,900 (2022 - $277,992). General and administrative expense included, salaries and benefits of $130,605 (2022 - $134,141), professional fees of $42,260...