Ms. Maria Au reports

ALTAI MOURNS THE PASSING OF CHAIRMAN AND PRESIDENT NIYAZI KACIRA, AND ANNOUNCES ELECTION OF THE BOARD OF DIRECTORS, APPOINTMENT OF NEW CHAIRMAN AND PRESIDENT, AND STOCK OPTION GRANTS

With great sadness, Altai Resources Inc. has seen the passing of its chairman and president, Dr. Niyazi Kacira, following a short illness. The company extends its deepest sympathies to his family.

The board and the Altai family will greatly miss his extraordinary passion and devotion to the company, thoughtful leadership and ability to connect with people. He was a person of great integrity and unparalleled reputation.

Dr. Kacira took over the helm of the dormant Black Cliff Mines Ltd. (later changed the name to Altai Resources Inc.) in 1987, revived it and listed it on the Toronto Stock Exchange. Since 1987, he served as president (except for a short period of time) and chairman until his passing. He has made an invaluable and immeasurable contribution in nurturing, building and expanding Altai with his tremendous geological expertise and foresight and always with the best interest of the company in mind and in action, and has set the highest standard of integrity for the company.

At its annual general meeting of the shareholders held on Oct. 21, 2024, in Toronto, Jeffrey S. Ackert, Maria Au and Eric Yao, as described in the management information circular of the meeting, were elected as directors of the company. Due to his passing, Dr. Kacira was not nominated as director in the meeting. In the meeting, Kursat Kacira, who has advised that he is willing and able to serve as a director of Altai if elected, was nominated as permitted in accordance with the company's advance notice bylaws and was duly elected as a director of the company.

Mr. Kacira, a resident of Ontario, Canada, is an accomplished finance and investment executive with over 25 years of global experience in investment management, real estate, corporate finance, capital markets, investment banking and public accounting. He is a chartered professional accountant (Ontario), has a master of business administration (dean's scholarship) from the Stern School of Business at New York University and a bachelor of mathematics (honours) from the University of Waterloo.

He is currently the president of Kacira Holdings Ltd., a private family office investment company. Previously, he served as managing director, head of global capital markets in the private markets group at Manulife Investment Management, the global wealth and asset management division of Manulife Financial Corp. Prior to joining Manulife, he was the chief executive officer and a director of Firm Capital American Realty Partners Corp., a publicly traded real estate company focused on investing in multifamily residential real estate in the United States. He has also previously been the chief executive officer (and board trustee) of Maplewood International REIT (a publicly traded real estate investment trust focused on investing in commercial real estate in Europe); chief financial officer of Northwest International Healthcare Properties REIT (a publicly traded REIT focused on investing in health care real estate in Europe, South America and Australasia); CFO of Whiterock REIT, a publicly traded REIT focused on investing in commercial real estate in Canada and the United States, where he was responsible for the ultimate sale of Whiterock to publicly traded Dundee REIT in 2012, for an enterprise value of $1.4-billion (at the time, the third-largest Canadian commercial real estate merger-and-acquisition transaction since 2006). Prior to the above, he had been vice-president and director in the real estate group, investment banking, at TD Securities Inc., in Toronto, Ont., in investment banking with Bear, Stearns & Co. Inc. in New York, United States, and in public accounting in Canada and Europe (Pricewaterhouse in Toronto and Paris). Through his investment banking career in Canada and the United States, he was responsible for completing over $10-billion of capital raising (equity and debt) and M&A transactions for companies across numerous industries, primarily in the real estate sector.

Harold Tan, a director of the company since 2023, did not stand for re-election as a director in this meeting for personal reasons. Altai sincerely thanks him for his contributions to the company during his directorship and wishes him well in all his future ventures.

In the meeting, CAN Partners LLP, chartered professional accountants, was appointed as auditor of the company.

On Oct. 21, 2024, and after the meeting, the board appointed Mr. Kacira as the chairman and president of the company.

On Oct. 21, 2024, the company granted to each of the two new directors and a new officer a stock option of 200,000 shares to purchase common shares of the company at an exercise price of 10 cents per share and expiring Oct. 19, 2029.

About Altai Resources Inc.

Altai is a resource company with a producing oil property in Alberta and an exploration gold property in Quebec.