Mr. John Gravelle reports

COLT RESOURCES APPOINTS JOHN GRAVELLE AS INTERIM PRESIDENT AND CEO

Colt Resources Inc.'s board of directors has appointed John Gravelle as its interim president and chief executive officer as the company reviews its strategic options. Mr. Gravelle was elected to the company's board of directors at its last annual general meeting as an independent director. He is currently the chair of Colt's audit committee.

Mr. Gravelle has extensive experience working with mining companies in a professional service capacity. As a result of this, he has built a strong network of relationships with senior executives and board members of public and private mining companies. The company intends to work closely with its former president, chief executive officer and company co-founder, Nikolas Perrault, in some form of executive or consulting capacity during this transitional time. Terms and conditions of his role are currently under negotiation.

About Colt Resources

Colt Resources is engaged in acquiring, exploring and developing mineral properties, with an emphasis on copper, gold and tungsten. It is currently focused on advanced-stage exploration projects in Portugal, where it is one of the largest lease holders of mineral concessions.

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